Assessments are the lifeblood of every association. Without consistent payments, your community can’t maintain property, pay operating expenses, or plan for the future. It's important that every owner is aware of their obligation to pay their assessments in full and on time so that your association can function successfully. 

A great place to start is with a written Collection Policy. A written policy ensures that all owners are treated fairly and consistently, while giving the board or management a clear roadmap for next steps when assessments go unpaid. If your board does not have a policy in place, now is a great time to get on track for the coming calendar year.

At Haus Financial Services, we recommend a Collection Policy that includes the following:

• Assessments are due on the 1st of each month
• A Late Fee of at least $25 is applied if payment is not received by the 5th of the month
• Accounts two months past due will be referred to an attorney or debt collector
• All costs of collection will be charged back to the delinquent owner and must be paid along with any unpaid assessments or other charges
• Owners are encouraged to reach out to the board to resolve unpaid balances and avoid costly collection fees 

These guidelines provide a strong foundation for financial stability and help your association maintain consistent cash flow throughout the year.

Once your Collection Policy is in place and communicated with your owners, allow for some measure of flexibility. Your financial processes should include monthly account balance updates to owners. If an owner has missed two months of payments, reach out directly to remind them of the Collection Policy and ask how they will address their balance to avoid collection action. Communicating proactively about an account before it grows too large can often prevent legal action and keep everyone on good terms.

A monthly delinquency review is one of the most powerful tools your board has to manage collections. Review all owner balances to determine which accounts may require action.

When reviewing, make sure to:

• Verify payments, write-offs, and credit balances for accuracy.
• Flag accounts that meet your collection policy’s criteria.
• Reach out to owners to review the balance and open communicaiton about getting caught up.
• Set deadlines for moving forward with collection action if an account remains unresolved.

Consistent reviews help identify issues early, avoid accounting errors, and maintain your community’s financial health.

Owners are more likely to pay on time when they understand that the board applies its policy consistently and communicates expectations clearly. Review your policy annually and make updates as needed.

A strong collection policy, backed by Haus Financial Services’ proven guidelines, and consistent monthly reviews will keep your association financially stable and free from delinquency scares in 2026.

Need help reviewing your collection policy or delinquency reports? Contact Haus Financial Services today to get expert support and ensure your association starts 2026 with a strong financial foundation. 

Disagreements are part of condo living, but what happens when an owner’s remarks about the board or management cross the line? Boards often struggle to balance protecting free speech with maintaining respectful community standards.

In Illinois, the courts have determined that condo associations are subject to First Amendment protections. That means owners generally cannot be punished for expressing negative opinions about their board or management. Statements like “the board is incompetent” are usually considered protected opinions.

Not all speech is shielded. Associations can take action when comments include:

• False statements of fact (defamation)
• Threats or intimidation
• “Fighting words” that could provoke violence

For example, falsely accusing a treasurer of stealing funds could lead to penalties, provided the board follows proper due process.

Best Practices for Boards

• Evaluate remarks carefully: distinguish opinion from defamatory fact.
• Respond transparently: share facts or context with the community.
• Follow due process: issue notices, allow hearings, and consult counsel before imposing fines.

For a deeper dive into this issue, see Tressler LLP’s article.

Need help navigating these challenges? Haus Financial Services provides expert guidance for condo boards on governance, compliance, and financial management. Contact us today to learn how we can help your association handle disputes with confidence and transparency.

Board meetings are the backbone of any condominium association. They provide a forum for directors to make decisions, manage community business, and keep owners informed. But not all meetings are created equal. Associations often need to balance transparency with confidentiality, which is where the distinction between open meetings and closed meetings (also called executive sessions) comes in.

Open Board Meetings

Open meetings are just what they sound like—meetings that all owners are invited to attend. According to the Illinois Condominium Property Act (765 ILCS 605/18(a)(9)), board meetings must generally be open to all unit owners, except under limited circumstances. These sessions typically cover the bulk of the association’s business, such as:

• Reviewing financial reports
• Discussing maintenance projects
• Approving budgets
• Addressing community concerns

Open meetings are essential for fostering trust, encouraging owner participation, and keeping the community informed about board decisions.

