Jerry Feldott, owner of Feldott and Associates, is charged with felony theft.
Prosecutors say he embezzled more than $25,000 over about five years from the North Edgewood homeowners' association.
Investigators tell The Daily Herald that Feldott and Associates was under contract to maintain that neighborhood's common areas.
The missing funds are from homeowner association fees the firm was overseeing.
Feldott resigned as president of the Naperville library board by e-mail on Monday.