There are three important requirements affecting New Jersey Community Associations: Reserve Studies Compliance, the Corporate Transparency Act (CTA) Compliance and Structural Integrity Compliance. Please ensure your association is in compliance.
Reserve Studies Compliance
- All community associations with at least $25,000 in capital assets must comply.
- Reserve studies must be updated at least every 5 years.
- Associations with reserve studies dated before January 8, 2019, or without any study, must have an updated study by January 8, 2025.
Corporate Transparency Act Compliance
- Community associations must comply – there are limited exemptions.
- Association must report legal name, EIN, address to FinCEN.
- Board members must report certain personal information to FinCEN.
- The deadline to register is December 31, 2024.
Structural Integrity Law Compliance
- Certain covered buildings must comply.
- Covered buildings over 15 years old (as of January 8, 2024) must complete initial structural inspection by January 8, 2026. All other covered buildings must complete initial structural inspection within 15 years of CO date (16 years for newest buildings).
- Regular structural inspections are required thereafter.
- Structural inspection must also be made within 60 days of observed structural damage.
Melissa Volet contributed to this article
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National Law Review, Volume XIV, Number 331