Detail of year-end fund reports in question (IL)

/ Owner - September 12, 2024

Q. Under the Illinois Common Interest Community Association Act (“CICAA”), regarding the year-end summary for the budget year, does the board of directors need to furnish reserve fund information to the owners? The property manager does the report and the only report that is furnished to owners is the reserve fund balance. No adds/deletes/transfers or any transactions are furnished. Does this type of reserve fund year-end report comply with CICAA.   Read the Q&A………………………………..

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