Condo Living Made Easy

Assessments are the lifeblood of every association. Without consistent payments, your community can’t maintain property, pay operating expenses, or plan for the future. It's important that every owner is aware of their obligation to pay their assessments in full and on time so that your association can function successfully. 

A great place to start is with a written Collection Policy. A written policy ensures that all owners are treated fairly and consistently, while giving the board or management a clear roadmap for next steps when assessments go unpaid. If your board does not have a policy in place, now is a great time to get on track for the coming calendar year.

At Haus Financial Services, we recommend a Collection Policy that includes the following:

• Assessments are due on the 1st of each month
• A Late Fee of at least $25 is applied if payment is not received by the 5th of the month
• Accounts two months past due will be referred to an attorney or debt collector
• All costs of collection will be charged back to the delinquent owner and must be paid along with any unpaid assessments or other charges
• Owners are encouraged to reach out to the board to resolve unpaid balances and avoid costly collection fees 

These guidelines provide a strong foundation for financial stability and help your association maintain consistent cash flow throughout the year.

Once your Collection Policy is in place and communicated with your owners, allow for some measure of flexibility. Your financial processes should include monthly account balance updates to owners. If an owner has missed two months of payments, reach out directly to remind them of the Collection Policy and ask how they will address their balance to avoid collection action. Communicating proactively about an account before it grows too large can often prevent legal action and keep everyone on good terms.

A monthly delinquency review is one of the most powerful tools your board has to manage collections. Review all owner balances to determine which accounts may require action.

When reviewing, make sure to:

• Verify payments, write-offs, and credit balances for accuracy.
• Flag accounts that meet your collection policy’s criteria.
• Reach out to owners to review the balance and open communicaiton about getting caught up.
• Set deadlines for moving forward with collection action if an account remains unresolved.

Consistent reviews help identify issues early, avoid accounting errors, and maintain your community’s financial health.

Owners are more likely to pay on time when they understand that the board applies its policy consistently and communicates expectations clearly. Review your policy annually and make updates as needed.

A strong collection policy, backed by Haus Financial Services’ proven guidelines, and consistent monthly reviews will keep your association financially stable and free from delinquency scares in 2026.

Need help reviewing your collection policy or delinquency reports? Contact Haus Financial Services today to get expert support and ensure your association starts 2026 with a strong financial foundation. 

Disagreements are part of condo living, but what happens when an owner’s remarks about the board or management cross the line? Boards often struggle to balance protecting free speech with maintaining respectful community standards.

In Illinois, the courts have determined that condo associations are subject to First Amendment protections. That means owners generally cannot be punished for expressing negative opinions about their board or management. Statements like “the board is incompetent” are usually considered protected opinions.

Not all speech is shielded. Associations can take action when comments include:

• False statements of fact (defamation)
• Threats or intimidation
• “Fighting words” that could provoke violence

For example, falsely accusing a treasurer of stealing funds could lead to penalties, provided the board follows proper due process.

Best Practices for Boards

• Evaluate remarks carefully: distinguish opinion from defamatory fact.
• Respond transparently: share facts or context with the community.
• Follow due process: issue notices, allow hearings, and consult counsel before imposing fines.

For a deeper dive into this issue, see Tressler LLP’s article.

Need help navigating these challenges? Haus Financial Services provides expert guidance for condo boards on governance, compliance, and financial management. Contact us today to learn how we can help your association handle disputes with confidence and transparency.

Board meetings are the backbone of any condominium association. They provide a forum for directors to make decisions, manage community business, and keep owners informed. But not all meetings are created equal. Associations often need to balance transparency with confidentiality, which is where the distinction between open meetings and closed meetings (also called executive sessions) comes in.

Open Board Meetings

Open meetings are just what they sound like—meetings that all owners are invited to attend. According to the Illinois Condominium Property Act (765 ILCS 605/18(a)(9)), board meetings must generally be open to all unit owners, except under limited circumstances. These sessions typically cover the bulk of the association’s business, such as:

• Reviewing financial reports
• Discussing maintenance projects
• Approving budgets
• Addressing community concerns

Open meetings are essential for fostering trust, encouraging owner participation, and keeping the community informed about board decisions.

Closed Board Meetings (Executive Sessions)

Sometimes, the board must address sensitive issues that cannot be discussed openly. In these cases, the board may go into a closed session (also called an executive session). The Condominium Property Act allows closed meetings only for specific purposes, including:

• Pending or ongoing litigation
• Delinquent assessments and collections
• Employee or personnel matters
• Contract negotiations

As the Community Associations Institute (CAI) notes, these sessions should be limited to confidential topics that legally or reasonably require privacy, and the board should return to open session once the matter is complete.

It is vital to note that all board votes on association matters must be conducted in the open portion of the meeting. Closed session is for discussion only on the specific topics noted above. 

Striking the Right Balance

While closed meetings are sometimes necessary, the majority of board business must remain open to owners. Boards that rely too heavily on private sessions risk creating mistrust and even potential legal challenges. As KSN Law emphasizes in its guidance on condominium meetings, transparency is critical to maintaining owner confidence and compliance with state law.

For healthy governance, boards should be transparent whenever possible but know when privacy is essential. Owners should expect most association business to be handled in open meetings, while respecting that some topics must remain confidential to protect the community.

👉 Need help managing your association’s finances and governance with confidence? Haus Financial Services provides expert financial management and consulting for Chicago condo associations.