Your condo association board is required to provide you with a yearly statement of itemized common expenses. This is a provision of the Illinois Condominium Property Act. As a unit owner in your condo complex, you should receive an annual accounting document of what the condo association spends money on, how much is allocated to each item and what will be left over at the end of the year. Your board should volunteer this information in a prepared annual budget.
Knowing what your association is doing with your assessment fees is your right as a condo owner. The budget outlines what your money is going toward in the way of common expenses. So you can see exactly what that monthly fee is paying for.
Also the condo association is required to hold at least four meetings per year. As a unit owner, you can attend the meetings and vote on decisions that concern the well-being of the entire condominium. Make your voice heard!
