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The Temple Chamber recently participated in a Legislative Update hosted by the Texas Association of Business, where insights were shared regarding Beneficial Ownership Information Reporting. As a result, we wanted to provide more information about this topic to our membership and business community. On January 1, 2024, the Corporate Transparency Act (CTA) came into effect, bringing new rules [1] regarding beneficial ownership reporting for businesses. [2] This legislation aims to address concerns related to illicit financial activities, money laundering, and terrorism financing by enhancing transparency and disclosure requirements. Beneficial ownership refers to individuals who ultimately own or control a legal entity, such as a corporation or LLC, and benefit from its operations or assets. Business entities subject to the CTA include S corporations, limited liability companies (LLCs), and similar entities created by filing with a secretary of state (SOS) or similar office. Some of the exempt entities include publicly traded companies, certain financial institutions, and charitable organizations. [3 & 4] The required information for reporting beneficial ownership to FinCEN includes each beneficial owner's full legal name, date of birth, address, unique identification number from an acceptable document, and the filing entity's details. Businesses can file this information electronically through FinCEN's secure system. [5] Non-compliance with the CTA can result in fines of up to $10,000 and potential criminal liability. [5] Understanding the CTA's requirements, including filing deadlines and the information needed, is crucial for businesses to ensure compliance and avoid penalties. [6] For more detailed information about Beneficial Ownership Information Reporting and the Corporate Transparency Act (CTA), we encourage you to visit the following links. Should you have further questions or need assistance navigating the requirements of the CTA, we recommend contacting an experienced Attorney or Certified Public Accountant specializing in regulatory compliance. Links to More Information:
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To the Temple Chamber Membership,
I am honored for the opportunity to serve as your new President & CEO. The warm wishes and support shown to me since the announcement have humbled me deeply, and there are not sufficient words to express my gratitude. I want to extend my heartfelt thanks to our Board of Directors for their commitment, careful consideration, and diligence in selecting the new Chamber President & CEO. Although I am not a new face at the Temple Chamber and have had the privilege of working with and for you over the past nine years, stepping into this role is a new and exciting challenge. I am approaching this next chapter with gratitude and enthusiasm to continue and enhance the work of our mission. During my interview, I emphasized the importance of architecting a bold future and creating a visionary blueprint for the Temple Chamber. Boldness, to me, is not just a trait but an action, and our Chamber has a rich history of bold leadership. The growth and development we see in our community today—from our lakes and interstate to our community college and Fort Cavazos (formerly Hood)—are the legacies of bold and pioneering leaders within the Temple Chamber. This foundation has paved the way for the success of our region for generations. Drawing strength from this courageous spirit, we will chart our bold new course. This blueprint is not a solitary endeavor; it is a collaborative process. As we evaluate key priorities and hone in on our organizational goals, your feedback is vital. Working alongside the Board, our dedicated Chamber Team, community partners, and Members, I am eager to embark on this collaborative journey of shaping our future. My top priority as your new President & CEO is to listen, understand, and identify areas where we can deliver more value to our Members and the greater community. To achieve this, we will initiate a strategic planning process that charts our course for the next 3 to 5 years. While we have programming and events already scheduled for 2024, we understand that the landscape may evolve, and our initiatives into the future must adapt accordingly. Our focus will be on mission-critical work that provides our Members with the utmost value and impact. One significant aspect we will address is our Chamber's lean team. We are committed to bolstering our resources to ensure we provide you with adequate support and service. This includes strategically staffing our team with individuals who embody a servant heart and are dedicated to the growth and success of our Members and community. Additionally, streamlining our current responsibilities will create new opportunities for our team to excel and innovate. By aligning our efforts intentionally and thoughtfully, we can maximize our impact and effectiveness. As we move forward, I invite you to share your insights, ideas, and feedback openly. Your input will be instrumental in shaping our strategies and initiatives. Together, we will navigate challenges, seize opportunities, and architect a bold, visionary blueprint for the Temple Chamber of Commerce. Thank you once again for your support. I am genuinely excited about the journey ahead and the incredible possibilities that await us. Kindly, Whitney Whitney Theriot President & CEO Temple Chamber of Commerce Dave Hedge may not have originally hailed from Temple, but his presence in the community is already deeply ingrained. With unwavering dedication to his role as General Manager for the Temple Daily Telegram, tdtnews.com, Fort Cavazos Sentinel, Tex Appeal Magazine, and Central Texas Tickets.com, Dave's passion for Temple is unmistakable. Not only does Dave excel in his newspaper career, but he is an invaluable Ambassador for the Temple Chamber of Commerce. Having served as Ambassador Chairman well beyond his designated term, Dave has presented dozens of certificates to businesses and emceed countless Chamber events. Currently, he serves as the Treasurer on the Chamber Board of Directors, contributing his expertise to the organization's financial management. During his tenure as Chairman, Dave provided invaluable guidance to the Ambassadors, helping establishing guidelines, and running quarterly meetings. Known for his affable nature and quick wit, Dave effortlessly puts people at ease with his humorous banter, all while maintaining a professional demeanor. Whether cracking jokes or offering sincere advice, Dave's reliability and approachability are unwavering, both within the Chamber and beyond. Originally from Jeffersonville, Indiana, Dave swiftly made his way to Texas, and he loves to say he “got here as soon as possible!”. He obtained his undergraduate degree from Indiana University in Bloomington and later earned a Master’s in Business Administration from Mercer University in Macon, Georgia. Dave's journey in the newspaper industry began early, starting at his local daily paper during high school and continuing through various media companies across multiple states. Reflecting on his career choice, Dave often quotes, "Good newspapers make good communities," highlighting the vital role of journalism in fostering strong communities. This sentiment resonates with his involvement in the Temple Chamber of Commerce, which he says is “the interconnective tissue of the business community and like the newspaper can act as “the voice” for local business and industry.” Married to Nell Lang Hedge, also a native of Indiana, Dave found love amidst the bustling atmosphere of a Bloomington Chamber of Commerce event – a testament to the value of connections forged through Chamber involvement. Nell works for Architectural Plan Review, a locally owned company founded by Temple High graduates, A’lisa and Robbie Ozment. Together, Dave and Nell are proud parents to two sons, Cooper and Riley, both alumni of Wylie High School in Abilene and the University of Oklahoma. Despite Dave's allegiance to the Sooners, he humorously acknowledges and apologizes to his Temple friends who are Aggie or Longhorn fans, quipping, "Your loyalty follows your money... Boomer Sooner!" Temple owes a debt of gratitude to Dave Hedge for his unwavering commitment to the Chamber of Commerce, both as an Ambassador and as a member of the Board of Directors. His dedication exemplifies the spirit of community service and reinforces the Chamber's pivotal role in advocating for a thriving local economy.  |
