FinCen Ownership Reporting Requirement

If you haven’t reported your community’s “beneficial ownership” to the Federal Government yet, now it’s easier than ever to fill out the report online!  Here’s all you need to know:  1) Your Association’s Tax Identification Number; 2) The names and addresses of your current Board of Directors; 3) The name and address of any Owner that has more than 10% of the voting power in the Association (if any); and 4) a copy of your Association’s “Articles of Incorporation” for the “incorporator’s” name and address.   If you do not have a copy of your Articles of Incorporation, your attorney probably does, or you can request a copy of your Articles from the secretary of state.  As you know, each Owner in a condo or HOA is a member of the Association with voting rights, but the Owners don’t really “own” the Association as a company.  Regardless, the requirement has been interpreted to apply to all Board Members of the corporation because of their authority to control the actions of the corporation, so you should be listing each of your current directors in the report.  Filing only takes about 10 minutes, so get it done before the end of the year!

Click this link or watch below for a step-by-step guide on reporting the “beneficial owners” of the community.  https://youtu.be/GydCvfbKxPw