When a fire erupts in a Chicago building, it's terrifying but it doesn’t have to be deadly. There are a few essentials that can save the lives of the people who are inside that building: namely, a working smoke detector and a sprinkler sys…
Imagine sitting down with your significant other to pay the monthly bills. You both put your checks into a joint account and know how much there is to take care of expenses, or so you think. Out of his wallet your husband pulls out receipt…
Whether you’re managing or governing a suburban condo development or an urban high-rise, operating costs are a constant concern. No matter how hard you plan, there are always unexpected expenses, and you have to plan for them. This is true…
In today’s economy, co-ops and condos are looking for ways to cut costs wherever they can, and many are turning to examining their legal bills. But the problem therein is two-fold: firstly, you don’t want to compromise your relationship wi…
Having a fantastic party room, gazebo, or other common space is a great amenity for a condo or HOA—not only does it give residents a place to gather for celebrations, meetings and other community events, it adds real value to the property.…
A lot of us feel like everyday life keeps getting more and more complicated, and finances are no exception. In Illinois, there are strict limitations to what boards can do with their association’s funds, but that doesn’t mean there aren’t …
One of the biggest problems that can cause the downfall of any condo or co-op is a lack of funds, or more specifically, not enough money to keep operations running smoothly and to make the necessary repairs to keep everything up to par. …
As the 2012 federal legislative fiasco over the debt ceiling—as well as any number of other spending bills proposed since then—demonstrated, balancing a budget can be like pulling teeth. Balancing a condo or HOA community's budget can some…
Preparing the annual budget is by no means an easy task. Those charged with preparing condominium or HOA budgets will soon begin reviewing costs, gathering data and projecting expenses for the coming year. Communities, businesses, individu…
While natural disasters causing catastrophic property damages are increasing every year, associations also have to be prepared for other unexpected expenses, such as a roof replacement or a new heating and cooling system. These major capit…