On February 17, the United States District Court for the Eastern District of Texas granted the government’s motion for stay a nationwide injunction halting enforcement of the Corporate Transparency Act in Smith v. United States Department of Treasury. 

Due to this new court order, reporting requirements under the act are reinstated for applicable community associations.

On February 19, FinCEN recognized that reporting companies may need additional time to comply with their BOI reporting obligations, and FinCEN is generally extending the deadline 30 calendar days from February 19, 2025, for most companies.

According to FinCEN, for the vast majority of reporting companies, the new deadline to file an initial, updated, and/or corrected BOI report is now March 21, 2025.

Haus Financial Services client? We are still offering our BOI Report filing service for all clients. If you did not previously request the service and would like our assistance complying with the new deadline, please This email address is being protected from spambots. You need JavaScript enabled to view it.

Attorneys from Keough and Moody attended the Annual CAI Law Seminar in San Antonio, where discussions focused on the financial burden community associations face due to meritless legal claims from vexatious unit owners. 

Illinois courts have recently upheld substantial attorney’s fee awards against such owners, but the challenge remains in preventing frivolous lawsuits. Associations can mitigate costs by strategically choosing battles, avoiding engagement traps, maintaining reasonableness, and having a clear plan. Legal fees should be carefully assessed, with courts preferring they be awarded rather than preemptively charged. Early intervention and proactive legal strategies can help associations minimize costs and unnecessary litigation.

Learn more from our friends at Keough and Moody here.

We also encourage board members to take advantage of educational seminars hosted by the firm. You may see Lauren Schrader, owner of Haus Financial Services online! Their next offering is on March 12 titled "Identifying and Handling Nuisances."

The 43rd Annual CAI Illinois Conference and Expo for condominiums and homeowners associations is next Friday, February 21st at the Donald E. Stephens Convention Center in Rosemont.

CAI Illinois, the local chapter of the Community Associations Institute, provides information, education, and resources to homeowner volunteers who govern communities and the professionals who support them. This event features education sessions for owners, board members and property managers on topics including legal updates, self-defense, project funding, productive meetings, open mindedness and more. The extensive Exhibit Hall features information booths for vendors providing maintenance and management services for community associations.

This is a great opportunity for board members to learn and network with other condo board members. Lauren Schrader of Haus Financial Services, LLC will be attending the Expo. She hopes to see you there!

Register on the CAI Illinois website.

Money is always a focus for Haus Financial Services, whether it is related to your condominium association or not. Here's a quick tip for finding and claiming money that may belong to you.

The State Treasurer is holding more than 5 billion dollars in unclaimed funds for Illinoisans. The State holds these lost funds until they are claimed by either the original owner or their heirs. Property is returned at no cost with the proper identification.

Most amounts are small, but every penny counts! You can search the Treasurer's database online to see if they are holding any funds that are due to you or a family member.  Good luck!

For any condominium association, governing documents are the foundation of how the community operates. These documents, such as the declaration, bylaws, and rules and regulations, outline the responsibilities of the board, the rights of the owners, and the procedures for handling association matters. Yet, conflicts often arise when boards and owners fail to read or adhere to these critical guidelines.

One of the most common sources of tension in condominium communities stems from a lack of understanding or misinterpretation of the governing documents. Board members may make decisions without consulting the bylaws, or owners may unintentionally violate rules they didn't know existed. These situations can lead to disputes, strained relationships, and even costly legal battles.

The key to avoiding these issues is treating the condominium association like a business. This means operating with professionalism, consistency, and a clear understanding of the rules that govern your decisions. Taking the time to familiarize yourself with the governing documents—and ensuring others do the same—is an essential step in building a harmonious community.

Of course, reading and understanding these documents may seem time-consuming at first. But once it becomes a habit, the long-term benefits are undeniable. Following established procedures not only fosters trust and transparency but also prevents many problems from occurring in the first place.

Board members should make it a priority to educate themselves and their communities about the governing documents. Regular reminders, accessible summaries, and even workshops can help ensure everyone is on the same page. By committing to this practice, your association can run more smoothly and maintain a positive living environment for all.