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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 been abolished by recent...

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...

Going Online: How Property Management Can Bring Your Business Into the 21st Century If you are a condo board member, you most likely have a certain way in which you keep track of the association’s records. In the past, boards would keep a filing system in their office and keep track of business dealings by hand. Over the past decade, with the explosion of the internet, things have become more streamlined. Today, condominium management companies can offer members a wealth of services, all online, to ensure success. Programs have been created that can be used to keep track of financials, maintenance...

Top 6 Reasons for Partnering with Connected Management Are you a property owner and looking for a great company to take over the day-to-day? Whether you’ve been an investment owner for a while or just getting started, there are many different benefits you can reap by partnering with a solid, experienced management company. Connected Management has been in business for years and offers a great package to help you run your small to medium condominium in Chicago efficiently and effectively. Whether you need a Chicago property manager to help with multiple properties or just one, take a look below at the...

Have You Brought Your Condo Association into the Technology Age? As a condo association board member, it is important that you have the most up-to-date methods for paying assessments and collecting association fees possible. Your residents typically live busy lives and they want to be able to electronically pay for their assessments as they do their other bills. It is important when you’re trying to encourage timely payments that you are able to offer them the easiest, convenient way to pay. That is where Connected Management comes in. They provide you with a myriad of services that include online payments and...