Streamlining HOA BOI Reporting for Community Association Managers with FincenFetch
Are you a community manager looking for a simple way to start filing BOI reports for HOAs and condominium associations? Have you spent countless hours chasing down beneficial ownership information from your board members? Looking for a better way to file for the Corporate Transparency Act? We’ve got you covered with FincenFetch.
FincenFetch is America’s leading BOI reporting platform, designed to make your life easier as a community association manager. With our user-friendly software solution, you can quickly and easily file BOI reports for all of your communities. Let’s explore why FincenFetch is the ideal solution for you.
What is the Corporate Transparency Act and How Does it Affect My Community?
The Corporate Transparency Act (CTA) requires U.S. organizations, including HOAs and condo associations, to file beneficial ownership information (BOI) reports with FinCEN. These reports list company details and individuals with substantial control to prevent illicit activities. moreover, non-compliance can result in penalties of $500 per day or fines of $10,000. Therefore having a clear understanding of the HOA reporting requirements is key to maintaining compliance and steering clear of these hefty penalties.
Do All Homeowners and Condo Associations Need to File BOI Reports?
Most HOAs and condo associations must follow the HOA BOI reporting requirements to avoid fines. If the association uses a formal entity like a corporation or LLC, it must start filing in 2024 unless exempt. Furthermore, BOI exemptions are rare and include certain tax-exempt non-profits and unincorporated condo associations.
Curious if your communities qualify for any CTA exemptions? Discover in seconds with our easy-to-use exemption checker tool.
When Are BOI Reports Due?
- Initial Reports: Existing communities (formed before 2024) must file by January 1st, 2025. New communities (formed in 2024) have 90 days from formation.
- Updated Reports: File within 30 days of changes like adding/removing board members or updating addresses.
What Information is Required?
Reports must include:
- Legal name, state of formation, DBA names, tax ID, business address
- Information on individuals with substantial control (usually all board members)
FincenFetch makes collecting this information easy, fast, and secure. For a detailed guide on CTA compliance and BOI reporting for HOAs, take a look at our HOA BOI Reporting compliance guide.
How FincenFetch Simplifies HOA BOI Reporting for Community Association Managers
FincenFetch revolutionizes the way community managers handle BOI reporting for HOAs. With our innovative features, the process becomes seamless and efficient. Here’s how FincenFetch makes a significant difference:
1. Send Secure BOI Report Collection Links to Board Members
One of the biggest headaches for community managers is gathering the necessary information from HOA board members. The constant back-and-forth, chasing down documents, and also ensuring accuracy can be incredibly time-consuming. FincenFetch solves this with a smart, user-friendly approach.
With FincenFetch, you can send secure BOI report collection links directly to your board members. These links guide them through the submission process step-by-step, while making it simple and fast. In just a few minutes, board members can provide all the required documents and information. Additionally, the platform even auto-fills their data, reducing errors and saving you time.
No more endless emails or phone calls—just a streamlined, efficient process that lets you focus on what really matters: managing your community effectively. With FincenFetch, gathering BOI information has never been easier.
2. E-File Reports to FinCEN in One Click
Once board members submit their information through FincenFetch, your job becomes even easier. You can simply attach the general community information and eFile the reports to FinCEN with just one click. Yes, it’s that simple!
No more stress, no more manual data entry—just efficient, accurate filings every time. You can rest easy knowing that your reports are filed correctly and promptly, therefore ensuring full compliance with the Corporate Transparency Act (CTA) without the usual administrative burden. Watch our BOI reporting tutorial to see how effortlessly you can manage BOI reporting with FincenFetch!
3. Update FinCEN Reports Easily When Board Members Change
HOA boards often undergo changes, and keeping up with the 30-day report filing requirement can be challenging. FincenFetch makes this easy by allowing you to copy prior filings and update board members’ information in just minutes.
Frequent board changes mean more frequent report updates. With FincenFetch’s easy update feature, you can effortlessly meet the 30-day requirement, while protecting your communities from $500/day fines and keeping their records up to date.
4. Store FinCEN Transcripts Safely for Record-Keeping Requirements
Compliance doesn’t end with filing reports; you must also maintain accurate records due to state record-keeping requirements. FincenFetch automatically stores filed report transcripts returned by FinCEN, making them readily available for record-keeping purposes.
As a community manager, you understand the importance of keeping thorough records. FincenFetch ensures all your transcripts are safely stored and easily accessible when needed, helping you comply with record-keeping requirements without extra hassle.
5. Import All Community Data in Minutes with CSV Uploads
Managing multiple HOAs means dealing with a lot of data. FincenFetch allows you to load any number of HOAs and condo associations quickly with CSV uploads, while automatically adding the data you already have on each report.
Community management companies often handle over 100 associations. FincenFetch’s CSV upload feature ensures you can import all necessary data swiftly, therefore making the initial setup process painless and efficient.
6. Automatic Reminders to Manage Deadlines
Keeping track of deadlines, while ensuring board members submit their information on time can be a significant time drain. FincenFetch provides automatic reminders, regular check-ins about board member changes, and dashboards to view report progress.
Moreover, our automated reminders and progress tracking saves community management staff from spending excessive time chasing board members. In addition, this automation ensures deadlines are met, and reports are filed on time, reducing stress and increasing productivity. Say goodbye to constant follow-ups and hello to a more efficient workflow.
7. Offload Liability
FincenFetch offers features like board member sign-off, AI-assisted data checking, review processes, and FinCEN submission error checking. These operate in the background to ensure your FinCEN filings are correct and error-free. Furthermore, our platform is approved and acts as the filer.
By offloading liability to FincenFetch, you can have peace of mind knowing that your filings are accurate and compliant. This reduces the risk of errors and the potential consequences of non-compliance, while providing an added layer of security for your communities. Enjoy the confidence that comes with knowing everything is handled correctly and efficiently.
8. Add Revenue by Offering Automated Corporate Transparency Act Compliance
Community managers can significantly boost their revenue by offering automated Corporate Transparency Act compliance services. With FincenFetch, you can also add an extra $40,000 of annual recurring revenue per 100 associations by providing this valuable service.
Expanding your service offerings to also include automated CTA compliance, benefits your communities and enhances your business’s profitability. FincenFetch makes it easy to offer this service, therefore creating a win-win situation for you and your clients. Increase your revenue while providing essential compliance services with ease.
9. Free HOA Compliance Guide
FincenFetch offers a free HOA compliance guide that you can co-brand to educate your associations and keep them compliant with the Corporate Transparency Act. Likewise, this guide is an excellent resource for community managers to share with their clients.
Moreover, educating your associations about compliance requirements strengthens your role as a trusted advisor and ensures your communities remain compliant.
Ready to Revolutionize Your HOA BOI Reporting?
The Corporate Transparency Act’s BOI reporting requirements can be overwhelming, but they don’t have to be. With FincenFetch, you can simplify the entire process, from securely collecting information to e-filing reports with one click. Also, our platform’s features—like easy updates, secure storage, CSV uploads, automatic reminders, and liability offloading—make managing BOI reporting for HOAs a breeze.
Additionally, offering automated CTA compliance services can boost your revenue. Imagine simplifying compliance for your communities while growing your business. FincenFetch provides everything you need to ensure seamless Corporate Transparency Act compliance.
Take the next step and empower your associations with effortless Corporate Transparency Act compliance using FincenFetch. Don’t wait – schedule your platform demonstration today!
