The article is devoted to disclosing the functional potential of the Ukrainian Library Association (UBA) as an open professional organization that focuses its efforts on developing librarianship in Ukraine and strengthening the democratic foundations of social development in the country. The use of a set of research methods, the main of which were socio-communicative, systemic and functional methods, as well as empirical methods of inclusive and external observation, led to consideration of ULA and its activities from the standpoint of fulfilling its obligations, its compliance with library community expectations. Implementing certain functions of the ULA and its activities is revealed as a system of interconnected forms and tools that complement each other, enhancing the final effect. The creation of the ULA is considered as a response of the professional community to the need to solve certain tasks and implement a number of functions in relation to the development of the national library business and society as a whole. For the first time, the functioning of UBA as an open adaptive leadership organization that implements organizational, mobilization-motivating, communication-coordination, information, educational, scientific-methodical, consolidating, representative, advocacy, compensatory functions is substantiated. The content of these functions is revealed. The purpose of the compensatory function is to provide libraries with the necessary theoretical and practical basis for the effective implementation of promising areas of activity in the absence of relevant approved guidelines at the national level. It was found that from the beginning of the ULA the statutory documents of the organization did not provide for the implementation of the compensatory function. Still, during the development of the association and expressing its focus on prompt and effective solutions to current problems in library development, its implementation became an important vector of the ULA.