Community Association Insights | Essential Guide for New Community Association Board Members

Join us for an informative episode of "Community Association Insights," a podcast by Itasca Bank & Trust Co. In this episode, host Mark Stelter brings together a panel of experts - Nikki Ledwell, a licensed community association manager, and CAI board member, Steve Silverman from PBG Financial Services, and Omar Malik from Kovitz Schifrin Nesbit Law. The panelists provide an in-depth look into the important topics that every new community association board member should understand. The episode focuses on the significance of familiarizing oneself with governing documents such as the Condominium Property Act, Common Interest Community Association Act, and the association's declaration, bylaws, and rules and regulations. The panel underscores the importance of having a proficient team of professionals, including an attorney, a financial advisor, and a manager, who can provide critical guidance and support. The discussion then shifts to the fiduciary responsibilities of board members, with an emphasis on the importance of competent management of the association's finances. This includes a detailed look at managing both operating and reserve funds. The panelists also explore the nuances of the 22.1 disclosure and stress upon the importance of providing accurate information to potential buyers. Please like, share, and subscribe for more insightful discussions and expert advice on managing community associations. Engage with us in the comments section below with your thoughts or questions, and you might hear them addressed in our next episode. Enjoy the podcast! #CommunityAssociations #BoardMemberGuide #CondoLaw #FinancialManagement #FiduciaryDuties #PropertyManagement #CommunityInsights #ItascaBank #Podcast #EducationForBoardMembers #CondoBoard #HOA #HOABoard #AssociationManagement #RealEstate #22_1Disclosure #CommunityBank #ItascaIllinois #RoselleIllinois To learn more about Itasca Bank & Trust Co. https://www.itascabank.com/