News and Resources

Attorneys, Accountants and Bankers, Oh My! Helping you down the yellow brick road of community association management.

By: Linda J. Schiff, Senior Vice President, COMMUNITY ADVANTAGE®, Barrington Bank & Trust

Not quite "lions, tigers and bears," but these professionals can be rather intimidating to board members and property managers alike. They seem to have their own language, work in nice offices and, get paid fees, oh my!

These professionals are truly your best friends and greatest assets...especially when you need something, like handling a past due unit owner, explaining the financial statement or getting a loan for the leaking roof. This is frequently when we think of hiring a professional---once there is already a problem. If these professionals can help you solve problems, they can also most likely help you avoid them in the first place.

You should consider these professionals as part of your management team and seek their consultation throughout the year, every year. Board members and property managers can ill-afford to let changes in the Illinois Condominium Act, increased Internal Revenue Service activity and uneducated financial decisions continue, and expect to maintain credibility in their fiduciary responsibilities.

For a complete copy of this article, please contact Linda Schiff by phone at 847-842-7980 or by email at lschiff@communityadvantage.com.

This article was published in the Fall, 1999 issue of Common Interest Magazine

September 1, 1999