Category: Finance

Finance
2011 July 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…

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Finance
2011 July 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…

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Finance
2011 July 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 th…

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Finance
2011 July 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…

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Finance
2011 July 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 col…

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Finance
2011 April 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 sno…

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