Page 3 - The Chicagoland Cooperator Summer 2020

CHICAGOCOOPERATOR.COM
THE CHICAGOLAND COOPERATOR —
SUMMER 2020
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NEED ANY MAINTENANCE PAINTING?
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TABLE OF CONTENTS
Yale Robbins
Publisher
Henry Robbins
Executive Vice President
Joanna DiPaola
Associate Publisher
Hannah Fons
Senior Editor
Darcey Gerstein
Associate Editor
Pat Gale
Associate Editor
Shirly Korchak
Art Director
Anne Anastasi
Production Manager
Alan J. Sidransky
Staff Writer
Peter Chase
Director of Sales
The Chicagoland Cooperator is published quarterly by Yale Robbins Publications, LLC, 205 Lexington Ave., New York, NY 10016, (212) 683-5700. President: Yale Robbins, Executive Vice President: Henry Robbins. Subscriptions are available free by request to co-op and condo board
members and homeowner associations. POSTMASTER: Send address changes to The Chicagoland Cooperator, 205 Lexington Ave., New York, NY 10016. ©Yale Robbins Publications, LLC 2020. All rights reserved. Application to mail Periodicals postage rates is pending at New York
NY. FREE Subscriptions for Board Members, Property Managers and Real Estate Decision Makers. To Subscribe, please visit us at: Chicagocooperator.com/subscribe
B C L ...... .
Each year, boards are tasked with figuring out the costs associated with all
aspects of their community’s operations, including any capital repairs or
improvements they plan to undertake in the coming fiscal year, and then
making sure the revenue is there to cover said costs. Even in the best of times tions as the state and its municipalities move to reopen and resume day-to-
it’s a balancing act, involving predictions, assumptions, and fungible pools of
income alongside hard historical data, face values, and built-in escalations.
T R T F C ....
It’s a question we’re asked all the time: “Can we use reserves to cover an oper-
ating fund shortfall?” Under normal circumstances, our standard response
would be an emphatic “No!”—because reserves are for major repair and
replacement projects. But now, in a time of (inter)national crisis, reserves
may play a valuable additional role at your association.
A , PPE, R A .........
The Illinois Department of Financial and Professional Regulation (IDFPR)’s
Division of Real Estate recently released a set of frequently asked questions
and guidelines for condominium and common interest community associa-
day operations during the ongoing coronavirus pandemic.
P .....................
Q A.....................