Although construction of new Associations has substantially decreased, a question still arises to when an Association should be turned over to the members. By turnover, we are referring to the time when the developer of the Association resigns from the Board of Directions, holds the first annual meeting and the unit owners are elected to … Read More ›
As you are aware, boards consist of volunteer members serving to make the association a better place to live. As volunteers, we have noticed common mistakes made by board members in fulfilling their responsibilities.
The following is a list of the top five mistakes made by board members in administering the affairs of an association:
Failure to … Read More ›
After April 15 (the infamous tax day), most people generally stop worrying about taxes. However, if you reside in and/or serve on the Board of Directors of a condominium, townhome or homeowners association, the tax process is just beginning. The tax man, it seems, is not bound to any particular calendar.
There are generally three types … Read More ›
I was recently asked whether I believed the board should adopt an Amended and Restated Declaration. The purpose of an amended and restated declaration is to take the association’s current declaration, delete all provisions which conflict with the provisions of the Illinois Condominium Property Act (“Act”) and add all the provisions of the Act which … Read More ›