Can a condominium association keep it's operating budget in a seperate bank account from the Management company? We would like to seperate our accounts so that we can track our money more effectively, and our Management company is not supportive of the idea. If we set up electronic bill pay and have authorized signers from the Management Company, what's the issue?
A condominium Association that I work with does not have 10% of its budget designated to reserve funding. Lately there have been at least 2 owners who reported prospective sales fell through because of this funding issue. Is FHA the only entity that requries 10% of the budget to be funded to reserves, or is this also requried by Fannie Mae and Freddie Mac for pending mortgage loans? Do you have a suggestion on how to compel the Board to take my advise and fund properly?
We have a "Guidelines for Investment" that we follow. It was approved by our "legal" experts. We are investing with MB Financial and are doing some bond purchasing. Are we okay considering the "Palm" case?
I live in a self-managed (ha!) six unit condo and our past treasurer will not release the many documents from the past years. All she has given us is the bank statement of the past two years - no bills, receipts, etc Repeated efforts by Board members has resulted in no action on her part. From the bank statements that she did give us, there are several questionable purchases and charges on the statement -that may be why we can't get the documents. How do we go about getting them?
If we have a loan with our association and want to pay off early, do we need to get permission from the homeowners or can the board just make that decision?
Sound Financial Options for Capital Improvement Financing View >
This article provides an overview of some reasons associations have difficulty funding for capital improvement projects, and some ways to overcome a possible funding deficit.
Property Maintenance and Capital Improvements View >
This is an outline of a presentation given at the 2011 CAI - IL Trade Show. This presentation outlined the process of identifying maintenance issues, determining the legal responsibility for these issues, and the ways to pay to resolve these issues.
Banking FAQ's View >
Some Frequently asked questions regarding bank loans
How Many Loan Sharks Does it Take to.....? View >
Lending guidelines and insight for boards and managers
Contact Itasca Bank & Trust
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