Special Assessment Use & Accounting

[Sunshine10]

What is the name of your state?

Illinois

What is the name of your state? IL

Issue #1
My condo association enacted a special assessment based on a line of credit of $150,000. The actual amount used was $80,000.00.

I have seen (can't remember title of document) that funds collected for a special assessment must be used for the special assessment. When I informed the association's board that the amount collected for the SA was in excess of what was needed to make the montly payment on the loan (line-of-credit was converted), and that the amount should be reduced to the actual amount needed or the overage collected be put towards the loan to pay it off early, I was rebuffed.

The association ended up buying a $20,000 CD with this overage, money that I feel should be returned to unit owners.

1. Should amount collected for SA equal the amount needed?
2. Should the $20,000 overage be returned to owners or merged with general fund? There was no vote on how to use this overage, the then-president decided on his own to do this. Actually, I found this out by accident.

The management company does not keep the special assessment collections separate from the general maintenance fund. When I questioned this, I was told that was not the case.

1. Is that true?

Over the past 7 years we have had dictator board president's who, in conjunction with the outside bill payer, enacted various changes without full board approval.

1. How do we address those and is there a statute of limitations on initiating redress.

Any advice would be appreciated, but I'm also willing to look for these answers if pointed to where the answers are/might be.

There are a group of 6 unit owners being forced to pay for new windows, through rolling over the previous loan to include the windows. We consider that addition of the windows to the loan a new/different special assessment and feel that all but one of the new owners should participate in repaying this added portion. Is this a valid point?

I've searched the Illinois Condo Property laws but cannot find the answers to these questions. Again, any advice will be greatly appreciated.

Thanks, in advance.What is the name of your state?