Board Resource Center
Association Finance & Reserves
Build stronger budgets, reserve plans, collection procedures, and financial controls with guidance written for condominium, HOA, and townhome boards.
Published Guidance
Board guides in this topic
Financial Management
September 12, 2026
How Board Members Should Read Association Financial Statements
You do not need an accounting background to read an association financial packet well. You need to know which four numbers matter and which questions to ask.
Insurance
September 9, 2026
Directors and Officers Insurance: Questions Every Volunteer Board Should Ask
Volunteer directors make consequential decisions. D and O coverage exists for the moment someone disagrees with one of them.
Financial Management
September 8, 2026
Association Liens and Delinquencies: What Boards Need Organized
Boards do not file liens. Counsel does. The board job is to keep records so clean that counsel can act quickly and the association position is provable.
Financial Management
September 4, 2026
Late Fees and Interest: Building a Defensible Association Policy
A late fee policy is only as strong as its authority and its consistency. Boards lose these disputes on process, not on the dollar amount.
Financial Management
August 31, 2026
Reasonable Reserves Under Illinois Condo Law
Illinois does not hand boards a reserve percentage. It expects a reasoned judgment. That means the documentation of your decision matters as much as the number.
Financial Management
August 29, 2026
Delinquency Escalation: A Consistent Process for Association Boards
The single biggest predictor of collection outcomes is not how aggressive a board is. It is whether the board treats every delinquent account the same way, on the same schedule, every time.
Board Operations
August 27, 2026
The Illinois 22.1 Disclosure Packet Checklist
The packet is where 22.1 compliance either works or breaks. This is the assembly and quality-control checklist boards can hand to whoever prepares it.
Insurance
August 24, 2026
Condo Master Policy vs. HO-6: What the Board Should Explain
Owners assume the master policy covers everything inside their unit. It usually does not. Here is how boards can explain the split without giving insurance advice.
Financial Management
August 23, 2026
How to Read a Condo Reserve Study Before the Next Budget
A reserve study is not a document you file. It is the input that should drive your reserve contribution line before the budget vote. Here is how to read one.
Financial Management
August 21, 2026
How Illinois Association Boards Should Adopt an Annual Budget
Budget season is where most association disputes are either prevented or created. Here is a repeatable process Illinois boards can use to build, notice, and adopt an annual budget without last-minute chaos.
Financial Management
August 20, 2026
Fannie Mae and Freddie Mac Condo Eligibility: A Board Readiness Guide
Lenders selling loans to Fannie Mae or Freddie Mac must confirm the whole project is eligible, not just the buyer. Here is what your board should have ready before the next questionnaire arrives.
Illinois Association Law
August 19, 2026
Illinois Section 22.1 Disclosures: A Board Guide
Section 22.1 of the Illinois Condominium Property Act governs the information a condominium association must provide when a unit is being resold. Here is how boards should organize for it.
Financial Planning
August 13, 2026
The 22.1 Disclosure and Beyond: A First-Time Chicago Condo Buyer’s Guide
You are not just buying a unit — you are buying into a business with a budget, a board, and a balance sheet. Here is how to read that business before you close.
Insurance
May 13, 2025
Why HOA and Condo Insurance Costs Are Skyrocketing in Illinois
Master-policy premiums and deductibles are climbing across Illinois. Here is what is behind the increases — and the practical steps boards can take to manage them.
Reserve Planning
January 28, 2025
Condo Reserve Funds Explained: Why So Many Associations Are Underfunded
Reserve funding has become one of the most important issues in community management. Here is what reserves are, why most associations fall short, and how to fix it.
Financial Planning
September 24, 2024
Special Assessments: Why Illinois Condo Owners Are Suddenly Paying Thousands
Special assessments are hitting Illinois condo owners harder than ever. Here is what they are, why they are rising, what the board can and cannot do — and how to prevent them.
Board Questions
What boards ask about association finance & reserves.
Clear scope, clear pricing, and a transition plan your board can evaluate before making a decision.
How much should our association keep in reserves?
Illinois requires condominium associations to fund reserves reasonable for the repair and replacement of common elements, judged against the age and condition of the building’s components, unless owners have voted to waive it. The statute sets no number, which is why a reserve study matters: it inventories components with remaining useful lives and replacement costs, then converts them into a funding plan a board can defend to owners.
What is the difference between a special assessment and a reserve?
A reserve is money collected steadily in advance for work everyone knows is coming. A special assessment is money collected suddenly for work that arrived before the reserve did. They fund the same repairs — the difference is whether owners had years to absorb the cost or weeks. Most special assessments are a reserve-funding decision made years earlier, catching up.
When should the board involve the attorney on collections?
Adopt a written collection policy in advance with defined trigger points, then follow it identically for every owner. Statements and late notices are administrative. Once the matter reaches a formal demand, a lien, or any action affecting possession, it carries statutory notice requirements and belongs with association counsel. What the board controls is the policy and the trigger; what counsel controls is the legal step.
Why does our insurance keep costing more?
Illinois associations have faced sustained premium increases driven by claims history, replacement-cost inflation on building materials, deductible structures, and reinsurance markets that price weather risk. Boards have less control over the market than over their own exposure: current appraisals, documented maintenance, resolved deferred repairs, and a clean claims record all affect what an underwriter offers at renewal.
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