August 25, 2016
Partner Steve Silberman was quoted by the Chicago Tribune in an article about community association budgeting.
By Pamela Dittmer McKuen
As summer comes to a close and schools reopen, the time has come for community association boards and finance committees to start working on next year's budget. Most associations have only assessment income, which is paid usually monthly by the individual owners.
"If these budgeted contingency expenses are not used during the year, the association may be able to transfer them to an operating contingency fund with a separate bank account," he said. "These funds will then be available if the association has a deficit operating fund in the future."