It's Time to Budget for 2022!

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Written by Lauren Peddinghaus

Category: What We're Thinking About Lately...

Published: 14 September 2021

HausFS has begun preparing 2022 Draft Budget Packages for our clients.

Here are some items to keep in mind as you plan for 2022:

• Does your association have snow removal services in place? We got hit hard in the winter of 2021. Many companies are finalizing their routes now. Find your vendors now - not after 2 feet of snow has fallen!
• Have you included regular plumbing maintenance in your annual budget? Pipes need to be rodded annually from the builidng to the street to ensure that water continues to flow away from, and not into, your building.
• Has your insurance expense skyrocketed? This is a line item that can always be reviewed with another broker for cost savings.
•  Do you need to beef up your reserves? Many HausFS clients are facing big repair and maintenance projects that are necessitating large Special Assessments. It's always easier to put away more monthly than to collect a large lump sum from owners. Don't forget to include a reasonable Reserves Contribution in your annual budget.

Remember:

• All owners must receive a copy of the Proposed Budget at least 25 days prior to the board meeting at which the budget will be approved. Get your meeting scheduled now
• The annual budget is voted on only by the board, not by all unit owners. Owners can petition for a vote, however, if a proposed budget shows more than a 15% increase over the prior year.

Need guidance in preparing your budget? View our Educational Video "Budgeting Made Easy". (Available to CCR Board Member Subscribers.)

What is Percent Funded?

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Written by Alexa Jackson

Category: What We're Thinking About Lately...

Published: 08 September 2021

Every association has different Reserve requirements depending on the scope and timing of their Capital Repair projects These are projects that the association can anticipate but that occur infrequently - every several years or even decades - and that carry hefty price tags. But - is there any consistent way to measure the current “strength” of the Reserve Fund? 

Follow along with Bryan Farley, RS of Association Reserves, in this informative explanatory video on what exactly percent funded is.

Watch here. 

An Eviction Moratorium Update

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Written by Alexa Jackson

Category: What We're Thinking About Lately...

Published: 31 August 2021

The Illinois Eviction Moratorium has been extended to September 18, 2021 and the Federal Moratorium has been extended until October 3rd. 

Evictions can be filed against any tenant for any reason. The only tenants who will not be evicted are those that return the signed IL Declaration proving that they are a “Covered Person.”

A “covered person” is a tenant who has returned the IL Declaration claiming that:

1. They expect to earn no more than $99,000 in annual income for Calendar Year 2020 (or $198,000 if filing jointly);

2. They are unable to make a full rent or housing payment due to a COVID-19 related hardship including, but not limited to, substantial loss of income, loss of compensable hours of work or wages, or an increase in out-of-pocket expenses directly related to the COVID-19 pandemic;

3. They are using best efforts to make timely partial payments that are as close to the full payment as the individual’s circumstances may permit, taking into account other non-discretionary expenses; and

4. Eviction would likely render them homeless—or force them to move into and live in close quarters in a new congregate or shared living setting—because they have no other available housing options.

Evictions can be filed against a covered person and an eviction order can be obtained, but the moratorium must expire before it can be enforced.

What Condo Boards Should Know to Protect Their Buildings from Tragedy

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Written by Lauren Peddinghaus

Category: What We're Thinking About Lately...

Published: 24 August 2021

ABC News aired a story on August 11 focused on lessons learned from the Champlian Towers Condominium collapse in Surfside, Florida. Lauren Peddinghaus of Haus Financial Services was interviewed along with other experts in the industry to find out what steps boards can take to protect their residents.

View the story here.