One of the key requirements of the Illinois General Not for Profit Corporation Act of 1986, under which Fako America is incorporated, is that the association must have a Board to oversee its operations. To this end, the Illinois Attorney General's office provides a number of legal and ethical guidelines to assist Board members with the important responsibilities assumed when they volunteer their time.
In order to assist FA Board Members, I have put together a handbook containing some key information from the Attorney General's office. This handbook is primarily a guide and is not meant to prescribe the exact manner that Board members must act in all situations. This is because each organization possesses a distinct composition and experiences different circumstances and outcomes. Neither does it contain all of the provisions, exceptions, limitations and requirements of the law. These can be found in the Act of 1986. Nonetheless, the handbook is based on long-standing and widely accepted practices and common law principles governing Boards of Not-for-profit corporations.
The handbook is divided into Two parts: Part One outlines the fiduciary duties of Board members as defined by the Illinois Attorney General. Part Two consists of an article written by lawyers at the Illinois Charitable Trust Bureau that draws extensively from State and Federal case law to further explain the fiduciary duties of Board members of Illinois Not-for Profit Corporations. There is also a section that contains some important web resources for Board members
It is our hope that this handbook will always guide the actions of all Board Members and that it will serve as a valuable resource in case of any misunderstandings related to the Board's exact role. Thank you for your hard work and dedication to public service. Our association is a better place because of your volunteer efforts.
President, Fako America, 2002-2004