Is there a rule or regulation regarding the number of Board of Directors a Condominium Association must have to remain a non profit entity?
If the condominium was formed after January 1, 1983, then the condominium association is required to be a Maine Nonprofit Corporation. The Maine Nonprofit Corporation Act requires all Maine nonprofit corporations to have at least three directors. The association is required to file an annual report to the Maine Secretary of State each year listing the directors, and if there aren’t at least three names listed, the Secretary of State may not accept your annual report and your status as a nonprofit corporation may be threatened. I don’t know what the practical consequences of that are. Be aware that non-profit does not mean tax exempt. Condominium associations may be liable for income taxes in certain circumstances.