CAI-KY: Empowering Communities. Enriching Lives.

CAI-KY had the pleasure of talking to our friends at WAVE Listens Live! Check out our Board Secretary Billy Merrifield of Hebel, Hornung & Merrifield, PSC and our Chapter Executive Director Susan Lugo-Floro to learn more about CAI-KY membership, sponsorship, and the value of our Educational Luncheons.

UPDATE: Corporate Transparency Act Suspended for Domestic Reporting Companies

Including Community Associations

By Dawn Bauman, CAE and Phoebe E. Neseth, Esq. on Mar 24, 2025

The U.S. Department of Treasury officially suspended enforcement of the Corporate Transparency Act against U.S. citizens and domestic reporting companies. This final interim rule released by the Financial Crimes Enforcement Network on March 21 confirms community associations are no longer required to report beneficial ownership information under the act.

FinCEN issued an interim final rule that revises the definition of a reporting company. Under this revised definition, only foreign entities formed under the laws of another country but registered to do business in the U.S. are required to report beneficial ownership information.

This rule removes U.S.-based entities, including all previously defined "domestic reporting companies," from the scope of the act. This means U.S. homeowners associations, condominiums, and housing cooperatives are not required to comply with BOI reporting requirements under the act.

FinCEN is accepting public comments on the interim final rule and is expected to finalize the rule later this year. CAI will participate in this process to ensure the interests of community associations continue to be represented.

This development marks a major milestone in CAI's ongoing efforts to protect community associations from burdensome and inappropriate federal regulations. However, our work is far from over. CAI continues to pursue its lawsuit against the U.S. Department of the Treasury and remains in active communication with Treasury officials and Congress to formally and permanently exempt community associations from the act.

We extend sincere thanks to the thousands of CAI members who contacted their lawmakers, submitted public comments, and amplified the message that community associations should not be subjected to the same requirements as corporations and foreign entities. Your voices were heard loud and clear.

What's Next?

• No action is required from domestic community associations regarding CTA compliance or BOI reporting.
• CAI will provide updates as the interim rule is finalized and as its lawsuit and advocacy continue.
• FinCEN's public comment period is open, and CAI will submit formal comments on behalf of members. Urge members of Congress to change the law to exempt community associations from  BOI reporting requirements.

For ongoing updates and resources, visit www.caionline.org/cta.

Meet Our New CAI-KY 2025 President!

Roxanne Schuchardt, CMCA

Community Association Manager | President, CAI 2025

Kentucky Realty Corporation – Louisville, Kentucky

Roxanne Schuchardt is an accomplished Community Association Manager with extensive experience in managing and enhancing residential communities. She holds the prestigious Certified Manager of Community Associations (CMCA) designation, reflecting her dedication to professional excellence and effective leadership in the field.

As the 2025 President of the Community Associations Institute (CAI), Roxanne is committed to promoting best practices and fostering innovation within the industry, empowering communities to thrive under proactive management and strategic planning.

In her role at Kentucky Realty Corporation in Louisville, Kentucky, Roxanne has demonstrated expertise in property management, conflict resolution, financial oversight, and ensuring compliance with regulatory standards. Her passion for creating harmonious, well-run communities has made her a trusted leader and mentor within the industry.

When she's not managing communities or spearheading initiatives at CAI, Roxanne enjoys contributing her time to reading, gardening and spending time with her family.

We are ecstatic to have her lead us into greatness this year!