Reporting requirements under the Corporate Transparency Act have been reinstated for community associations, which now have until March 21 to file an initial, updated, or correct beneficial ownership information report with the Financial Crimes Enforcement Network.
Governing, managing, and serving community associations has become increasingly demanding and stressful. Volunteers, managers, and business partners are attempting to outrun burnout, but it’s no easy task. Explore the six most common reasons for burnout and a few solutions.
Community association managers have an important role offering advice and coaching to homeowner volunteers. The partnership between a manager and volunteers is vital and includes constant communication and planning.
Community associations need to closely monitor legal developments regarding the Corporate Transparency Act. As four U.S. district courts hear appeals related to the constitutionality and application of the act, any updates could further change requirements for community associations.
A strong foundation of support and mentorship can make for exceptional managers, carrying them through the toughest of times and helping them thrive in this industry. For those just starting out, with the right guidance, this career can take you farther than you ever imagined.
