Chadwick-Washington Rolls Out Service to Help Community Associations File Corporate Transparency Act Reports

Chadwick-Washington Rolls Out Service to Help Community Associations File Corporate Transparency Act Reports 

Due to numerous requests from clients, as well as FinCEN’s failure to grant community associations an exemption, Chadwick, Washington, Moriarty, Elmore & Bunn (“CWMEB”) has partnered with a Corporate Transparency Act (“CTA”) reporting vendor named FincenFetch to establish a secure, ready-made solution as a service to our clients to file their Beneficial Ownership Information (“BOI”) Reports with FinCEN.

As of today’s date (January 3, 2025), the CTA reporting deadline has been delayed (per a December 26, 2024 court order entered by the Fifth Circuit Court of Appeals), but CWMEB is nevertheless offering this service in case the reporting deadline is reinstated or if associations simply wish to file their BOI reports voluntarily, which is not unreasonable given the “whiplash” nature of the recent court rulings.

Here are the details:

• BOI Filing Requirement. As noted in our prior posts and newsletters, the CTA requires that many organizations in the United States file reports regarding their “Beneficial Owners” to the Department of Treasury’s FinCEN website. This includes most community associations.
• Deadline and BOI Requirements. As noted above, the reporting deadline has been paused by the December 26, 2024, court order, at least for now. Prior to that order, however, the deadline for filing BOI Reports (for organizations created prior to January 1, 2024, that are subject to the CTA) had been extended to January 13, 2025, pending further order of the court.  While the deadline is not in effect as of this date, if the filing requirement is reinstated at some point, there is also an ongoing reporting requirement for updates to be filed within 30 days of any change, such as when a director joins or leaves the board or there is any other change in the reported information.  For community associations, the BOI reports include information regarding the association’s Board of Directors (including each director’s name, address, date of birth, and the image of a government issued ID). It is critical that associations comply with the filing requirement if it is reinstated, as there are civil and criminal penalties for failing to do so.
• Affiliation with FincenFetch.  While a law firm is not required for associations to report BOI information, some boards have indicated that they have had trouble completing and uploading these reports, and other clients have expressed a preference to be able to file the reports in coordination with their legal counsel. Therefore, CWMEB reached an arrangement with FincenFetch, an industry-leading vendor that assists organizations in collecting BOI information and uploading the reports to the FinCEN website.  FincenFetch uses state-of-the-art, secure servers to store and transmit the BOI information from directors and upload it to FinCEN through an easy-to-use interface.  FincenFetch also sends out periodic email reminders for associations and directors to update information (such as when directors change or IDs expire) to assist with ongoing compliance.
• Opting In to Access FincenFetch Through CWMEB. If your association would like to use Chadwick-Washington’s FincenFetch portal to file its BOI reports and comply with the CTA requirements, here are the details:
  • How to Do It.  Simply have an authorized individual send an email to [email protected]  with the name of your association and basic contact information.  After this, an email will be sent back to the requesting contact person with a unique, secure link to complete the process. The report will be completed online, with a separate secure link to be emailed to each individual director prompting them to upload their personal information to FincenFetch (without other directors having access to others’ personal information). Once all directors have uploaded their information, CWMEB will be notified, and the association’s BOI report can be uploaded to and filed with FinCEN.
  • Technical Help If Needed.  The FincenFetch portal includes a chat messaging system for technical support if directors or managers have any questions or issues uploading their information.  Our team, of course, is also available to address any legal questions the association may have.
  • Costs.  By opting in to use CWMEB’s FincenFetch portal, your association agrees to pay a flat fee to our firm for the initial BOI report filed through our platform, and a smaller additional charge for any updated reports.  More information regarding these fees can be obtained by sending an email to [email protected] .
  • Accuracy of Information. Please note that it is up to the association and its board members to accurately and fully report all required BOI information. CWMEB shall not be responsible to the association, FinCEN or any other party for incomplete, inaccurate or false information reported to FincenFetch or FinCEN.  Please note that reports will not be uploaded to FinCEN until the association has certified that all beneficial owners (such as officers and directors) have reported all their information.  

• The firm is hopeful that our arrangement with FincenFetch will help your association quickly and efficiently comply with the requirements of the CTA in a secure and easy-to-use portal. Please contact your Association attorney if you have any questions or concerns regarding complying with CTA or opting in to our FincenFetch program.

  Of course, associations should continue to monitor ongoing developments regarding the various court cases involving CTA, with particular attention to determining whether reporting deadlines have been reinstated. We will work to provide updated information at https://www.chadwickwashington.com/blog/ but associations may also monitor other sources of information and media outlets.