Closed Board Meetings (Executive Sessions)

Sometimes, the board must address sensitive issues that cannot be discussed openly. In these cases, the board may go into a closed session (also called an executive session). The Condominium Property Act allows closed meetings only for specific purposes, including:

• Pending or ongoing litigation
• Delinquent assessments and collections
• Employee or personnel matters
• Contract negotiations

As the Community Associations Institute (CAI) notes, these sessions should be limited to confidential topics that legally or reasonably require privacy, and the board should return to open session once the matter is complete.

It is vital to note that all board votes on association matters must be conducted in the open portion of the meeting. Closed session is for discussion only on the specific topics noted above. 

Striking the Right Balance

While closed meetings are sometimes necessary, the majority of board business must remain open to owners. Boards that rely too heavily on private sessions risk creating mistrust and even potential legal challenges. As KSN Law emphasizes in its guidance on condominium meetings, transparency is critical to maintaining owner confidence and compliance with state law.

For healthy governance, boards should be transparent whenever possible but know when privacy is essential. Owners should expect most association business to be handled in open meetings, while respecting that some topics must remain confidential to protect the community.

???? Need help managing your association’s finances and governance with confidence? Haus Financial Services provides expert financial management and consulting for Chicago condo associations. 

Rules and regulations are a valuable tool for condo associations. They spell out the community’s “do’s and don’ts” and often clarify what’s already in the declaration. But here’s the key: rules can’t conflict with the declaration. If they do, they won’t be enforceable.

A recent article by Keough & Moody, P.C. reviewed two recent Illinois cases make this clear. In Kubik v. Darien Club Owners Association (2025), the association’s manual prohibited fences, even though the declaration allowed them with committee approval. The court ruled that the manual couldn’t override the declaration. Similarly, in Stobe v. 842-848 West Bradley Place Condominium Association (2016), the board tried to impose a leasing cap by rule. Because the declaration already addressed leasing, the rule was struck down.

The lesson: If your declaration covers a topic, the only way to change it is by amending the declaration itself, not by adopting rules.

Skipping that step can lead to unenforceable rules and costly disputes.

Before adopting new rules, ask:

1. What does the declaration already say?
2. Could this rule conflict with it?
3. Should we seek legal guidance first?

Getting it right up front saves time, money, and headaches later.

At Haus Financial Services, we know that strong financial and governance practices go hand in hand. Our team helps community associations stay compliant, financially stable, and focused on the long-term. If your board needs support navigating rules, declarations, or the financial side of condo management, we’re here to help.

Investor ownership is becoming increasingly common in Chicago condo associations, and with it comes a unique set of challenges for boards to manage. As laid out in this recent article by Kovitz Shifrin Nesbit, while investors bring value to the real estate market, their presence can shift the dynamics within a building, impacting governance, finances, and the sense of community.

One key issue is the rise of short-term rentals. Platforms like Airbnb and Vrbo can increase building traffic, create security concerns, and place added strain on shared spaces. Boards need to review their governing documents, ensure alignment with Chicago’s short-term rental ordinances, and clearly communicate expectations to both owners and renters. Proactive enforcement helps maintain a safe and stable living environment for all residents.

Communication is another area where associations must be diligent. Investor-owners often live off-site, leaving renters to interact with the building on a daily basis. Without clear guidance, tenants may unknowingly violate association rules, leading to frustration and conflict. Providing easy-to-understand materials, welcome packets, or regular updates can bridge this gap and foster better cooperation.

Financial planning may present the greatest long-term challenge. Investor-owners sometimes prioritize short-term cost savings over larger capital projects, but delaying maintenance only increases costs down the road. Healthy reserves, transparent budgeting, and ongoing education about the importance of preventive care are essential for protecting property values and avoiding unexpected special assessments. Associations should also be mindful of how higher percentages of rental units may affect insurance costs and coverage options.

By anticipating these issues and taking steps to address them early, boards can ensure that their communities remain strong, financially stable, and welcoming to all residents.

For boards seeking additional support in navigating these complexities, Haus Financial Services offers expert guidance in financial planning and reserve management tailored specifically for Chicago condo associations.