FINAL STEP in the process, after the board has developed its “financing game plan” with its lender,

The

management (if any) and attorney, is to formally implement the financing at an open meeting of the association. The implementation process can include a meeting to raise assessments, adopt a special assessment, and/or resolving to enter into a loan, or a combination of all of the above. It’s best to rely on the association’s management and attorney during this stage. The last thing the board would want to see is all its hard work of planning and consulting experts scuttled as a result of a legal misstep with the approval of the work. Such a misstep could result in the board having to begin the process again from scratch or, at worst, expose the association to liability in a lawsuit for failure to follow the procedures of its governing documents or relevant state law.

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For more than 40 years, Cukierski & Cochrane has provided over 1,300 Chicago-area HOAs and Condominium Association boards of directors with state-of-the-art audit, review and compilation reporting services to help prepare more accurate annual budgets, make more informed operating decisions, or simply provide greater assurance of financial health.

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