The IL Condo Act requires that condominium associations provide for a "reasonable reserves" in their annual budgets. These are funds that are collected in additon to regular operating income that associations accumulate, ideally, in a segregated bank account.

Saving for large repair and replacement projects over time is critical - this helps associations to avoid large, unexpected Special Assessments that may create an unnecessary burden on owners. If you are still unclear on what qualifies as a Reserve expense, however, and when the association should draw on those accumulated funds, this video is for you!

Follow along with Bryan Farley, RS of Association Reserves in this informative explanatory video on Reserve Expenses vs Operating Expenses.

Watch it here

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