Understanding the New Beneficial Ownership Information Filing Requirement

In an effort to enhance transparency and combat financial crimes, a new filing requirement for Beneficial Ownership Information (BOI) has been introduced under the Corporate Transparency Act (CTA). Beginning January 1, 2024, many businesses will need to file information about their beneficial owners with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). However, this requirement hasn’t been widely publicized, and many companies may not be aware of it.

Why is BOI Filing Important, and Who Needs to Know?

The primary goal of BOI filing is to prevent illegal activities, such as money laundering, fraud, and tax evasion, by making ownership information more accessible to authorities. This transparency measure aims to strengthen financial integrity and accountability. However, because this requirement has received limited attention, companies who need to file risk missing their deadlines if they aren’t aware of the rules.

Who is Required to File?

Most corporations, LLCs, and similar entities created or registered in the U.S. will be required to file this information. There are some exemptions, such as for banks, insurance companies, and nonprofits, but the majority of small and mid-sized companies will need to comply. For new entities, the BOI filing is due within 30 days of formation. Existing entities, however, have until December 31, 2024, to file, which provides some time for those who may not yet be aware of the requirement.

What Information Must Be Reported?

BOI filing involves submitting details such as the beneficial owner’s full legal name, date of birth, current address, and an identifying number (like a driver’s license or passport number). Staying on top of these new requirements and updating information as changes occur will be essential to avoid penalties. You can learn more about this topic at the Financial Crimes Enforcement Network website - https://fincen.gov/boi

PS: Watch out. There are other websites that will look similar and want to charge you a fee for doing this for you. It is our understanding that you should not have to pay a fee if you use the government website link.

Whatever operations role you have in the A/E/C industry, mastering the art of performance reviews is crucial to your and your firm’s success. Reviews aren’t just about checking off a box; they’re about enhancing productivity, fostering growth, and creating a culture where everyone can thrive. Let’s dive into why this process is essential, how to conduct it effectively, and the strategies you can use to make each review impactful.

The Importance of Performance Reviews: Performance reviews are more than just a formality; they’re a vital tool for both evaluating an employee’s contributions and setting the stage for their future growth. For A/E/C operations personnel, these reviews are a chance to ensure that staff members are aligned with the firm’s objectives, motivated, and equipped with the skills they need to succeed. When done correctly, performance reviews can boost morale, increase productivity, and help retain top talent.

Timing Is Everything - When to Do It Right: The timing of a performance review can significantly impact its effectiveness. While annual reviews are standard, consider incorporating quarterly check-ins to address issues in real time and celebrate small wins. For remote employees or those working off-site, scheduling reviews in advance is essential to ensure both parties can engage in meaningful dialogue without distractions. When time-sensitive goals for skills learning or acceptance of a new role are included, it is paramount that follow-ups are performed in time for the individual to still succeed before the due date. 

Planning and Preparation: The Foundation of Success:  A successful performance review starts long before the actual meeting. Begin by setting clear, measurable goals that align with the firm’s objectives. Document your observations throughout the review period, noting both achievements and areas where improvement is needed. This preparation ensures that your feedback is specific and constructive rather than vague and general.

Tailoring Reviews to Different Roles:  Not all reviews are created equal, especially in the A/E/C industry, where roles vary greatly. Here’s how to tailor your approach:

• Operations: Focus on their functional role and its ties to a company’s strategic plan, mission, and vision. Are they meeting or exceeding their role accountabilities, competencies, and timelines? 
• On-Site/in the Field Personnel: If operations personnel are in the field or on a construction site, include hands-on skills, teamwork, adherence to safety protocols, and the ability to meet project deadlines.

Customizing your reviews based on the role ensures that you evaluate employees on criteria that genuinely reflect their responsibilities.

Conducting the Review: Feedback Strategies That Work

When giving feedback, your approach can make all the difference. Start by conveying your positive intent to help the employee grow and succeed. Use the “STAR” method (Situation, Task, Action, Result) to deliver specific feedback that focuses on observable behaviors rather than personal attributes. This approach minimizes defensiveness and opens the door to constructive conversation. For example:

• Situation: Describe the situation the individual was in
• Task: Describe their role in the situation and what they were responsible for
• Action: Describe the steps they took to address the situation
• Result: Describe the outcome of their actions

A new project manager came into your office to request a new project (situation/task). With a smile, you quickly went to your computer and showed her where she could find the form to set up the project and how easy it was to do it herself (action). She thanked you for your help and promised to go there first in the future (result). Feedback:  Your generous instruction method with the new PM made the PM more independent and will avoid work for you in the future.

