An important deadline for HOAs

A major compliance requirement is coming for HOAs in 2025—and we want to make sure everyone is prepared!

The Corporate Transparency Act (CTA) requires HOAs to file Beneficial Ownership Information (BOI) with FinCEN. Missing this filing could mean serious penalties. This is a Federal requirement and applies to all states.

Why This Matters:

• Avoid Fines: Failing to file could result in $500/day in penalties.

• Stay Updated: You’ll need to update your filings any time a board member changes or a major owner changes (over 25% of units).

• Deadline Approaching: The deadline is January 1, 2025 for existing HOAs—don’t get caught unprepared.

What Is BOI Filing?

If you’re unfamiliar with BOI filing, it involves reporting certain information about board members and ownership under federal law. This becomes mandatory on January 1, 2025.

Don’t risk missing important deadlines anymore!

Castle Creek monitors all current and new regulatory requirements that could affect your HOA. If your current management company hasn’t informed you of BOI reporting or any other vital compliance requirements, contact us today for a free quote and make sure you never have to worry about missing deadlines again!