As we reflect on the past year and our experiences working with small associations throughout Chicagoland, we’d like to suggest a few New Year’s Resolutions that will help your association to function more effectively in 2025.
Read and follow your governing documents
Your Declaration and Bylaws describe your association’s physical structure, define responsibility for each portion, dictate expected behavior and specify how the management and administration of the property is to be handled. Always turn to the governing documents for answers first when there is a conflict or question about how your association operates.
Make financial decisions based on data
Your association cannot thrive without adequate financial review and planning. Know where every penny is coming from and where it is going and use current and historical financial activity to make responsible, informed decisions about the property. Financial data allows you to create a realistic budget, make decisions about spending on planned and unplanned expenses, avoid emergencies and plan for the long-term physical health of your association.
Do not ignore delinquencies
The longer a delinquency is left unaddressed, the greater the danger that it will not be fully recovered. It is much easier for an owner to get caught up on a small delinquency than a large one. Communicate with delinquent owners as soon as they fall behind, attempt to work out a plan to get caught up, and call in collection help from an attorney if the problem persists.
Get involved
A community association’s operation depends entirely on its members to function. If you value your investment and want your voice to be heard, volunteer to serve on your board. If you are not willing to step up and donate your time to maintain your association, respect and support those who do – they are volunteering their own time for your benefit. Attend board meetings, communicate appropriately through the proper channels and respect the board’s personal time.
Happy New Year from Haus Financial Services and the Chicago Condo Resource! We wish you much success in 2025!