windows in three years, then let the owners know so they are not misled into thinking what they are contributing in assessments now is matching the needs of the property later. While owners might not like the news that a large expense is coming in three years, they will take it far better than having it thrust upon them all of a sudden. Owners want to know there is a plan in place and that the board and management have a plan to address it. That plan should include constant and abundant communication to the owners about the project and what to expect. Town hall meetings, email alerts, text alerts, phone alerts, etc. all make for a great resource of communication. This advance notice allows owners to adjust their own financial plan to ensure they will be able to meet their financial obligation. This, in turn, will reduce the risk of delinquencies rising that will in turn place an undue burden on the association.
Lifting the veil of illusion of low assessments through transparency can only strengthen an
association overall. When boards communicate the realistic needs of the association and implement a true rate of assessment contribution they are fulfilling their fiduciary duty by making sound business decisions and that will ensure the association is well prepared for the future.
Owners will be pleased with the results and that will lead to a harmonious community that has “found the magic.”
36 | COMMON INTEREST®
• Spring 2019 • A Publication of CAI-Illinois Chapter
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