HOA Is Lucky I'm Here, not Michael Novak

Who is Michael Novak?

Recently I began receiving Novak's emails and access to his writings about a large condo association in Chicago, the 175 East Delaware Place HOA, which is better known as the former John Hancock Center.

His newsletter this week addresses a study of Reserves which, he writes, hides $67.7 million in capital needs. He believes that the reserve study firm "assumes 0% taxes on tens of millions in reserve investments, creates unviable funding plans, and accepts unauthorized revisions from other than the majority of the board while ignoring their own written policies."

What does this have to do with The Summit's HOA?

Reserves of The Summit's HOA have plummeted in recent years. How far below safe levels are they?

The HOA has not published monthly financial statements since August 2025!

In 2020 the  Members' contribution to Reserves was $163,965.

In 2021, 2022, and 2023 the mandatory contribution to Reserves dropped. 

In 2024 the contribution was $0.00.

In 2025 the contribution was $3,000.

For 2026 the contribution is budgeted at $91,081.

Boards seem to have followed this financial guideline for spending: "We can't be out of money yet; we still have some checks left."

Treasurers were not forthright with the Members. They did not report increasing operating expenses. They did not report declining Reserves. Boards did not increase Assessments to compensate for increasing expenses (until January 2026).

CAMS never blew the whistle.

Members must ask the Board, "Do you know what you are doing?"

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