What is an annual report?
Most states require that business entities file an annual report to keep company information current with the Secretary of State. If a business fails to file an annual report by the deadline, it will go into bad standing and will be at risk for dissolution by the state. However some states do not require nonprofit groups, such as HOAs, to file an annual report, but this doesn’t mean your association should not file.
There are several reasons your association may want to consider filing an annual report. In cases of emergency, police, firemen, and EMS need to have the correct contact information for your association. Other organizations may also need this contact information:
- planning boards for rezoning, development plans, and public hearing notifications;
- the Department of Transportation for road improvements;
- legal organizations for real estate closings, claims, damages, and awards;
- utility companies for storm recovery and notification of service interruptions;
- real estate agents for closings that require documents and assessments;
- and mortgage companies and lenders for foreclosures and assessment payments.
Is my association required to file an annual report or register with the state?
Check the Secretary of State website for your state to see if you are required to file an annual report or register with the state. Required or not, it’s a good idea to keep your information updated. If you contract with a management company, they may take care of this for you.
Where do I file an annual report?
To file an annual report go to the Secretary of State website for your state.
What is included in an annual report?
The official name of the corporation, the principle office information, and a list of officers and members is included in the annual report.
How can I check information in the most current annual report for my association?
To see your association’s current annual report, visit the Secretary of State website for your state. Knowing the legal, incorporated name of your association will help with this search.
I do not recognize the registered agent name or addresses in the current annual report. Where did this information come from?
If your association’s information has not been updated recently, the information registered with the Secretary of State may be from the annual report filed by the builder at the time of construction or the attorney who filed the articles of incorporation. The address might be the one of the original registered agent or even the builder. This information should be updated in the next annual report.