No condo owner wants to be hit with an assessment increase, but for the financial health of the association, it’s often necessary. Condo boards must find a way to clearly communicate the needs facing the HOA so they can build trust in the community. The forum for doing so is typically the annual meeting where the budget is presented. Here are some steps to take to prepare.
Provide Advanced Notice
Assessment increases are not a welcomed surprise. Give residents ample notice before the community meeting and explain the upcoming discussion about assessment increases. Clear communication beforehand ensures residents have time to prepare questions and concerns. This will make for a more engaged and productive discussion during the meeting. Remember that all unit owners must receive a copy of the proposed annual budget at least 25 days before the board meeting.
Prepare a Thorough Budget Presentation
You’ll want to deliver a polished and professional budget with no mistakes. Include visual aids, charts, and graphs to simplify complex financial data, and have all board members carefully proofread the presentation.
Offer Opportunities for Questions and Feedback
During the annual meeting, offer residents an opportunity to ask questions and provide feedback. Address concerns openly and honestly.
Discussing assessment increases with HOA members can be challenging, but transparent communication is the key to building trust and understanding. Keeping all unit owners informed of association interests and decisions is an essential role of serving on your Chicago condo board. An association management company like ours at First Community Management can be an effective partner in achieving all your goals. Contact us today to learn more about our full-service management solutions for Chicago condo associations and how we can help your board.