In these times of economic uncertainty, nothing is more important than planning for a rainy day, especially when that rainy day might involve repairs to multimillion dollar buildings. That is one of the many reasons why having an adequ…
It was time for the the Chicago-based senior association's annual meeting. The board and residents, men and women, some in their 70s, were emotionally charged and concerned about various issues that the board would discuss. The issues d…
Anyone who has ever circled the corners looking for a parking spot in Chicago, especially in the brutal winters, understands the importance of having a regular parking spot. In a city as crowded and fast-paced as Chicago, parking is a …
Not everybody on a co-op or condo's board is an accountant (or can even balance their own checkbook, for that matter.) Handling the money for an entire association is a big responsibility however, and residents rely upon their board to…
Chicagoans pride themselves on the ability to withstand bitter winters but sometimes Mother Nature just does get the better of us. For proof, just look at the pictures from this past January of abandoned cars along Lake Shore Drive and…
In the language of retail, it’s called shrinkage—the percentage of loss experienced by a business due to theft. Co-ops and condos may not use the same term for it, and they don't have displays of handbags or jewelry to safeguard, but th…
The dreaded phrase “maintenance increase” are two words that most condo and co-op owners don't want to hear, but sometimes it is necessary for a building’s board to make the unpopular decision of raising fees. With rising operating costs…
Perhaps one of the most difficult aspects of the recent recession was the sudden evaporation of credit from major banks and lending institutions. The logic behind it was understandable: too much easy credit had led, in part, to the col…
One of the trickiest things in planning a budget for your building or HOA is the surprise maintenance problem or structural crisis that comes out of nowhere and depletes your community’s bank account. While you might be prepared for sno…