This Governance Ledger – Prairie State Edition briefing dissects how 175 East Delaware Place HOA (the residential portion of the former John Hancock Center) is quietly carrying an estimated $191.8 million in deferred infrastructure obligations—while only disclosing about $124.1 million to owners. Through a forensic review of the 2025 audit’s Required Supplementary Information and the May 2022 reserve study, the piece explains how “visible” and “invisible” projects were separated on paper, how AU‑C 730 RSI procedures and CIRA GAAP were weakened or ignored, and why this matters for every owner facing future special assessments.​

The newsletter also examines the role of auditors and leadership (including then‑treasurer, now‑president Scott Timmerman) in promoting a funding plan that assumes “no special assessments” while pushing tens of millions of known projects beyond the 30‑year study window. Owners receive concrete action steps—what records to request, questions to ask, how to organize, and when to seek independent legal and forensic advice—so they can prepare for inevitable funding shocks instead of being blindsided by them.​​

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