• 773 913 2569
  • This email address is being protected from spambots. You need JavaScript enabled to view it.

Connected Management Blog

Browse Categories   Search Articles
Tip! Scroll down to view a sampling of the most recent articles from all categories.

Annual Budget Notification Requirements - Updated in 2016

The Illinois Condominium Property Act, which is the master set of laws that control condo associations in Illinois, is updated on a regular basis. Any changes to the Act automatically override and supercede rules that may be contained in your association's governing documents. (Declaration / Bylaws) Effective June 1, 2016, one such change to the Act is related to the requirements for when notices must be sent to unit owners when a Board adopts the annual budget. As a Board it is important that you are aware of this change, and follow the new rule, so that any budget that you...

Continue reading
  6758 Hits

Condo Association Annual Budgets - An overview

Condominium Association Annual budgets Your annual budget calculates the total amount of assessment payments required to support the association’s expenses and savings. Since adopting a new budget typically means an increase to the monthly assessment requirements of your owners, the change can often be met with resistance. It is therefore important to make sure that your board follows all requirements of your association bylaws and the Illinois Condo Act. Some bylaws place a restriction on the total increase to assessments that can be called for by a budget without requiring a majority approval of the unit owners. These restrictions, however, have...

Continue reading
  24242 Hits