Illinois HOA Documents – Rules & Templates (2026 Guide)

⚠ Not Legal Advice. This guide is for informational purposes only. Consult a licensed Illinois attorney for legal advice.

Illinois HOA Overview

Very specific reserve-funding disclosure statement required. HOAs must use "detailed" budget formats. Condo Act requires a "23-day rule" for rule amendments. CICA covers planned HOAs with 10+ units.

State-Specific Document Requirements

Reserve Funding Statement

765 ILCS 605/12

Mandatory

Condo associations must prepare and distribute an annual "Reserve Funding Statement" disclosing: current reserve balance, recommended funding level, and actual funding level. If funding is below 10%, a special disclosure is required.

Retention: 10 years

Disclosure: Distributed annually to all unit-owners.

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Annual Budget

765 ILCS 605/18

Mandatory

Budget must be adopted at a noticed meeting. Members have a 23-day window to petition for a special meeting to reject the budget after it is adopted.

Retention: 7 years

Disclosure: Distributed to all members within 25 days of fiscal year end or at least 25 days before fiscal year begins.

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Bylaws

765 ILCS 605/4

Mandatory

Condo bylaws amendments require approval by at least 2/3 of the unit-owners unless a higher threshold is specified.

Retention: Permanent

Disclosure: Copy provided to any unit-owner upon request.

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Illinois-Specific Documents

Reserve Funding Statement

Mandatory

765 ILCS 605/12

A condo-specific annual disclosure showing: current reserve balance, recommended funding level, actual funding level, and a warning if underfunded by more than 10%.

⚠ Condos under IL Condo Property Act only.

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