The Federal Corporate Transparency Act (CTA), which took effect January 1, 2024, requires most homeowners, condominium, and other community associations to report information relating to the association and its directors and officers to the Financial Criminal Enforcement Network (FinCEN). Community associations in existence prior to January 1, 2024 must report to FinCEN no later than January 1, 2025 and update FinCEN within thirty (30) days of a change. Failure to report and update information as required may result in penalties. FinCEN accepts e-filed reports at https://boiefiling.fincen.gov. Continue reading “Client Alert: The Corporate Transparency Act Imposes Reporting Requirements Applicable to Many Condominium, Cooperative, and Homeowners Associations”
Month: February 2024
Client Alert: How to Handle Absent Condominium and Homeowners Association Board Members
Each election season, condominium association members elect one or more directors to serve on the association’s Board of Directors. Many members consider their options carefully, understanding the importance of the board and the impact its decisions have on each condominium owner. Each candidate should also consider the responsibilities before running for a board position. But, inevitably, life happens, and a once-enthused board member may become all but absent from the board—missing several meetings at a time. The net result is a board having, for all practical purposes, one less member than the Association chose, risking deadlocks when voting on motions or a failure to achieve quorum. Continue reading “Client Alert: How to Handle Absent Condominium and Homeowners Association Board Members”