November 2023

LEGISLATIVE UPDATE... from page 8.

LOOKING AHEAD... from page 6.

in New Jersey’s community association industry. For further information, https://cainj.org/partnership/. 2024 Adopt-A-Family. CAI-NJ’s F.A.S.T. Committee will once again adopt multiple families through Interfaith Neighbors, a local Monmouth County organization, to ensure that they will enjoy the holiday season. Please sup port this important initiative by donating. For further informa tion, https://www.cai-nj.org/event-5408062 . Awards Nominations are now open on the CAI-NJ web site. Use this as an opportunity to recognize fellow CAI-NJ members for their outstanding contributions to the industry in multiple categories! Nominations are due December 1st! For further information and to register for our upcoming programs, please visit, https://cainj.org/network-events/, for networking events and, https://cainj.org/educa tion-events/, for educational programs. I wish everyone a safe and healthy Fall season as we make new memories, enjoy old traditions, count our bless ings and are grateful for all that we have. n

ABDM Property Management......................................................................42 Accurate Reconstruction..............................................................................57 Acrisure..................................................................................................... 11 Arthur Edwards, Inc....................................................................................21 Executive Property Management, AAMC.......................................................46 The Falcon Group - Engineering, Architecture & Reserve Specialists.................11 Felsen Insurance Services, Inc......................................................................59 First Citizens Bank......................................................................................16 Growing Concern......................................................................................42 Gutter Master.............................................................................................43 Homestead Management Services, Inc., AAMC.............................................30 Innovative Pressure Cleaning.......................................................................49 Integra Management Corp., AAMC.............................................................44 As you can see, this is a comprehensive law that Associations, its management companies and board members must monitor to ensure compliance. Failure by Associations to file timely reports can lead to significant penalties. It will also be import ant to educate prospective Board members that disclosure of their personal information for purposes of federal reporting is necessary for them to be eligible to serve on the board. n includes any business concern that employs more than 20 employees on a full-time basis in the United States, files income tax returns demonstrating more than $5,000,000 in gross receipts or sales and has an operating presence at a physical office within the United States. Associations that already exist as of January 1, 2024 and are not exempt must file their initial report by January 1, 2025. Associations created after January 1, 2024 must file their ini tial report within 30 days after notice of registration. Associations that fail to timely file the report may be sub ject to civil penalties of up to $500 for each day that the violation continues, or criminal penalties including imprison ment for up to two years and/or a fine of up to $10,000. Senior officers of an entity that fail to file a required report may be held accountable for that failure as well.

DIRECTORY OF ADVERTISERS

JGS Insurance, A Baldwin Risk Partner..........................................................28 Kipcon.................................................................................25 & Back Cover mem property management.........................................................................35 Preferred Community Management Services, AAMC......................................29 PS&S. ....................................................................................................... 36 R.A. Landscaping.......................................................................................52 Rainbow G&J Painting................................................................................29 RCP Management Company, AAMC, AMO..................................................52 Specialty Building Systems...........................................................................52 Truist......................................................................................................... 42 USI Insurance Services................................................................................46 Wilkin Management Group, Inc...................................................................27

Thank you for supporting the official magazine of CAI-NJ!

62

NOVEMBER 2023