Condo Living Made Easy.
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What We're Thinking About Lately...
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Written by lauren peddinghaus
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Saturday, 20 February 2010 13:55 |
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Tax returns for condominium associations are due March 15, 2010. EVERY association is required to file a federal Form 1120 or 1120-H. Associations with federally taxable income must also file an IL-1120. Your association is a business, treat it accordingly. That means filing your income tax returns every year! |
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What We're Thinking About Lately...
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Written by lauren peddinghaus
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Friday, 12 February 2010 16:18 |
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Our client recently received a $200 fine from the City of Chicago for trash left outside of their dumpster. Turns out that it was the neighbor's Christmas tree that had been left on the ground near the dumpster that triggered the fine. $200 can be a lot of money for a small association. And the city is hurting for cash during tougher economic times. Don't become an easy target! Notify your owners that all trash must be completely in the dumpster and the dumpster must remain closed. If an extra pickup is needed to handle overflow, it will most likely cost less than a city fine. |
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What We're Thinking About Lately...
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Written by Lauren Peddinghaus
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Thursday, 24 December 2009 12:51 |
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Serving as a Board member for your condominium association tends to be a thankless job. Owners volunteer their time, effort and resources and often aren't recognized for their hard work. When owners do contact their Board, more often it is to complain or criticize rather than to offer words of gratitude or encouragement. On behalf of condominium owners everywhere, HausFS and the Chicago Condo Resource would like to say THANK YOU to the individuals who take on the responsibility of serving on their Boards. Your neighbors may not know how hard you work, but we do. And we are grateful that you choose to make a positive contribution with your involvement. Happy holidays! |
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What We're Thinking About Lately...
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Written by Lauren Peddinghaus
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Friday, 08 January 2010 10:38 |
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We came across this article about the "Seven Primary Condominium Financial Issues in a Distressed Economy." We think it's a great article and bears repeating. If your association is experiencing any of the problems mentioned in the article, HausFS can help. Please contact us! |
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What We're Thinking About Lately...
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Written by Administrator
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Wednesday, 02 December 2009 15:53 |
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Last night I attended a meeting for a prospective client. The building is only 6 units, but the owners are currently experiencing quite a bit of conflict and there is clearly a lot of tension in the building. At the bottom of it all, however, it's clear that all of the owners care about their building and have put a lot of effort into maintaining their association. They simply haven't been handling the business of the association consistently and in a business-like fashion, have been a bit lax on enforcing rules because they are so small, and have had some communication issues. It's not too late for these owners to get back on track and find a way to live together peaceably. Otavala Consulting is providing a FREE workshop on Conflict Management this Saturday, December 5th. I can't emphasize enough how beneficial this workshop is for any Board member or unit owner. As I told the owners last night, while some small associations feel they can operate more casually, conflict arises as soon as there is more than ONE person involved! However, it is possible to learn how different individuals approach conflict and, as a result, how to effectively manage conflict in your association. |
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Last Updated on Thursday, 24 December 2009 13:07 |
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