Who’s Responsible for Collecting Monthly and Special Assessments for Your HOA?

The responsibility for collecting monthly and special assessments in Illinois HOAs falls under the scope of the board and, often, the board hands this duty off to the association’s property management company. Here’s a breakdown of the key players involved in the assessment collection process in Chicago condo associations.

HOA Board of Directors

The board is responsible for establishing the annual budget. Part of this exercise also includes calculating monthly assessment amounts to cover operating expenses, maintenance and other recurring costs that impact the shared community. The board must vote on the assessment amounts as well as vote to approve any special assessments that may be necessary for specific projects or unexpected expenses.

The HOA board treasurer is responsible for overseeing the association’s finances and plays a key role in monitoring assessment collections. Their job is to ensure that funds are accurately recorded, review financial statements and help create financial reports that can be presented to the board and the greater community (some association management companies also assist with these responsibilities).

Association Management Company

Once the budget has been approved, many boards choose to delegate the day-to-day collection tasks to an association management company. The company also handles other administrative tasks related to meetings, management and financial responsibilities, and they act as an intermediary between the condo unit owners and the board to ensure that assessments are collected on time. If an owner is delinquent, the association management company will communicate with them about payment due dates, delinquencies, and any applicable late fees.

In summary, the HOA board holds the primary responsibility for establishing assessment amounts, approving special assessments, and overseeing the overall financial health of the association. The actual collection process may be carried out by the board, though often an association management company will take over these responsibilities. If you need help with any of your Chicago condo association’s daily operations or financial responsibilities, get in touch with us at First Community Management. We partner with more than 115 HOAs in the greater Chicago area on all their association management needs.

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