Nonprofit board term limits – How long should directors serve?
By Eugene Fram
I am currently a director of a five person condo board responsible for reserve and operating assets of well over $1million and capital assets probably worth over $25 million. When the condo group was formed over 15 years ago, the bylaws stipulated that each director can only serve for one two year term, but couldn’t be reelected until after a period of one year off the board.
The logic of this arrangement was that every year either two or three new board members must be replaced. (more…)