It's the nature of condo associations to experience board member turnover. It might happen every year or it might happen less frequently. It might happen because a board member steps down, is voted out or sells their unit. Whatever the reason and whenever board turnover does occur, new board members need to be onboarded and old members removed from association business. This includes updating the signers on your association bank accounts to reflect the current board and remove anyone who should no longer have access.
New board members will need to visit their bank in person to update signers. You'll need the following when you head to the bank:
- An up to date Corporation File that reflects the current board
- Meeting minutes documenting the change in board members
- Your association's FEIN (Federal Employer Identification Number) as assigned by the IRS
- Prior board members, possibly, who are to be removed from the accounts
Depending on the bank your association uses, this task may be a breeze or very challenging. We are seeing more hurdles with banks recently as they step up security to combat fraud. Your experience may also depend on the particular branch you visit and the representative you speak with.
Changing signers requires some time and energy, but it will ensure that the correct individuals have access to your bank accounts and that the association's assets are protected.
Chicago weather is in full force and burst pipes are unfortunately inevitable for many condominiums.
To best prepare, here are some steps to follow so you’re ready when a pipe does burst.
- Locate the bust pipe
- Identify the cause of the burst pipe
- Determine the water damage
- Review the Association Declaration and By-Laws to determine how to handle the repair
Learn more here.
In 2020, the Illinois Senate passed the “Cannabis Act." This act legalized recreational marijuna use in the state and created a new question for condo boards:
"How do we deal with nuisance and second-hand smoke complaints from recreational marijuana use?”
Well, the Cannabis Act actually included an amendment to the Illinois Condominium Property Act concerning limitations to marijuana use.
The amendment allows condominium associations to prohibit or limit the smoking of cannabis. However, condominium associations will not be able to otherwise restrict the consumption of cannabis.
Many condo builidngs continue to grapple with the issue of marijuana smoke in their buildings, but there are remedies.
Learn more here.
Condominium living is widespread in Chicago, but this form of housing hasn't been around forever. Cooperatives, which are not as ubiquitous in Chicago, have actually been around longer.
Both forms of home ownership were created to provide affordable options to city dwellers, but they came into existence in different ways and at different times.
World War I, the Great Depression, World War II and Puerto Rico all played a hand in the creation of cooperatives and condominiums in Chicago. Learn more about both from this article in the Encyclopedia of Chicago.