Corporate Transparency Act Filing

Disclaimer: I'm not a lawyer, so you should consult your association attorney.

That said, I doubt it. Once you're no longer on the board, you no longer fit the definition of "beneficial owner" nor do you exercise "substantial control" over your association. A former board member may be in a position of influence - or not, depending on how bull-headed the new board members are - but they will have no control.

I also hope that at some point, someone in charge will decide that community associations were never the intended targets of the CTA and should be formally exempted. The language of the CTA is not clear, and most lawyers are advising their clients to be safe rather than sorry because of the significant penalties attached to failure to comply. There is a bill currently in the US House of Representatives that will explicitly exempt community associations from the CTA, and people are lobbying their senators to co-sponsor similar legislation so that we can get this done. It won't happen before the end of the year, though, so current board members (and maybe officers and maybe community managers) along with some others should plan to report their information until we get the all-clear.

True, probably. There is some question about some community managers, since some of them are given decision-making authority. I also wonder about some officers and even a few committee members who make be given limited authority in particular areas.

The problem is that the CTA doesn't really apply to the situations that community associations can get into. These various non-board decision makers may fit the text of the law but not the intent of it, if that makes sense (*). Meanwhile, with fines and potential prison time on the line, it's best to be overly cautious.

(The folks who wrote the CTA probably didn't give community associations a single thought. Because why would they? HOAs aren't hotbeds of money laundering and terrorist financing - except maybe for that one HOA in Florida whose members fought for years to remove the crooks who'd taken control and wouldn't get out.)