Corporate Transparency Act
What is the Corporate Transparency Act?
The Corporate Transparency Act mandates incorporated U.S. organizations including Homeowners Associations (HOA) to submit beneficial ownership information (BOI) reports to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, detailing the company and its owners or controllers. In the instance of an HOA, the “controllers” are those individuals with “substantial control” of the association; in essence, its Board of Directors.
The goal of The Corporate Transparency Act is to combat money laundering, sanctions evasion, terrorist financing, and other illegal activities by maintaining an updated database of business ownership. While there have been efforts to exempt Associations, they currently must comply, though this might change in the future if efforts succeed.
What does this mean for your Association?
Each Association is required to file with FinCEN and provide the applicable information about the association and beneficial ownership information (“BOI”) about each Board member.
Board Members can use the link below to securely upload their files for BOI submission: