The IL Condo Act requires the board to deliver a detailed annual accounting to each owner of all income received and expenses paid, showing the net excess or deficit of income over expenditures plus reserves. HausFS is now finding that many bylaws also state that if there is a deficit, owners should be charged and if there is an excess, owners should be credited.
This allows the association to collect all of the funds needed to meet the budget and contribute to reserves as planned. On the flip side, if the total assessments budgeted were more than enough to cover all operating expenses and add to reserves, the extra is returned to the owners.
You should review your association's bylaws to determine when the annual accounting is due to owners, and whether or not charges or credits may be due.