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Community Associations Required to Report by January 1st - Ruling in Corporate Transparency Act Denies Exemption

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On October 24, a court denied a motion by CAI (Community Associations Institute) to delay compliance deadlines for community associations facing burdensome requirements under a new act until a full court hearing.

Community associations remain required to file their Beneficial Ownership Information Reports by January 1, 2025 or face potentially hefty fines.

Despite the setback, CAI remains committed to seeking an exemption for all community associations through possible appeals, regulatory lobbying with the U.S. Department of Treasury, and urging Congress to pass legislation to exempt or delay these requirements. CAI also encourages its members to support this cause, though significant developments are unlikely before the upcoming presidential election.

View a recorded webinar on this topic and access links to complete your filing on Condoly.

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La Nina May Mean More Snow for Chicago This Winter. Is Your Association Ready?

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As Chicago residents gear up for winter, the latest forecast from the National Oceanic and Atmospheric Administration (NOAA) suggests that snow shovels and boots might be more necessary than ever. With the 2024-2025 winter outlook predicting a "wetter than normal" season for the Great Lakes region, now is the time for condominium and homeowner associations to ensure their snow removal services are in place.

NOAA has indicated that a slowly developing La Niña event in the Pacific Ocean will play a key role in shaping Chicago’s winter weather this year. Typically, La Niña patterns bring cooler temperatures and increased precipitation to the Midwest, which means the Chicago area could see heavier snowfall as winter progresses. While there’s still uncertainty about whether the moisture will fall as rain or snow, the odds for significant winter storms are rising.

So, what does this mean for your condominium association? If you don’t yet have snow removal services in place, now is the perfect time to act. Waiting until the first storm hits could lead to delays or a scramble for available vendors.

That’s where Condoly comes in. As a marketplace designed specifically for condominium and homeowner associations, Condoly makes it simple to connect with reliable snow removal companies. Condoly allows you to quickly and easily gather bids to find the right vendor to keep your property and your residents safe throughout the season.

With snowstorms potentially just around the corner, don’t wait until it’s too late. Head to Condoly today and line up a snow removal service to ensure your property is ready for whatever winter throws your way.

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Corporate Transparency Act: Support Efforts to Exempt Community Associations

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The Community Associations Institute urges support for H.R. 9045, introduced by Rep. Richard McCormick, which seeks to exempt community associations from the Corporate Transparency Act (CTA) reporting requirements. Under the CTA, associations must currently submit detailed information about board members and individuals with financial control to the Financial Crimes Enforcement Network (FinCEN) by January 1, 2025, or face significant penalties.

The law aims to detect financial crimes but exempts certain entities like tax-exempt organizations, and CAI argues that community associations, which operate similarly to these entities, should also qualify for exemption. The Institute calls on members to contact Congress to co-sponsor H.R. 9045 and to advocate for a companion bill in the Senate.

Contact you congress member today.

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Preparing Budgets - FREE Webinar on 10/24/24

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The next free Condoly webinar will focus on preparing your condominium association's 2025 Budget.

An appropriate budget is the foundation for your community's financial stability, and a legal requirement as set forth by the IL Condo Act.

Join Condoly on Thursday, October 24th at 6:30 pm to review best practices for preparing your budget and the required process for approving it.

Register your FREE Condoly account or Sign in to your existing Condoly account to register.

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Best Practices for Electronic Voting in Condominiums

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Online elections in community associations have grown in popularity due to their convenience, efficiency, and enhanced security compared to traditional paper voting. With increased mobile phone usage, online voting encourages greater participation, ensures accessibility for members who cannot attend in-person, and provides real-time results. 

If your association is considering a move to electronic voting, legal compliance, owner education, and pilot testing are key steps to ensure a smooth transition from paper voting. These systems streamline governance while promoting transparency and inclusivity.

Learn more here to determine if online voting is an option for your community.