Does the Illinois State Treasurer Owe You Money?

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Money is always a focus for Haus Financial Services, whether it is related to your condominium association or not. Here's a quick tip for finding and claiming money that may belong to you.

The State Treasurer is holding more than 5 billion dollars in unclaimed funds for Illinoisans. The State holds these lost funds until they are claimed by either the original owner or their heirs. Property is returned at no cost with the proper identification.

Most amounts are small, but every penny counts! You can search the Treasurer's database online to see if they are holding any funds that are due to you or a family member.  Good luck!

Are You Adhering to Your Association's Governing Documents?

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For any condominium association, governing documents are the foundation of how the community operates. These documents, such as the declaration, bylaws, and rules and regulations, outline the responsibilities of the board, the rights of the owners, and the procedures for handling association matters. Yet, conflicts often arise when boards and owners fail to read or adhere to these critical guidelines.

One of the most common sources of tension in condominium communities stems from a lack of understanding or misinterpretation of the governing documents. Board members may make decisions without consulting the bylaws, or owners may unintentionally violate rules they didn't know existed. These situations can lead to disputes, strained relationships, and even costly legal battles.

The key to avoiding these issues is treating the condominium association like a business. This means operating with professionalism, consistency, and a clear understanding of the rules that govern your decisions. Taking the time to familiarize yourself with the governing documents—and ensuring others do the same—is an essential step in building a harmonious community.

Of course, reading and understanding these documents may seem time-consuming at first. But once it becomes a habit, the long-term benefits are undeniable. Following established procedures not only fosters trust and transparency but also prevents many problems from occurring in the first place.

Board members should make it a priority to educate themselves and their communities about the governing documents. Regular reminders, accessible summaries, and even workshops can help ensure everyone is on the same page. By committing to this practice, your association can run more smoothly and maintain a positive living environment for all.

Your Meeting Minutes Could Sink a Sale! Read These Best Practices for Condo Board Meeting Minutes.

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In our work processing sale documentation for clients, Haus Financial Services is finding that buyers and lenders are scrutinizing information more and more. This includes your meeting minutes. Recording meeting minutes is essential for ensuring transparency and providing a clear record but to avoid misunderstandings, minutes should focus on decisions, not discussions. Here’s why and how to implement this approach:

Why Focus on Decisions?

  1. Clarity for Buyers: Buyers reviewing minutes might misinterpret unresolved discussions as finalized decisions.
  2. Prevent Misinterpretation: Discussions often include preliminary ideas that don’t reflect final outcomes.
  3. Streamlined Recordkeeping: Decision-focused minutes are concise and professional.

What to Include

  1. Meeting Details: Date, time, location, attendees, and quorum confirmation.
  2. Approval of Prior Minutes: Note approval or amendments.
  3. Decisions Made: Record motions, who made and seconded them, and the outcome (e.g., “Motion to approve $10,000 for lobby renovations passed unanimously.”).
  4. Action Items: Document tasks, responsible parties, and deadlines.
  5. Adjournment: Note the meeting’s end time.

What to Exclude

  1. Detailed Discussions: Summarize outcomes instead of recording every opinion, or omit discussion altogether if no decision has been made.
  2. Speculative Comments: Avoid “what-if” scenarios or preliminary suggestions.
  3. Confidential Information: Keep sensitive topics, like owner delinquencies, out of general minutes.

By focusing on decisions rather than discussions, boards can maintain professional records, avoid confusion, and build trust while ensuring compliance with legal requirements.

 

Holiday Lights Recycling Now Through January 31st in Chicago

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It's hard to believe another another holiday season has passed! If you've finally taken down your holiday decorations and aren't sure what to do with all those non-working lights, we have an environmentally-friendly solution for you.

Reduce Waste Chicago is collecting strings of non-working holiday lights through January 31st at various locations in the city. Make a New Year's resolution to keep lights out of the garbage and find a recycling location near you instead! For more information and locations, click here.

2025 Chicago Shared Cost Sidewalk Program Opens January 13th

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The 2025 Shared Cost Sidewalk Program will open to new applicants on Monday, January 13 from 6 am to 10 pm. This is a popular voluntary program in which property owners share the cost of sidewalk repair with the city. Costs are well below what a private contractor would charge.

Applications will be taken on a first-come, first-served basis based on availability of funds. Find out more about the program here.