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I own a condo that is professionally managed by a Property Management Company. This firm handles all correspondence on behalf of the HOA. The problem is that members of the board for the HOA and the associates of the Property Management company don't provide info or updates for what projects are going on or how the budget is being spent. They expect no one to ask questions and are angry when one does.
While I don't expect monthly updates, as an investor and member of the association I believe that an annual report needs to be given. I have asked them for the 2012 detailed budget along with 2011 actual versus the 2011 budget. Variance analysis should be provided for 2012 versus 2011 budget and 2011 actual versus 2011 budget. All of my requests have been ignored. The question is how does one get a response from the HOA or Property Management firm.
Instruct the HOA to mail all correspondence to your home address. You can pass on what is necessary for the PM company to know such as updated house rules or bylaws. As a property manager myself, those are basically the only issues we are even interested in. We have no say-so (nor interest) in minutes of meetings, budget, annual reports unless there is something that directly impacts our job in managing the condo or house. If possible, I would be there in person for the next general owner's meeting.
One of your prior posts expressed an interest in becoming a real estate broker in Chicago, so I am going to assume this condo is in Illinois. If so, it likely needs to be in compliance with the 2011 Illinois Condomininium Act. ( Google this treasure trove of information)
That your association has a propety manager, suggests it contains more than 6 units and therefore this Act applies. The association is required to distribute the proposed budget to all members at least 30 days prior to its intended approval. The association is also required to make available a financial statement each year. Unlike some states, Illinois does not require that statement to be audited. Some associations do and some do not.
The law does not specify when the annual financial statement should become available. Assuming your association's fiscal year end is the calendar year end, it's unlikely that a financial statement for 2011 is available, let alone bank accounts reconciled. If your association;'s statement is audited, it likely will not be available for months.
There needs to be a minimum of 4 board meetings each year and such meetings need to be open to all members. Such meetings also have to provide for a homeowner comment period. There need to be an Annual Meeting of members minimully to elect new members to fill vacancies. There are specific requirements for notifying members of these meetings.
The board is comprised of homeower VOLUNTEERS who may or may not know of the Condo Act. Many boards simply don't know what they don't know. Nonetheless, the buck stops with them. You will likely catch more bees with honey and a willingness to be a part of the solution.
Do you know if there is anything like this in Texas. We only have one meeting that condo owners can attend and never know where they spend the money. I'm also frustrated that they band-aid fix a lot of things and we never see improvements. I have been there for some years now and notice that there was exterior flood lights with expose wires with no junction box.. how long has this been sitting there like this??? How many other things are band-aid fixed like this..
Only one per year...
Sec. 82.108. MEETINGS. (a) Meetings of the association must be held at least once each year.
Unless the declaration provides otherwise, special meetings of the association may be called by the president, a majority of the board, or unit owners having at least 20 percent of the votes in the association.
Only one per year...
Sec. 82.108. MEETINGS. (a) Meetings of the association must be held at least once each year.
Unless the declaration provides otherwise, special meetings of the association may be called by the president, a majority of the board, or unit owners having at least 20 percent of the votes in the association.
Sounds like this is the Annual Meeting of the Homeowners which is not a board meeting. Homeowners take action at these meetings. The most common homeowner action is electing neighbors to fill board vacancies.
Do it the old fashion way, start knocking on doors. Find out the address of the pres, treasurer, secretary, etc and knock on their door. Have a conversation.
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