Condoly will be hosting a webinar to review the mandatory reporting requirements for condominium and homeowners associations as set forth by the Corporate Transparency Act. 

Board members will need to take action to file necessary reports disclosing beneficial ownership information before January 1, 2025. There are significant fines that may be levied for failure to complete this reporting.

Join Condoly and their vendor partner on Thursday, July 11th at 6:30 pm to learn about the process and requirements for reporting.

You can read more about the Corporate Transparency Act here.

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

Does your small condominium association have large capital repairs to tackle but a slim reserve account? A bank loan may help.

In order to qualify for lending, your association will need the following, at minimum:

• Most recent tax return: Yes, you are required to file a tax return annually!
• Most recent year-end financial reports: Including a Balance Sheet and Profit and Loss statement.
• Most recent monthly financial reports: Including a Balance Sheet and Profit and Loss statement.
• Minimal owner delinquencies: You'll need to address unpaid accounts before you can borrow.

Haus Financial Services, LLC can help you prepare the necessary documentation and apply for a bank loan. Get in touch today!

Every condo association and HOA is required by law to have a board composed of unit owners. These individuals provide for the management and maintenance of the property. Associations face a critical issue when no one is willing to serve on the board. In small associations, this is a common problem. 

A functioning board is vital for governance, maintenance, and compliance. Without one, property values and infrastructure could decline, leading to unpaid bills, abandoned contracts, and jeopardized insurance.

If no volunteers come forward, the county or state might require hiring outside management, a costly and undesirable solution. The message is clear: maintaining a proactive and involved board is essential for the stability and well-being of any community association.

Read more here. 

Condominium and common interest community associations operate under a board of directors typically comprised of three to seven owners, who then elect officers like president, treasurer, and secretary. The role of president is crucial, serving as the primary liaison between the board and professionals, setting meeting agendas, and leading discussions. However, the president's authority is not absolute; decisions are made by majority vote. Failure to recognize this collective responsibility can lead to issues such as personal attacks on officers, erroneous beliefs about individual liability, and difficulty in fostering a team environment.

To address these challenges, officers and board members must acknowledge their role within a team, collaborate on goals, lead by example, and emphasize collective achievements over individual contributions. Ultimately, successful governance relies on the unity and cooperation of the entire board, rather than any single member.

Learn more here.

Congress has adopted The Corporate Transparency Act (CTA), requiring domestic reporting companies, including condominium and community associations, to submit information to the federal government regarding the beneficial owner of the corporate entity (i.e., the person who has substantial control or at least 25% ownership interest in the corporate entity) by January 1, 2025. The definition of "beneficial owners" has been extended to include board members of condominium associations.

Associations will need to take action to file necessary reports disclosing beneficial ownership information by the end of 2024. There are significant fines that may be levied for failure to complete this reporting.

The US Department of the Treasury's Financial Crimes Enforcement Network website can be accessed here: https://www.fincen.gov/ The required report can be submitted online.

Learn more here.