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Finance
Money in the Bank
Perhaps one of the most difficult aspects of the recent recession was the sudden
evaporation of credit from major banks and lending institutions. The logic
behind it was understandable: too much easy credit had led, in part, to the
collapse that stunned the nation and then the world in 2008.
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Maintenance Increase Strategies
The dreaded phrase “maintenance increase” are two words that most condo and co-op owners don't want to hear, but sometimes it is necessary for a building’s board to make the unpopular decision of raising fees. With rising operating
costs, fuel and insurance rates climbing, and the need for periodic emergency
repairs, raising maintenance fees often is not only a necessity, but may even
be advisable. A good board has to follow one simple rule, it's time to raise fees when cash
inflow is insufficient to cover cash outflow, even when utilizing reserve fund
contributions.
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All is Not Lost
In the language of retail, it’s called shrinkage—the percentage of loss experienced by a business due to theft. Co-ops and condos
may not use the same term for it, and they don't have displays of handbags or
jewelry to safeguard, but they are not immune to the problem. Equipment,
supplies, and other assets all cost buildings and their residents money—and the stalled economy has made certain types of thievery more attractive to
the unscrupulous (and the desperate).
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Preparing for the Worst
Chicagoans pride themselves on the ability to withstand bitter winters but
sometimes Mother Nature just does get the better of us. For proof, just look at
the pictures from this past January of abandoned cars along Lake Shore Drive
and it is eerily reminiscent of a post-apocalyptic world. The massive blanket
of snow paralyzed the region but the after-effects of the blizzard wreaked
havoc on buildings throughout Chicagoland. Once again, many buildings were
unprepared for Jack Frost's wrath, and the lack of preparation caused a lot of
chaos. So how does one prepare for the worst?
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The Role of Reserve Studies
One of the trickiest things in planning a budget for your building or HOA is the
surprise maintenance problem or structural crisis that comes out of nowhere and
depletes your community’s bank account. While you might be prepared for snow removal, (recent blizzards,
aside) you may not have the funds necessary to fix a collapsed roof or façade.
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Budget Basics
Not everybody on a co-op or condo's board is an accountant (or can even balance
their own checkbook, for that matter.) Handling the money for an entire
association is a big responsibility however, and residents rely upon their
board to make good financial decisions on behalf of the entire community and to
protect its individual and collective assets.
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Park it Here
Anyone who has ever circled the corners looking for a parking spot in Chicago,
especially in the brutal winters, understands the importance of having a
regular parking spot. In a city as crowded and fast-paced as Chicago, parking
is a big deal, and many take advantage of the need by charging exorbitant
prices.
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What's In Your Wallet?
In these times of economic uncertainty, nothing is more important than planning
for a rainy day, especially when that rainy day might involve repairs to
multimillion dollar buildings. That is one of the many reasons why having an
adequate reserve fund is so integral to the fiscal health of any condominium or
co-op community. While it seems like a monumental task to get a detailed
analysis of how much money needs to be saved each year to pay for boiler
repairs or façade replacements five, ten or even 30 years down the road, the ability to plan
far in advance can prevent a lot of problems for boards and residents alike.
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Worst. Board. Ever!
It was time for the the Chicago-based senior association's annual meeting. The
board and residents, men and women, some in their 70s, were emotionally charged
and concerned about various issues that the board would discuss. The issues do
not matter now, because soon after it started, the meeting became so out of
hand that insults began to fly, from audience members to board members. Soon,
the president of the board became so enraged that he slugged someone. The
police were called. Arrests were made.
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Greektown
Step through a unique six-pillared Greek pavilion at the intersection of
Halstead and Monroe and you're in Greektown, located in Chicago's near-west
community, one of Chicago's most popular neighborhoods for natives and tourists
alike.
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