The next free Condoly webinar will focus on the process of applying for a bank loan to fund large capital repair projects.
Documentation requirements, loan terms options and the proper process for approving a loan will be reviewed.
Join Condoly and their special guest on Thursday, August 29th at 6:30 pm to learn all about bank loans for capital repairs.
Register your FREE Condoly account or Sign in to your existing Condoly account to register.
The Community Associations Institute is urging support for H.R. 9045, introduced by Representative Richard McCormick, which seeks to exempt community associations from the Corporate Transparency Act's (CTA) beneficial ownership reporting requirements.
This Act mandates detailed annual filings to the Financial Crimes Enforcement Network (FinCEN), including sensitive information about board members and individuals with substantial control, with noncompliance resulting in severe penalties. The CTA aims to combat money laundering and terrorist financing but imposes significant burdens on community associations. These associations, operating similarly to tax-exempt entities, should receive the same exemptions as other tax-exempt organizations.
The Institute emphasizes the urgency for House members to co-sponsor the bill and for the Senate to introduce a companion bill, urging community members to contact their representatives and advocate for support.
Click here to Contact Your Member of Congress Today in Support of H.R. 9045
Learn more about your board's reporting requirements for the Corporate Transparency Act here.
At HausFS we do not control client bank accounts. Board members are designated signers and have online access at all times. While this protects the association's funds by keeping the board in control, occasionally it can cause complications when a board member who is a signer sells their unit and moves out or is otherwise replaced. It's important for the remaining board members to review the signers on their bank accounts and ensure current board members are added and former board members are removed. This is true for any self managed condominium association.
New board members will need to visit their bank in person to update signers. You'll need the following when you head to the bank:
Depending on the bank your association uses, this task may be a breeze or very challenging. We are seeing more hurdles with banks recently as they step up security to combat fraud. Your experience may also depend on the particular branch you visit and the representative you speak with.
Changing signers requires some time and energy, but it will ensure that the correct individuals have access to your bank accounts and that the association's assets are protected.
With the upcoming national, state, and local elections, community associations should review their election procedures and readiness. Key considerations include ensuring election documents align with community instruments, updating rules and procedures in accordance with the Illinois Condominium Property Act and the Common Interest Community Association Act, maintaining accurate records of voting members, determining the election conduction method, clearly communicating election processes to members, and properly handling post-election tasks.
It's crucial for boards to review and update documents and procedures annually, engage with managing agents and legal counsel, and plan well in advance to ensure a smooth and legally compliant election process.
Learn more here.
