Reserves and Reserve Funds in an Illinois Common Interest Community

/ Owner - February 4, 2023

Unexpected things happen in our daily lives, and sometimes those things happen in our home. It is great, if possible, to save monies for a “rainy day” so that one major issue, or a series of issues, does not drain your resources. The same analysis applies in a condo association or common interest community. Having funds set aside for major items that need to be repaired or replaced will save the board of directors from having to special or additionally assess the unit owners, or at the very least, soften the blow of such an additional or special assessment.   Read the article………………………..

Comments are closed.