Who does Illinois §18.10 apply to?

Illinois §18.10 applies to Condo associations in Illinois.

What happens if our condo doesn't comply with §18.10?

Non-compliance can expose the association and individual directors to disputes in the governing forum for Illinois community associations. SoShiny's audit trail and documented workflows are designed to demonstrate good-faith compliance.

Where can I read the official text of Illinois §18.10?

The official text is published by the Illinois General Assembly at ilga.gov. The summary on this page is for plain-English reference only and is not legal advice.

Illinois §18.10

Generally accepted accounting principles

Statute:: Illinois §18.10 · Act CPA (Condominium Property Act (765 ILCS 605))
Topic:: Finances · GAAP
Applies to:: Condo associations

An association of 100 or more units must use generally accepted accounting principles for any accounting obligation under this Act.

gaap; 100 units; accounting

📄 Read the official text at ilga.gov →

How SoShiny helps with Generally accepted accounting principles

SoShiny is built around the Florida statutes from day one. The features that help you comply with this section are part of every plan — no add-ons, no per-document fees.

See the feature → Start free

Frequently asked

What does Illinois §18.10 require?: An association of 100 or more units must use generally accepted accounting principles for any accounting obligation under this Act.
Who does Illinois §18.10 apply to?: Illinois §18.10 applies to Condo associations in Illinois.
What happens if our condo doesn't comply with §18.10?: Non-compliance can expose the association and individual directors to disputes in the governing forum for Illinois community associations. SoShiny's audit trail and documented workflows are designed to demonstrate good-faith compliance.
Where can I read the official text of Illinois §18.10?: The official text is published by the Illinois General Assembly at ilga.gov. The summary on this page is for plain-English reference only and is not legal advice.
How does SoShiny help with Generally accepted accounting principles?: SoShiny is built around the Florida statutes from day one. The features that help you comply with this section are part of every plan — no add-ons, no per-document fees. Learn more →

Not legal advice. This page is a plain-English summary of Illinois §18.10 prepared by SoShiny for board members and managers. For binding legal advice or interpretation, consult a Illinois-licensed attorney. For the official statutory text, see the link above.

Free newsletter

Stay current on Illinois association law.

Get the free quick-reference guide plus a heads-up when the statutes that govern your community change.

Don’t run your condo on spreadsheets.

Start your community free →