The Art of Virtual Performance Reviews

In today’s hybrid work environment, conducting virtual performance reviews has become a necessity. To make these reviews as effective as in-person meetings, ensure a stable internet connection and a quiet, private space. Use video conferencing tools to maintain a personal touch and make eye contact. Share your screen to review key points, and follow up with a written summary of the review to reinforce what was discussed.

Post-Review Action Steps: Turning Feedback into Progress

The real impact of a performance review lies in what happens afterward. Set clear action items for both the manager and the employee, with specific deadlines for follow-ups and progress check-ins. Regular check-ins help keep goals on track, provide opportunities to address any obstacles, and reinforce the commitment to continuous improvement.

Fresh Ideas for Performance Management

Innovation isn’t just for design; it applies to performance reviews, too! Consider implementing peer reviews or 360-degree feedback to gain a broader perspective on an employee’s performance. Encourage self-assessments that allow employees to reflect on their achievements and identify areas where they seek growth.

Building a Culture of Continuous Feedback

Performance reviews should be part of an ongoing conversation, not a once-a-year event. Encourage open communication and make feedback a two-way street. When employees feel heard and valued, they’re more likely to be engaged and motivated to reach their full potential.

Conclusion: Elevating Performance Reviews in the A/E/C Industry

Effective performance reviews are a powerful tool for driving success in the A/E/C industry, especially for operations personnel. By tailoring the process to fit different roles, preparing thoroughly, providing constructive feedback, and following up with actionable steps, you can transform these reviews from a dreaded task into a valuable opportunity for growth and development.

Stay connected with SDA for more insights and best practices that will help you elevate your career and add value to your firm. Together, we can redefine what it means to support excellence in the A/E/C industry.

Want to learn more? Here are some additional resources.

SDA Store - Webinar Recording: Unlocking the Power of a High Performance Workforce

SDA Store - Webinar Recording: From Performance Management to Employee Engagement

Training Course Material.Com - Assessment tools and training articles in the STAR method

DDI, inventor of the STAR method, explains training using the STAR method
 

SDA does not endorse any products or services mentioned, and SDA does not assume responsibility for any circumstances arising out of the interpretation, application, use, or misuse of any information presented. SDA recommends that the reader consult the appropriate legal, financial, or human resource counsel before implementing the information contained herein.

 

 

As we continue our CDFA Spotlight series, we’ve been thrilled by the positive feedback and engagement from our community. Each story has highlighted the dedication and hard work it takes to achieve the Certified Design Firm Administrator designation. We’re excited to keep bringing you more of these inspiring journeys. This week, we’re featuring Rachel Howard, CDFA, Office Manager with Clark Construction Group in Seattle, WA. Her insights on being prepared to take the test as many times as needed are sure to inspire!

 

What motivated you to earn your CDFA certification?

I was working on my SMART goals for my company's annual review process, and the certification was a natural fit. Plus, I wanted to be one of the cool kids!

 

Did you have any concerns, or fears, about taking the exam? If so, how did you address or overcome them?

 

I did not do so well on the practice tests, so I was nervous about failing. But I mentally prepared to take the exam as many times as it took. Luckily, I passed on the first try!

What study tools did you find most useful (study group, CDFA-yoU materials, flash cards, other?)

 

The practice questions from the Forum CDFA-yoU Study Group were so valuable! I scoured the entire thread for all of them, going back to 2014.

Did you learn anything new, or surprising, while preparing for the exam?

 

I learned so much! For example, project delivery methods were sort of vague to me before, and I understand them so well now.

 

What section of the exam was the most difficult for you?

 

I found the IT section the most difficult. Wish the study aids had more pictures

Did you have a CDFA mentor help you with the material? If so, tell us about that experience.

I did not reach out to any CDFAs for help, but always felt like I could have. There is a ton of support in this community.

What role, if any, has your CDFA played in advancing your professional or personal development, growth, network or career?

I have already felt a difference in my personal development, as this was a goal that I set for myself in 2023. I feel accomplished, and I anticipate learning even more as I fulfill my required hours of continuing education each year.

Was your employer supportive of your CDFA goals and accomplishment? If so, please share how they demonstrated that support.

Continuing education is encouraged and paid for by my company.

What is your top tip to someone considering the pursuit of a CDFA designation?

Take the practice tests!

How did you, and your firm, celebrate your achievement?

I got a round of applause after I got the call that I had passed. And my work bestie took me out for lunch.

What has obtaining your CDFA meant to you?

The CDFA certification is tangible proof that I am passionate about my work and committed to doing the best job that I can.

Feeling inspired by our CDFA Spotlight features? If you're ready to elevate your career and join the ranks of Certified Design Firm Administrators, now is the perfect time to take the next step. The CDFA designation not only strengthens your skills but also positions you as a leader in our industry. Visit our certification page to learn more about the application process and how you can start your journey today!