Condo Living Made Easy

At HausFS we do not control client bank accounts. Board members are designated signers and have online access at all times. While this protects the association's funds by keeping the board in control, occasionally it can cause complications when a board member who is a signer sells their unit and moves out or is otherwise replaced. It's important for the remaining board members to review the signers on their bank accounts and ensure current board members are added and former board members are removed. This is true for any self managed condominium association.

New board members will need to visit their bank in person to update signers. You'll need the following when you head to the bank:

• An up to date Corporation File that reflects the current board. You will need to file an amended IL Annual Report to update the board members showing on your IL Incorporation Detail Report.
• Meeting minutes documenting the change in board members
• Your association's FEIN (Federal Employer Identification Number) as assigned by the IRS
• Prior board members, possibly, who are to be removed from the accounts

Depending on the bank your association uses, this task may be a breeze or very challenging. We are seeing more hurdles with banks recently as they step up security to combat fraud. Your experience may also depend on the particular branch you visit and the representative you speak with. 

Changing signers requires some time and energy, but it will ensure that the correct individuals have access to your bank accounts and that the association's assets are protected.

With the upcoming national, state, and local elections, community associations should review their election procedures and readiness. Key considerations include ensuring election documents align with community instruments, updating rules and procedures in accordance with the Illinois Condominium Property Act and the Common Interest Community Association Act, maintaining accurate records of voting members, determining the election conduction method, clearly communicating election processes to members, and properly handling post-election tasks.

It's crucial for boards to review and update documents and procedures annually, engage with managing agents and legal counsel, and plan well in advance to ensure a smooth and legally compliant election process.

Learn more here.