Condominium and common interest community properties in Chicago are required by state law to hold annual meetings at least once per year. The Illinois Condominium Property Act (ICPA) governs the rules and regulations pertaining to how HOAs manage and run their communities, which includes stipulating minimum meeting frequency requirements. In addition to holding an annual meeting for all members, condo association boards in Chicago are also required to meet four times per year.
What Happens at HOA Annual Meetings?
Annual meetings are a time for the entire association to be briefed on important HOA matters. Typically this includes the following agenda items and more:
- A presentation of the association’s financial statements and annual budget
- An update on current and future project plans
- A discussion of any other matters that require unit owner input
- Voting on new board members and any other matters that require owner votes
During the annual meeting, a quorum of members must be in attendance to vote for members of the board. Your association’s bylaws or governing documents will specify quorum requirements for your HOA, but in general, a quorum stipulates the minimum number of unit owners required for the meeting to be valid (usually 20 percent).
Prior to the annual meeting, adequate notice must be given to all members. Per the ICPA, notice of any membership meeting must be given no fewer than 10 and no more than 30 days prior to the meeting and detail the time, place and purpose of the meeting.
Hosting annual meetings for your Chicago condo association is a critical part of serving on your board and is required by Illinois law. For help with any of your association management needs, including posting annual meeting notices and preparing meeting documents, please turn to us at First Community Management. We attend board and annual meetings as well as assist with important board management and financial responsibilities.