Condominium Services
Parker-Holsman Co.    1461 E. 57th Street    Chicago, IL 60637    773-493-2525 Your Neighborhood Realtor since 1931

Condominium Management page | Services: Financial | Administrative | Maintenance

1. Collect monthly assessments, rental income, user fees, and other charges from owners, tenants, and concessionaires.
2. Maintain a payment account for each unit; initiate action on delinquent accounts in accordance with Association policy and Condominium Law.
3. Transfer funds between Association accounts as directed by Association policy.
4. Pay the Association's routine expenses in a timely and professional manner and in accordance with Association policy.
5. Maintain financial records of receipts and disbursements. We provide the Board of Managers with two copies of their monthly summary along with comparison to the prior year and the approved budget. The summary provided to the Association's treasurer will include all of the original paid bills for checking against the monthly summary.
6. Prepare an annual summary of the Association's receipts and disbursements and, at the request of the Board, provide financial data to the Association's outside auditor or corporate tax return preparer.
7. Pay all payroll expenses incurred on behalf of the Association, including, but not limited to, salaries and payroll taxes, and prepare and file all tax returns or other reports and perform all acts legally required of the Association as an employer.
8. Provide estimates of future operating costs and assist in the preparation of the Association's annual budget.
9. Assist the Board in long-term planning for capital replacements and property improvements.

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1. Maintain Association records, including records of current unit ownership and subsequent changes, copies of contracts and other legal documents, information for emergency access, financial statements, audit reports, and Board minutes.
2. Provide necessary services to expedite Association requirements for the sale or lease of units.
3. Participate in annual membership meetings and attend Board meetings as mutually agreed.
4. Prepare and serve notices of infractions of the Association's Declaration and Rules upon request of the Board.
5. Advise the Board in the maintenance of adequate insurance coverage and assist in its timely renewal and claims processing.
6. Provide unit owners with access to the Association's financial and insurance records, as required.
7. Maintain a telephone during normal business hours to which inquiries and complaints can be directed. Maintain an after-hours telephone for emergency matters.
8. Handle routine matters according to normal business practices and report nonroutine matters to the Board, as needed.

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1. Supervise all of the Association's employees in the performance of their duties, including their seasonal replacements.
2. Conduct periodic physical inspections of the property.
3. Arrange for and supervise the accomplishment of routine repairs, including those required by regulatory agencies, within the limits determined by the Association.
4. Solicit bids from contractors for repair, maintenance, or replacement of common elements and assist the Board in the evaluation of such bids.
5. Assist the Board in contracting for services such as trash removal, equipment maintenance, pest control, utilities, and landscaping.
6. Monitor the performance of contractors and tradesmen to insure that the conditions of contracts, specifications, and other requirements are met prior to payment.

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