Presented by Haus Financial Services, LLC - Elevating Small Condo Management.
Presented by Haus Financial Services, LLC - Elevating Small Condo Management.
I just sent this information to a client, so figured I'd post it quickly here as well!
Incorporated associations must file an IL Annual Report each year and pay a filing fee to maintain their incorporation. Filing can be done online for an extra fee or a form can be completed and mailed with payment.
The City of Chicago 2012 Budget proposes to eliminate the Refuse Rebate program for condominium associations. This means a loss of much needed funds for small associations across Chicago.
You can sign a petition to ask the mayor to preserve the Refuse Rebate. Please make your voice heard by signing the petition online: http://www.change.org/petitions/mayor-city-of-chicago-eliminate-the-condo-refuse-rebate-portion-of-your-2012-budget-proposal.
Associations have until 12/31/11 to file 2010 Refuse Rebates. This could be the last chance to receive your Rebate, so be sure to file on time!
In reviewing our clients' insurance policies while preparing 2012 budgets, I'm finding that several smaller associations have policies with deductibles that are high for their size. The deductible is the amount that the association will pay toward any claim before the insurance policy will cover anything. A $2500 deductible may save a bit on insurance premiums, but if the association doesn't have a lot of funds in the bank to begin with, it will be difficult to cover a $2500 deductible when a claim is filed.
We generally recommend a $1000 deductible for small associations. Check with your insurance agent or broker to determine if you can minimize your deductible while keeping your premiums at a reasonable level.