Condo Living Made Easy

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.

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.

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.