As with many things we do in a community association, it is essential to communicate when collecting assessments and investing reserve funds. The Board should discuss the investment strategies at a properly noticed and open Board meeting. The Board should be proactive and provide their owners with relevant budgets, reserve study results, and charts and graphs. This communication will help owners plan for their financial commitments, make timely payments, and understand the Board’s efforts to manage costs and take care of the money under their stewardship. In addition, owners need to know that interest-bearing accounts may need to catch up with inflation and that the Board is constantly engaged in assessing the adequacy of reserve fund assessments. As a result, the amount invested and earned through interest could be worth less than what you can purchase with the same amount today.
This series of processes and recommendations might seem overwhelming. Boards should engage in planning, research, and communication early and often. The use of committees can help spread the workload and commitment.
In doing so, though, the Board can be sure that it prepares a robust plan that considers the needs of all owners while maintaining its fiduciary responsibility.
312.337.8691 /
CommunitySpecialists.net
Professional Property Management for Chicago’s Finest High Rise Condominium Associations
Community Specialists 205 North Michigan Avenue / Suite 2930 Chicago, Illinois 60611
www.cai-illinois.org • 847.301.7505 | 49
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