I've had a number of conversations recently with condo owners, including board members, who are in the dark about the association's financial position. They are not receiving financial reports regularly from either the board Treasurer or the association's manaagement company, and they literally have no idea how much cash the association has on hand.

When it comes to condo living, one of the greatest sources of conflict is money. Depending on the size of the condominium association, there could be huge amounts of money at stake. Not knowing what is there and how funds are being used should sound an alarm for any condo owner. All owners absolutely have a right to know the details about their association's financial health.

When there is a lack of transparency in providing documentation about financial matters, there exist the opportunity for those managing the association's funds to commit fraud. It's unpleasant to think that a neighbor or management company could be siphoning funds, but the reality is that it happens.

Owners have a legal right to examine the associatoin's financial records upon written request. At HausFS we believe that financial records should be shared proactively and consistently, and that owners should not have to go to special lengths to obtain information about how the board or their management company is managing their money. 

If you are not receiving regular financial information from your board or management company, call us. We can help.

Search Articles...

Membership Plans

Subscribe to the Chicago Condo Resource to access our Members Only Content.

Subscribe to Newsletter

Seminars & Events

No events
September 2021
1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30