Recent Projects
& Seasonal Tips |
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Click on the image above to review
Client Testimonials and other
helpful Endorsements/Links.
· Developer Turnover Training and Start-Up Association Protocols
for a 120-unit association located in Evanston, a 32-unit association in Oak Park, and a 16-unit association in the Albany Park area of Chicago.
· Project Management
for a 6-unit association in the Roscoe Village area of Chicago. Created a Request For Proposal (RFP) to vet out the hiring of a consulting engineer to oversee projects identified in a Reserve Study.
· Management Search
for a 100-unit association in the West Loop area of Chicago.
· Staff Training for Accounting Firm
Training of ICPA guidelines and recommendations for efficiency in working with self-managed associations.
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Seasonal Tips...
Fall Budget & Annual Meeting Preparations:
Per the Illinois Condominium Property Act, the Board must follow specific protocols to adopt the Annual Budget and implement proper Annual Meeting notification and voting procedures. If not done correctly, any decision made by the Board can be challenged and the process may have to be redone. Be sure to review your Declaration and By-Laws for your Association's compliance requirements.
Annual Budget:
If you are on a January to December fiscal year, then now is a good time to finalize all contract renewals, rate increases, future project costs, review Reserve Study and analysis of all past and current expenses. If you wait till the last minute, you may not have the time to negotiate and/or look for competitive proposals if a change of vendor may be needed.
Annual Meeting:
If your Annual Meeting is towards the end of the year, now is a great time to schedule your meeting, if not done so already, and lock in a meeting location if your Association does not have on-site meeting facilities. Also, this will help to determine your owner notification schedule.
Landscaping:
Make sure there is sufficient watering of plants and grassed areas to prevent long-term harm to the Association's landscaping. Watering schedules and/or sprinkler timings should be monitored as the warmer weather prevails and rains subside to ensure adequate moisture for proper growth and health of all vegatation on the property. Early morning or evening is usually best for sunny areas as the heat of the day can burn freshly watered plants. And, check with your landscaping company or garden center for the best time of the year to replace dead bushes or sod.
Window Washing:
If you wash your windows twice/year, this is a good time to schedule your Fall washing before the weather becomes uncooperative or you may miss out.
Snow Removal:
It may be the last thing on your mind, but now's a good time to review your snow removal needs and to either renegotiate the existing contract or research and negotiate for a different vendor. Waiting till the last minute could result in no contracts or higher rates!
Exterior Projects:
Be sure to verify that any exterior projects such as roofing, masonry, etc. are either progressing as planned or the schedule hasn't changed due to any rain or other unanticipated delays that may prevent completion prior to inclement weather.
Annual Calendar:
Be sure to review your Annual Calendar to review contract expiration dates (especially those that may auto renew) and schedule maintenance and other projects.
Don't have an Annual Calendar and/or are unfamiliar with the above protocols? Then perhaps our Services
will benefit you!
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Coming Soon...
Currently in development is our
"Do-It-Yourself Forms
and How To's"
including step-by-step instructions on how to self-manage every aspect of your Association. We are compiling over 50 forms, checklists and sample letters that will be available on CD and easily customizable for your Association.
www.AssociationAdvocatesInc.com
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Shirley Feldmann, Project Manager
773.348.0742
Angela Falzone, Property Consultant
847.685.0710
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Greetings!
Prudent management includes addressing all risk factors that may impact the value of your property including, but not limited to, the financial and physical aspects of your Association. In this newsletter, learn how to be proactive in protecting your money and property.
Summer is a great time to proactively review the physical needs of your Association. This will also help you prepare for the Annual Budget process, which should begin in August. And, not only is Fidelity Bond Insurance required by the Illinois Condominium Property Act (ICPA) for condos over 6 units, there are other simple ways to decrease financial risk.
Association Advocates Inc. is dedicated to helping homeowners protect their investment through training customized for each Association, Management Company or Developer. Whether self or professionally managed, it all starts with the Board. Understanding how to efficiently manage your property and finances are key aspects to the health of any Association.
If you know of someone that would benefit from this valuable information and you would like to share this newsletter with them, please use the "Forward Email" link at the bottom of this email, as that will save the formatting, links and graphics.
--Shirley Feldmann & Angela Falzone |
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Protecting Your Property: Proactive Maintenance Decreases Risk and Costs
 It is common knowledge that every Board must maintain the common elements of the property; however, most wait until something breaks or leaks before addressing an issue. We realize that Boards want to watch over their expenses carefully, but "reactive" management often is a more costly approach to maintaining your property.
Putting together a "proactive" seasonal and annual maintenance program decreases both risk and cost. For example, waiting for a resident to fall on a broken sidewalk could result in an expensive lawsuit or insurance claim. It is likely that the winter's thaw may have exposed this problem and it could have been corrected with a seasonal inspection of the property and the right vendor selected to repair.
S&D Prime Maintenance has provided us the below article with tips on how you can use the Summer to your advantage. You may also click on the above graphic to learn more about their firm.
| "Summertime Maintenance Assessment" by S&D Prime Maintenance, Inc.
