Collections will cost you!

Lauren Schrader What We're Thinking About Lately...

Or "How $561.64 became $1721.64"...

Legal fees and costs can add up quickly.  If your Association has to send an account to a collection attorney for delinquencies, all of the fees and costs incurred are charged back to the owner.  Two months' of missed assessments could end up costing over $1,000 in fees and costs to recover.  If you are having trouble paying your assessments, speak to your Board before they begin collection action.  You may be able to work out a payment plan that will save you the cost of collection.  If you do receive a 30-day notice (which will already cost you about $300 in fees and costs), take action before the notice expires to minimize additional charges.

Refuse Rebates Can Mean Big $ For Small Associations

Setup What We're Thinking About Lately...

Each year, condominium buildings over 4 units that are required to use private waste removal will receive up to $75/unit from the city by filing for the City of Chicago Refuse Rebate.

That's great news for small buildings with limited budgets. 

In order to qualify for the Refuse Rebate, your building must have a recycling program in place and the Board must educate its owners on the program.  A Recycling Certification Form must be submitted the first year you file to confirm that you have met this requirement.

You can file every sixth months or annually, but you must file by December 31st of each year for your previous year's Rebate. 

 

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