​The Greater Bloomington Chamber of Commerce has announced a new organizational plan to enhance operational efficiency and strengthen its commitment to delivering exceptional member experiences.

“Our new model realigns key leadership roles and adds a new full-time position to better support the Chamber’s mission and evolving strategic goals,” said Eric Spoonmore, President & CEO of the Chamber.

Effective immediately, the following organizational changes have been made:

• Katie Sensabaugh has been named Vice President of Operations and Membership. In this role, she will oversee all aspects of the Chamber’s membership experience, including recruitment, retention, and stewardship, while continuing to lead operational strategies for the organization.
• Christopher Emge has been promoted to Senior Director for Government and Community Relations. He will continue to lead the Chamber’s government affairs initiatives and will now oversee all aspects of the Chamber’s Success School programming, which serves over 4,200 local students.
• Stacia Briggs has been promoted to Member Services Manager. She will oversee volunteer management, operational tasks, and member experience duties.

To support the Chamber’s growing event portfolio, a new full-time Program Coordinator position has been created. Reporting to Communications and Events Director Kaytee Lorentzen, this role will focus on managing 60 events annually.

“Our team of extraordinary professionals continues to lead the way in designing innovative programs, business resources, and advocacy strategies that benefit not only our members but also the greater community,” Spoonmore said. “The Chamber’s new organizational plan puts us  in a strong position for continued growth and success as we commence our 110th year serving the business community.”
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For more information about the Chamber’s programs and initiatives, please visit ChamberBloomington.org.

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We wanted to bring your attention to a significant update regarding the Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) reporting requirements. 
 
What Happened?
On Tuesday, December 3, 2024, a federal district court in Texas issued a nationwide preliminary injunction that: 

• Enjoins enforcement of the CTA and its regulations related to BOI reporting requirements. 
• Stays all deadlines for compliance, including the January 1, 2025 deadline for reporting companies to submit their initial BOI report. 

 
Following this ruling, the Department of Justice, representing the Department of the Treasury, filed an appeal on December 5, 2024.
 
What This Means for Reporting Companies
As long as the preliminary injunction remains in effect: 

• Reporting companies are NOT required to report BOI to the Financial Crimes Enforcement Network (FinCEN). 
• Companies will NOT face liability for failing to report their BOI. 

 
However, FinCEN has clarified that companies may still voluntarily submit BOI reports if they choose to do so. 
 
What Lies Ahead?
The future of the CTA and its reporting requirements remains uncertain. The Texas district court’s decision is just one of several ongoing legal challenges. There are conflicting rulings from other federal district courts, and three related cases are currently under appeal. Because of this, it is crucial to stay updated on developments, as the situation could evolve rapidly.
 
Next Steps
We are continuously monitoring these developments and will advise clients as needed. Be prepared that the requirement to comply in the future if the CTA is ultimately upheld is a possibility. For further information, please visit the FinCEN Beneficial Ownership Information Reporting and the AICPA beneficial ownership information (BOI) reporting pages.
 
If you would like more detailed information on the legal case, please refer to Texas Top Cop Shop, Inc., et al. v. Garland, et al., No. 4:24-cv-00478 (E.D. Tex.) injunction.

Click the video to watch the latest episode of Chamber Insider Update. ​

​As of January 1, 2024, the bipartisan Corporate Transparency Act requires many companies doing business in the United States to report information to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) about the individuals who ultimately own or control them. The law was passed to curb illicit finance and protect U.S. national security. Filing is simple, secure, and free of charge.
 
Companies that are required to comply (“reporting companies”) must file their initial reports by the following deadlines:

• Existing companies: Reporting companies created or registered to do business in the United States before January 1, 2024 must file by January 1, 2025.
• Newly created or registered companies: Reporting companies created or registered to do business in the United States in 2024 have 90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective. Beginning in 2025, newly created or registered companies will have 30 days.

 
Beneficial ownership information reporting is not an annual requirement. A report only needs to be submitted once, unless the filer needs to update or correct information.