As of October 4, 2021, the Illinois Eviction Moratorium has ended. 

This means that residential tenants can once again be evicted from their units. Additionally, a “covered person” is no longer protected from evictions and landlords are no longer required to send the IL declaration prior to filing an eviction lawsuit. 

Learn more here

The IL Condo Act requires that condominium associations provide for a "reasonable reserves" in their annual budgets. These are funds that are collected in additon to regular operating income that associations accumulate, ideally, in a segregated bank account.

Saving for large repair and replacement projects over time is critical - this helps associations to avoid large, unexpected Special Assessments that may create an unnecessary burden on owners. If you are still unclear on what qualifies as a Reserve expense, however, and when the association should draw on those accumulated funds, this video is for you!

Follow along with Bryan Farley, RS of Association Reserves in this informative explanatory video on Reserve Expenses vs Operating Expenses.

Watch it here

As COVID-19 continues to impact in person activities, many condominium associations may need to conduct their upcoming board meeting, budget approval meeting or board election virtually. Conducting virtual meetings requires preparation.

Here are ten best practices to help board members, property managers, and community association leaders limit distractions during virtual meetings.

  1. Select user-friendly software that best fits your associations needs. 
  2. Test the software prior to meetings so that any technical difficulties can be addressed in advance.
  3. Create and share a meeting agenda to set expectations.
  4. Choose a good location with a distraction-free background prior to starting the meeting.
  5. Set and enforce a time limit to be courteous of everyone’s schedules.
  6. Assign only one host per meeting to limit distractions and maintain order.
  7. Allow attendees to introduce themselves if time permits. 
  8. Mute yourself when you’re not speaking to manage background noise.
  9. Pass new rules and restrictions for virtual meetings in advance if necessary.
  10. Allow attendees to join meetings via audio dial-in to encourage participation.

Learn more here

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.)

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

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