KSN Law, a prominent community association law firm in the Chicagoland area, has launched Brainy Board, an on-demand streaming and educational resource for community association board members.

Learn more and create an account, here. 

The Cook County Treasurer has sent out the 2023 1st installment property tax bills, with payment due by March 1, 2024. These bills represent 55% of last year's total tax. Taxpayers are required to pay their tax bill regardless of any pending tax appeals. Any reductions in assessment resulting from a tax appeal will be reflected in the 2nd installment bill, which will be mailed later in the year. If a taxpayer's 1st installment tax bill is zero, it's likely due to the Assessor assigning a new PIN number, with the entire tax liability to be billed in the 2nd installment. Online payment and viewing options are available.

View and download your tax bill on the Cook County Treasurer's website.

A new federal law may require all condominium and homeowner associations to report information pertaining to the association's board members with the Federal Crimes Enforcement Network (FinCEN). This must be done by January 1, 2025.

Here is what board members need to know now:

• Eligibility and Penalties: Starting January 1, 2024, certain types of corporate entities, including potentially all Illinois condominiums and homeowner associations, must comply with the Corporate Transparency Act (CTA). This law aims to prevent fraud and money laundering by requiring reporting of beneficial ownership information. Failure to comply can result in daily penalties of up to $10,000.
• Reporting Requirements: All reporting companies under the CTA, including eligible associations, must file yearly reports with FinCEN identifying beneficial owners, defined as those with substantial control or owning 25% or more. This likely includes Board officers and directors. Information about the entity itself, the company applicant, and each beneficial owner (including ID documents) must be reported through a secure online system.
• Support and Resources: Associations can designate Board members or their property manager as the company applicant to submit reports. While submitting information may raise privacy concerns, access is restricted to authorized officials and financial institutions with permission. 

We encourage all board members to address this requirement as soon as possible. See more and file online on the FinCEN website.

Many of us start a new year with resolutions and changes we vow to implement to make this new year better than the last one. Boards of directors should do the same thing—especially when the members of the board are managing a community where people live and spend so much time! 

Check out this list of resolutions to consider for your community association.

The 2024 Shared Cost Sidewalk Program is open to new applicants. This is a popular voluntary program in which property owners share the cost of sidewalk repair with the city.

Applications will be taken on a first-come, first-served basis based on availability of funds. Find out more about the program here.