Building Owners and Managers Association of Chicago

“Boma chicago amended its by-laws effective november 12, 2015. Significant changes are as follows: the definition of a quorum for meetings changed to 25% of building members from 30%. The board of directors will be made up of the elected officers, immediate past president, if any, and between fifteen (15) and nineteen (19) other directors. A quorum of the board of directors is defined as a majority of the members of the board of directors.”

“Boma chicago members are buildings. Boma chicago has various classes of membership for the buildings it represents. Only buildings classified as regular members are permitted to vote on association issues. Regular member buildings appoint an individual as the building's representative. This individual shall represent,vote and act for the regular member building in the affairs of boma chicago.”

“Regular member buildings vote on the election of officers and directors at the boma chicago annual meeting held each november.”

“Regular member buildings are also entitled to vote upon all other resolutions, proposals, and questions or matters submitted for member vote.”

“A copy of the form 990, prepared by the independent auditor, is reviewed by the executive vice-president prior to filing with the irs. In addition, the executive committee of the board of directors, received a copy of the form 990 prior to filing. The entire board of directors is provided wtih a final copy of the form 990 after it is filed with the irs.”

“Boma chicago has a policy that covers compensation of chief employed executive and any officer or key employee. The policy in place requires review and approval of the association's board of directors or compensation committee, providing persons with conflicts to the compensation arrangement at issue shall not participate; compensation for the individual shall be reviewed and approved using data compiled by a third party for similar persons in comparable positions at similar organizations; and there shall be contemporaneous documentation and recordkeeping with respect to the deliberations and decisions regarding all compensation arrangements subject to the policy.”

“By-laws of the organization are made available on their website. No other documents are made available to the public.”

“Boma chicago has an audit committee which is responsible for the oversight of the audit of the organization's financial statements and the selection of its independent accountant. This process has been in place since its inception in 2005.”