What to do about condo association board's spending?
Posted on Sat, Oct 24, 2009 @ 02:51 PM
Pursuant to the Illinois State Condominium Property Act, are the condo association board directors and
managers allowed to receive compensation for their service and guidance?
There
is nothing to my knowledge in our Condo Association bylaws that specifies that issue.
Checking accounts and credit cards (including use of ATM's) are given to our
Condo Association board president at their discretion. Are there any legal
requirements under the Condominium Property Act, for disclosure and detailing of
monies used accordingly? Can a homeowner request a copy of the financial reports
for individual viewing, regarding any suspicious or questionable expenditures by
the Condo Association board of directors and managers?
In short, what are the
homeowners rights as it pertains to the financial expenditures incurred by a
Condo Association board of members? And what steps can be taken by homeowners if any
irregularities and questionable expenditures have occured?
There appears to be
some irregularities and abuse of finances with my Condo Association board: regarding
ie. expendituring restaurants bills, compensation to association board members, bonuses to
payroll employees and volunteer homeowners, etc.
Please advise. Your feedback
would be much appreciated.
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