Assessments - Common Expenses
In accordance to the Ontario Place Condominium Association Declaration /By-Laws and the Illinois Condominium Property Act : The Board of Directors shall prepare and distribute an annual detailed budget, setting forth with particularity all anticipated common expenses by category as well as all anticipated assessments and other income.
Below are some of the expense items and services included in the budget which is what makes up an owner’s assessment fee (but are not limited to):
-Payroll: employee wages, taxes, benefits, etc. (maintenance/engineering staff, door staff, management office staff, etc.)
-Utilities: natural gas (domestic hot water), electricity (common areas), water and sewer service, scavenger (garbage and recycling), common area heat, common area air-conditioning, extermination of the common areas, Association building insurance,
-Facilities: pool, sundeck with grills, heath club and amenities, hot tub/spa, party room (there is a fee for after-hour or private usage of party room), bike room (there is an annual usage fee for bike room), receiving room, business center
-Administrative Expenses: telephone, maintenance/engineering pager service, office supplies, office equipment rental and repairs, business center equipment supplies and repairs, etc.
-Other Professional Expenses: annual audit fee, legal fees (general), legal fees for collections, Real Estate Tax counsel, property management fee, etc.
-General Maintenance: elevator service contract, landscaping, common area carpet/marble cleaning, emergency generator repairs and service, trash compactors and garbage chutes, window washing (not including windows located on balconies), common area painting/decorating, Life Safety (common area fire alarms, speakers, strobes, extinguishers, etc.), snow removal, etc.
** Some items not included in an owner’s assessment fee are an individual unit’s: cable/internet, electric (the unit’s heat pump which supplies electric heat and air-conditioning), telephone, and general over-all unit maintenance.
[Regarding heat and electric for inside the units: The heat is electric. The building does not have a boiler for heat (only domestic water). Regarding air-conditioning, the building supplies “pre-cooled” water to each unit and the heat pump cools the air to the temperature desired. Therefore, each unit pays for its own heat and air-conditioning.]
**A good general rule of thumb is: anything that services your individual unit is the responsibility of the unit owner.