Understanding Community Association Reserves and Reserve Studies
Posted on Tuesday September 12, 2017
One of the most important responsibilities your community's board of directors faces is effectively planning for major common-area repairs and replacements. Whether a costly expenditure is needed in a few years or not for 20, it’s the board’s fiduciary duty to make sure your community association has adequate funds when the time comes. That’s where reserve funds come into play.
Association Budgets: Things to Consider When Creating Your Budget
Posted on Monday July 24, 2017
The annual budgeting process offers an opportunity for your board to explore your association’s current financial condition and to ensure your community’s financial stability for the future. Successful association management hinges on a well thought out budget for both short-term and long-term planning.
Association Budgets: Creating a Road Map to Success
Posted on Thursday July 20, 2017
It’s budget season! Are you stressed? Concerned about a potential dues increase or a large capital project that’s looming in the future? The word “budget” can be scary, so thinking about creating next year’s budget is daunting for many homeowners boards. We’d like to change that. In fact, we don’t want you to view next year’s budget as a task at all.
Planning Your High-Rise Maintenance and Capital Improvements
Posted on Monday June 26, 2017
Your association should never have to rely on a special assessment for a capital expense that could have been foreseen – or even prevented. Here are five tips to keep your Chicago high-rise condominium association's budget in the black and keep up with maintenance and capital improvements.
Is Energy Taking a Big Bite Out of Your HOA’s Operating Budget?
Posted on Friday June 23, 2017
You may not be able to control rising utility rates, but your condo or homeowners association (HOA) can take measures to make your energy budget go a lot further. Just follow the four strategies described in this article. They’ve already worked for many Illinois properties managed by FirstService Residential.
LED Lighting Offers a Bright Way for Condo Associations to Save
Posted on Tuesday June 06, 2017
Has your condo association been looking high and low for ways to save energy and money? The answer may be right over your head. Switching to LED bulbs can reduce your lighting costs by up to 75 percent. In this article, we answer common questions and shed some light on the benefits of LED lighting.
What to Consider When Budgeting for Your Condo Association’s Energy Efficiency Upgrades
Posted on Thursday June 01, 2017
Energy efficiency upgrades to your building’s systems can improve your benchmarking score and help fuel property values for your condo association. But paying for these upgrades takes careful budgeting. Read this primer to learn the basics about budgeting for energy efficiency projects and to find out what can impact the cost.
Conservation Can Reduce Impact of Rising Water Rates on Your Condo Association
Posted on Sunday March 12, 2017
A new water and sewer tax that went into effect in 2017 is adding to the cost of water in Chicago. The hefty 29.5-percent tax is being phased in over a four-year period. With spring right around the corner, many communities will soon begin using more water on lawns, trees and flowers. An experienced property management company can provide the tools and resources you need to prevent higher water rates from drowning your budget. Here are seven ways condominium associations can reduce water usage and save money.