Definition
The report, required under the Corporate Transparency Act, identifying the individuals who substantially control an organization such as an HOA.
Beneficial Ownership Information (BOI) refers to the details about the individuals who own or substantially control an entity, reported to FinCEN under the Corporate Transparency Act. For an HOA, "beneficial owners" may include board members who exercise substantial control.
Where the requirement applies, the association files identifying information for those individuals. Because HOA obligations under this rule have been in flux, confirm the current filing status and deadlines before acting.