Serving on a condo board in Chicago typically involves some basic prerequisites and qualifications. To be sure, you should review your condo association’s bylaws and the Illinois Condominium Property Act (ICPA) if you are considering running for a seat on your board of directors.
Though no specific educational degree is required to serve on a board, some skills lend themselves well to this type of leadership position. Additionally, your HOA may have some requirements. Below are common prerequisites and qualifications you may need if you have plans to serve on an Illinois condo association board.
- Unit ownership: Typically, there are ownership and residency requirements for serving on a Chicago board, but it’s up to each condo association to specify in their bylaws what the composition and residency requirements are for their association.
- Good standing with the association: Not surprisingly, prospective board members are required to be in good standing with the association. This includes being current on association fees and complying with community rules and regulations.
- Not have financial conflicts of interest: To avoid conflicts of interest and ensure their ability to maintain their fiduciary responsibilities as board members, many associations require board members to disclose any potential financial conflicts.
- Be legally qualified to participate: Board members must have the legal capacity to serve. This means they are not disqualified due to legal issues such as a criminal record that may impede their ability to fulfill the responsibilities of the position.
- Willingness to attend meetings: Board members are expected to actively participate in board meetings. On average, Chicago HOAs have an average of 4-5 board meetings per year.
- Understanding HOA governance: It’s beneficial for board members to have a good understanding of Illinois condominium law, their association’s bylaws and governing documents, community management principles, and all relevant laws.
- Ability to work collaboratively: Serving on a condo board involves collaboration and decision-making as a team. Board members should demonstrate an ability to work well with others and contribute constructively to discussions.
To learn more about serving on your board and other best practices for board members, get in touch with us at First Community Management. We partner with more than 115 HOAs in the greater Chicago area and are here to help your association.