individual with substantial control. CAI will continue to evaluate this and provide guidance accordingly.
Changes, corrections, and additions to the filing must occur within 30 days of when you become aware of the change (i.e., board member moves, is replaced, etc.).
Of great concern is that noncompliance of filing could result in civil penalties of $500 per day and criminal penalties of up to $10,000, as well as up to 24 months in prison.
CAI doesn’t believe the Corporate Transparency Act is intended to apply to community associations. Accordingly, we’re taking the following measures:
1. Request community associations be exempt from the Act and the subsequent Beneficial Ownership
Information (BOI) reporting requirements.
2. Request delay of the implementation of the Beneficial Ownership Information (BOI) reporting requirements by supporting H.R. 4035/S. 2623 and H.R. 5119.
3. Urge confidentiality of the individual corporate filings of the Beneficial Ownership Information (BOI) reporting through rulemaking process.
We need your help to urge members of Congress to support exempting community associations, delaying implementation, and limiting access to corporate filings.
Please visit the CAI Advocacy Blog post at: https://
advocacy.caionline.org/how-the- corporate-transparency-act-applies- to-community-associations/ or scan the QR Code to contact your
federally elected officials online using CAI’s Action Center. This sample letter lets you tell your representatives in Congress to exempt community associations from the Corporate Transparency Act.
ABOUT THE AUTHOR Dawn M. Bauman, CAE is CAI’s Senior Vice President of Government and Public Affairs and Executive Director of the Foundation for Community Association Research. Ms. Bauman has worked for CAI for more than 20 years at both the international and chapter level. Ms. Bauman is a leading expert in the community association housing model and is frequently sourced in U.S. and international media outlets, including The Wall Street Journal, U.S. News & World Report, The New York Times, and The Washington Post, on community association housing topics. She can be contacted at:
dbauman@caionline.org.
www.CAIKey sto ne .org 21
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48
