Four Budgeting Tips for Condominium and Community Associations
Effective budgeting requires an in-depth assessment and review of all relevant financial issues. If you oversee budgeting for your condominium association or HOA, it is imperative you do it in the right way. Here are four of our top budgeting tips that community associations in Illinois can use:
The Importance of Proper Budgeting — Avoid Special Assessments
There are few things more frustrating than getting an unanticipated bill — and a special assessment is no exception. As explained by Realtor.com, a special assessment is a fee levied to cover unexpected expenses. It is probably no surprise that condominium and HOAs members want to avoid getting hit with special assessments whenever possible. With proper budgeting practices at the beginning of the fiscal year, boards of directors can dramatically reduce the risk that they will need to levy a special assessment on individual members.
Get Help from Our Illinois Condominium Law Attorneys Today
At Keough & Moody, P.C., we provide comprehensive legal services to condominium associations and homeowners’ associations (HOAs). If you have questions about budgeting or any related financial issue, our legal team is here to help. To set up a strictly confidential initial consultation, please contact us right away. With offices in Naperville, Chicago, and Tinley Park, we represent clients throughout Northern Illinois, including in Cook, DuPage, Will, Kane, Kendall, Lake, McHenry and Grundy Counties.
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