What is BOI reporting?
BOI, or Beneficial Ownership Information, reporting requires certain HOAs structured as corporations or LLCs to identify and report the individuals who control them. It comes from the Corporate Transparency Act, a federal law aimed at fighting money laundering and terrorism financing.
Why does BOI reporting matter?
This one catches boards off guard because it doesn’t feel like it should apply to a volunteer-run neighborhood association, but for many HOAs it does. Missing a BOI filing deadline can carry real financial penalties, which is a rough surprise for a board that had no idea the requirement existed.
When You’ll Run Into This
This tends to come up once, when a board first learns the requirement exists, usually from a lawyer or accountant rather than from anywhere obvious. It’s worth confirming your HOA’s filing status now rather than finding out the hard way.
