Have You Made Your HOAs And Condo Associations Aware Of Their Responsibility To File Under The Federal Corporate Transparency Act?
All existing HOAs and Condo Associations must report and disclose specific information relating to the Association. The only exception is where the Association is NOT incorporated. As you know, almost all HOAs and Condo Associations are incorporated.
The Association must report the following information about all of the directors of the Association. This is the information that has to be disclosed:
- All directors’ full names
- Their date of birth
- Their residential address
- Each director’s passport or driver’s license number
- A copy of each director’s passport/license
This filing must be made by January 1, 2025. Failure to timely file this report can result in civil penalties of up to $500 for each day it’s late and criminal penalties of up to 2 years in jail. That’s a civil penalty and jail time for individual directors. Ouch! I know that sounds horrible, but that’s the law.
If you or your Associations want help making this filing, I would be happy to help. You or your Association customers can contact me at rdailey@mcgrathnorth.com or call me at (402) 341-3070.
Also, you should join my Facebook Group. And you should tell all of your Association customers to take a look at it and hopefully join. There’s a lot of very helpful information there about the Corporate Transparency Act and many other topics of great interest to all HOAs and Condo Associations. My Facebook Group is called:
OMAHA HOA AND CONDO ASSOCIATION
I specialize in representing HOAs and Condo Associations. If you would like to talk about what I can do to help your customers, please feel free to call or email me.
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