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Protecting Your Money: Fidelity Bond Insurance & Helpful Tips
There has been a great deal of media exposure the last few years about fraud, incompetence and financial mismanagement within community associations. Protecting your money is one of the most important fiduciary duties that a Board and Management is obligated to provide; however, it is often one of the most misunderstood. Low or no reserves and/or poor budget management will not only negatively impact current owners, but also possibly a potential buyer's ability to get a mortgage.
A board member or manager blatantly stealing money is not the only way that money can disappear from the Association's coffers. Overpayment of approved proposals, duplicate payment of bills, late fees caused by non-payment, unauthorized project over runs, and overspending budget allowances are all examples of financial mismanagement.
There are many simple protocols that can be put into place to ensure sound financial oversight. First, the entire Board MUST review monthly financial statements. This is an important checks and balances and should not be left only to the Treasurer. If you are self-managed, consider outsourcing your financials to ensure they are done properly. Compare budget to actual expenses and ask questions if you don't understand. Watch delinquencies and strictly enforce collection policies.
Second, there should always be at least two current Board members as signers on bank accounts. This does not mean that the Board must sign checks if financials are outsourced, it means that the Board may access information or the account if questions or problems arise. Reserve accounts should be set up to prevent any transfer or withdrawal without two board signatures and approval by a quorum of the Board.
Third, Section 18.7 of the ICPA dictates that a property manager shall not have been convicted of forgery, embezzelment, obtaining money under false pretenses, etc. If you are professionally managed, be sure your management company does background checks on their managers.
Fourth, Fidelity Bond Insurance is required by the ICPA for condo associations 6 units and larger, and the Board must ensure proper coverage amounts. For example, one Association had $75,000 in fidelity bond coverage, but there was $300,000 in reserves that went missing alleged by previous management; the claim would not cover the entire loss.
Karyl Dicker Foray, CIRMS, CRIS, from Rosenthal Brothers Insurance has provided the below article to help better understand Fidelity Bond insurance. This is Part 3 in our Insurance Series. You may also click on the above graphic to learn more about Rosenthal Brothers Inc.
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Seminar for Realtors®
Chicago Association of Realtors®
Hot Topic Series
"Save Time & Increase Condo Sales!"
 Wednesday, July 15th
9:30am - 12:00pmCAR South
7600 S. Pulaski
Shirley Feldmann will moderate a panel consisting of: Charles T. VanderVennet, Law Office of Charles T. VanderVennet, P.C.; Angela Falzone, Property Management Veteran; and, Karyl Dicker Foray, CIRMS, CRIS, Insurance Agent with Rosenthal Bros.
Whether representing the buyer or seller, this seminar is a must to help you work efficiently and effectively with condominium, townhome or homeowner Associations!
Cost: $39/CAR Members; $49/Non-Members
To learn more about this seminar, please go to the Events & Seminars page of our website. You can also obtain the Registration form by clicking on the CAR logo above.
Events & Seminars |
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Decrease Liability & Increase Efficiency
 Included in this newsletter are just a few examples of how to run your Association like the corporation that it is to help decrease liability and increase efficiency.
Regardless of the size of your property or if you are self or professionally managed, if your Association doesn't understand or follow proper condo protocols, then perhaps you'd benefit from our services! Click on the photo in this section or link below to learn more about our services. Below are just a few ways we can be of help to your Association....
Project & Loan Management Do you have projects that haven't been implemented yet but need to be? Is your volunteer Board or property manager too busy to research and implement the required pending Projects? We can act as an extension to Management or the Board to assist with your projects from Criteria and RFP development to Vendor Pre-Qualification & Selection to Loan or Special Assessment Guidance and thru Project Completion.
Board Training & Developer Turnovers Are you a new Association starting up after a Developer Turnover? Or an existing Association that may not be working as efficiently as it could? Is your Budget realistic to meet the specific needs of your property, including setting aside "reasonable" reserves? Do you have Rules & Regulations in place to assist the Board in ensuring that all owners are treated equally and the community lives harmoniously? Do you have an Annual Calendar that includes all important administrative, financial and operational deadlines to ensure important items are not forgotten? We can customize a training package to meet the specific needs of your Association, whether self or professionally managed.
Refresher Courses are now being offered to our past training clients. This is an excellent way to review past action items lists, bring new board members up-to-speed with how to efficiently and accurately manage your Association, and to ensure everyone is on the same page and to avoid board member burnout.
"Do-It-Yourself" and "Management Coaching" Retainers are designed to provide on-going assistance to our self-managed Boards to encourage annual compliance with the Illinois Condominium Property Act, increasing efficiency and decreasing Board liability. Various service levels are offered on a monthly, quarterly or annual basis.
Management Searches Are you a start-up Association after the Developer Turnover looking to find new management? Or, perhaps your current management company may not be fulfilling the expectations of the owners, and the Board has exhausted its options trying to rectify the issues? We can assist by guiding the Board on the proper due diligence needed to help them make the most informed decision. Services include: Needs Analysis, RFP Development, Pre-Qualification, Interviewing, Contract Negotiations and Transitions.
What makes AAI different? We provide customized training designed for your specific association's needs, prompt responsiveness, and practical information to help empower the Board. Can you afford our services? Can you afford not to have them? Your home is most likely one of your biggest assets. We can help you save time, money and frustration while protecting and increasing the value of your property in today's very competitive market!
Learn more... Scope of Services | |
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