Connected Management Blog

Electronic Assessment Payments: Are You Offering Them? As a board member in Chicago, you try to do your best to make sure your residents have safety, security, and that assessments are paid on time. If you are not working with a Chicago property manager, it can be a harrowing task to try and take care of all that plus maintaining the building, working with vendors and other aspects of overseeing a Chicago condominium association. One aspect that you may want to consider is offering electronic payments to your residents. You can do this by hiring a property management company such...

Special Assessments - An overview for Chicago board members The primary source of income for a condominium association is through the normal monthly assessments paid by the unit owners. These assessments are determined and set one time per year through the adoption of an annual budget. Once the budget has been adopted by the Board, the assessment amounts for each unit are fixed for the year and are not changed. What happens if there are unplanned repairs or other situations where additional funds are needed to support the association? The primary tool at the Board's disposal is a special assessment....