|Condominiums of Springbrook
Springbrook Homeowners Association Information.
Benefits of the Springbrook Homeowners Association
What do the dues cover?
Monthly dues cover the normal year to year activities and needs of caring for our homes.
Dues also help build up the RESERVE FUND of the association
WHAT IS THE RESERVE FUND?
The Reserve Fund is required by Illinois law. Recommendations include adding to the reserve fund each year with an amount somewhere near 24-30% of the yearly budget of the association (10% is required by resolution of the Board of Directors.)
The Reserve Fund pays for major repairs to and replacement of the major components of the common areas. Major components include the overlays/replacements of roofs, driveways, gutters, chimney re-siding and some tree costs as they reach the end of their useful lives. In 2021, The Board of Directors authorized five driveway replacements.
Increasing dues and good stewardship of funds has grown the Reserve Fund each year. In 2016, the Board created an Assessment Plan which covers monthly and yearly assessments until the year 2052. The Board analyzes the monthly and yearly assessment every year.
Why do we need this?
The IL Condominium Property Act, Springbrook Association Bylaws and Rules & Regulations serve as the foundation for our governance. We encourage all current and prospective residents of Springbrook Condominiums to read these documents. Updates are made periodically and are sent to Association residents. In order to achieve our purpose stated above, it is expected that residents in our community will adhere to the Springbrook Homeowners’ Association Bylaws and Rules & Regulations.
There are 54 units in the Association and no rentals are allowed. All vehicles in garage at night.
No cars in the driveway over night . We are not-for-profit organization.