Occasionally, either because of changing times, demographics, or some other reason, a community may need to take a critical look at their governing documents, and may decide that an adjustment is called for.

Some common examples of changes that we've seen recently at HausFS that require amendments include:

• Changes to ownership percentages
• Adding or removing leasing restrictions
• Updating documents to align with current condominium law

Whatever the reason, there are specific steps to legally amending these key documents, and it’s important for both boards and residents to know what those steps are. 

Check out the necessary steps, here.

There are many potential points of conflict related to board members. 

One common pain point is recusing and excusing board members.

Board members have a fiduciary duty to their condominium association, and to its members. This means that, at all times, directors must put the interests of the association above their own personal interests. If a director cannot do so for any reason, they are obligated to recuse themselves from participating in the deliberation and decision regarding any topic in which they may have personal interest.

But often, individual directors and boards often hesitate to recuse or excuse when warranted, leading to conflict.

Another common pain point is board member qualifications. 

Under both the Illinois Condominium Property Act and the Illinois Common Interest Community Association Act, an individual must be a member of the association to qualify as a board member. However, conflict can quickly arise if it is learned that an elected board member is not an owner within the association.

Learn more about these common pain points, here. 

Having a full and functional board is critical to the efficient operation of any shared community, and despite its bad rep, serving on the board can actually be a positive experience for board members.

The most common hesitations about serving on the board include time constraints, perceived complexities of board responsibilities, and a sense of detachment from the decision-making process. But how accurate are these perceptions?

Read more, here.

2023 is flying by and it's already time to prepare to 2024! 

Haus Financial Services is fully entrenched in budget season as we prepare Draft Budget Packages for all clients on our Basic Service Package. As we quickly approach the last quarter of 2023, board members must take stock of what needs to be started and/or completed as we conclude this year and look to 2024. 

Learn more here. 

“Aging in place” refers to the ability of a homeowner to remain living in their own house and community independently as they age rather than moving to a retirement or assisted-living facility.

In 2019, about 16.5% of the American population was over the age of 64. By comparison, that number is projected to reach 22% by 2050.

With that in mind, condominium, homeowner (HOA) and townhome associations should consider an aging population when evaluating their community policies, including:

• Immobility and/or accessibility
• Mental and general health concerns
• Social isolation and community involvement
• Communication channels
• Financial concerns
• Preventing ageism discrimination

Learn more here and check out KSN's podcast on the topic here.