All condo unit owners in Chicago are allowed access to their association’s documents. This is important for transparency and being able to check for the financial health of a condo association, but there are frequently formalized procedures in place to gain access to them.
Section 18(a)(7) of the Illinois Condominium Property Act (ICPA) requires the board of directors to supply the unit owners with an annual itemized accounting of the income and expenditures for the prior budget year. Records for the previous 10 years may also be made available upon written request.
Steps for Requesting Condo Association Financial Documents
To request condo association financial statements in Illinois, you can follow these steps:
1. First, find the correct contact information – Either condo’s board of directors and/or the association’s management company will be able to supply you with the association’s financial statements. You should be able to find their contact information through the association\’s website, management company’s website or by contacting the property management office.
2. Submit a formal request – In your communication, clearly state your request for the financial statements. It can be helpful to provide specific details, such as the desired time period or specific statements you are interested in (e.g., balance sheet, income statement, budget). The ICPA stipulates that the board has 30 “business days” from receipt of the request to make the requested records available.
3. Allow reasonable time for response – Give the condo association or management company a reasonable amount of time to process your request and provide the financial statements. The time frame may vary depending on the size of the association and their internal processes. If you don’t receive a response within a reasonable time frame or if there are any issues or concerns, consider following up. It’s important to maintain open communication and ensure that your request is being addressed.
If you have questions about requesting financial statements from your Chicago condo association or understanding the formal process for doing so, feel free to contact us at First Community Management. We partner closely with associations throughout the greater Chicago area and can guide you in the best ways to approach association issues and concerns. Call us today at 312.829.8900 to learn more about how we can help.