Condo Living Made Easy

Presented by Haus Financial Services, LLC - Elevating Small Condo Management.

Conflicts of Interest

Details: Written by Alexa Jackson; Category: What We're Thinking About Lately...; Published: 08 March 2022

A conflict of interest is a situation in which the concerns or aims of two different parties are incompatible.

Within a condo association, this would entail a situation where someone - like a board member or property manager - is in a position to benefit personally from action or decisions made in their official capacity.

Board members can be sued for breaching their fiduciary duty and must disclose any potential conflict.

Undisclosed conflicts of interest, when eventually discovered, can be one of the biggest points of contention between residents and their board management teams, since it goes hand in hand with both a building’s finances, and the trust that residents place in the people running the building.

A policy of full transparency and disclosure around potential conflicts of interest goes a long way toward maintaining an atmosphere or trust and accountability between boards and the residents they serve.

Learn more here.

7 Things You Should Know About Property Tax Appeals

Details: Written by Alexa Jackson; Category: What We're Thinking About Lately...; Published: 28 February 2022

Unlike other costs involved with owning property, tax assessments can and should be appealed.

Successful appeals require strong evidence and attention to detail, as filing deadlines can pass without notice. Therefore, association assessment appeals require more careful analysis and preparation.

Check out this blog from KSN Law to learn the answers to the 7 most common questions related to property tax appeals.

Who Can Access Your Condo Bank Accounts?

Details: Written by Lauren Schrader; Category: What We're Thinking About Lately...; Published: 17 February 2022

It's the nature of condo associations to experience board member turnover. It might happen every year or it might happen less frequently. It might happen because a board member steps down, is voted out or sells their unit. Whatever the reason and whenever board turnover does occur, new board members need to be onboarded and old members removed from association business. This includes updating the signers on your association bank accounts to reflect the current board and remove anyone who should no longer have access.

New board members will need to visit their bank in person to update signers. You'll need the following when you head to the bank:

An up to date Corporation File that reflects the current board
Meeting minutes documenting the change in board members
Your association's FEIN (Federal Employer Identification Number) as assigned by the IRS
Prior board members, possibly, who are to be removed from the accounts

Depending on the bank your association uses, this task may be a breeze or very challenging. We are seeing more hurdles with banks recently as they step up security to combat fraud. Your experience may also depend on the particular branch you visit and the representative you speak with.

Changing signers requires some time and energy, but it will ensure that the correct individuals have access to your bank accounts and that the association's assets are protected.

Handling Burst Pipes in Your Condo Building

Details: Written by Alexa Jackson; Category: What We're Thinking About Lately...; Published: 08 February 2022

Chicago weather is in full force and burst pipes are unfortunately inevitable for many condominiums.

To best prepare, here are some steps to follow so you’re ready when a pipe does burst.

Locate the bust pipe
Identify the cause of the burst pipe
Determine the water damage
Review the Association Declaration and By-Laws to determine how to handle the repair

Learn more here.