The Gazette Volume 2.8 Issue November 2024 |
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Brandon Shepard
GELSSA President |
| Dear GELSSA Members and Friends,
As I step into the role of President of GELSSA, I am both honored and excited to serve this incredible association. First, I would like to thank Derek Dever for serving as our President since 2020! His exceptional leadership and dedication as President of GELSSA over the last 4 years, guided us through challenging times and has played a pivotal role in revitalizing and getting our association back on track. Reflecting on the progress we have made this year, I am filled with pride and gratitude for the dedication and hard work our volunteer leaders have contributed. 2024 has been a year of remarkable achievements with130% revenue growth, and re-energizing our membership that is up 30% since the beginning of the year with 20 new members joining and bringing fresh perspectives and energy to our association!
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Throughout the year, we hosted our quarterly events, webinars, and networking opportunities that have not only enhanced our professional skills but also strengthened the bonds within our association. The GELSSA Fall Summit was an incredible event and if you were not able to attend you definitely missed out. I learned a ton but also had a great time in the process. The Networking Bingo event where we go to know everyone better was fun. Counte, I'm so sorry no one else had an April birthday with you! I would also like to thank our Fall Summit overall event sponsors, Johnson Controls & Rev.io for the incredible support and making our event possible! I'm also very grateful to SDI and PDK for sponsoring the breakfast and lunch respectively at the Summit.
As we look forward to 2025, there is much to be excited about. We have already re-invented and planned our Quarterly Events, and have ambitious plans to expand our initiatives, introduce new programs, and continue providing valuable resources that empower our members. Our focus will remain on fostering professional development, advocating for our industry, and creating opportunities for growth and collaboration. With that, I'd like to personally invite you to attend our Q1 Membership Meeting & Expo coming up on March 7th at The Governors Gun Club! We are happy to announce that this event will feature dozens of exhibitors, a shooting event and a packed membership meeting agenda that will be sure to catapult our association forward!!
I encourage all members to get actively involved and take full advantage of the benefits that GELSSA offers. Your participation is crucial to our collective success, and your insights and feedback are invaluable as we navigate the path ahead. Together, we can achieve even greater milestones and make a lasting impact on our industry here in GA and most importantly within your business!
Thank you for your ongoing support and commitment to GELSSA. I am excited about the journey ahead and look forward to working with each of you to make 2025 a year of continued growth and success. Wishing you all a very Happy Thanksgiving! Sincerely, Brandon Shepard GELSSA President |
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On January 1, 2024 a new reporting requirement went into effect that requires millions of small businesses to file a Beneficial Ownership Information (BOI) Report with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). Every small business owner needs to know about this new reporting requirement as non-compliance can result in severe civil, and criminal, penalties. This article addresses some of the main questions small business owners have been asking about BOI reporting.
What is the purpose of the Corporate Transparency Act?
The CTA is mainly an anti-money laundering law with the intent of preventing criminals from concealing their ownership of corporations, LLCs, or similar entities in the United States to facilitate money laundering, financing of terrorism, tax fraud, and other illegal acts. Congress, believes that federal legislation providing for the collection of beneficial ownership information is needed to protect national interests and better enable efforts to counter those illegal acts.
Who has to file a BOI report?
Every corporation, LLC, or other entity created by the filing of a document with a Secretary of State or similar office under the law of a state or Indian tribe is required to file a BOI report unless it qualifies for an exemption. Those entities created in the United States and not exempt, and therefore required to file a BOI report, are called “domestic reporting companies”. What does a company have to file?
Each company has to file certain information about the business. All beneficial owners will have to report certain identifying information including date of birth, home address, passport, driver license, and other sensitive information. The information can be discloses to a limited group of requestors including (1) federal agencies engaged in national security, intelligence and law enforcement, (2) state law enforcement agencies with a court order, (3) the Treasury Department, (4) financial institutions with the company’s consent, (5) government regulators of financial institutions, and (6) certain foreign authorities requesting information through a U.S. agency.
When and how to file?
The initial report and all updates and corrections must be filed electronically with FinCEN via FinCEN’s website, by January 1, 2025. If the entity is formed during the calendar year 2024, it has 90 days to file. If the entity is formed on or after January 1, 2025, it must file within 30 days of formation. If there is any change in the information reported about the reporting company or its beneficial owners, the reporting company must file an updated report within 30 calendar days after the date on which the change occurs. Keep in mind that you will not be able to see previously reported information on the FinCen website so be sure to keep records of what you have filed.
It is estimated that it will take most companies 2.5 to 3 hours to fill supply the information and to upload the forms, if they get it right the first time. Companies who make mistakes will find their applications rejected and will have to resubmit their information within 30 days. Can another firm file for me?
Just as with any other government requirement firms will spring up that will offer to file the information for you. Remember that these firms may or not have the necessary skills, and that you are still responsible for the information filed. The FinCen website does not allow you to save your input, so if you exit the site you lose all of your inputted data. This means that if your input is rejected, or, if you need to update information, you have to start over again. With many companies waiting until the last minute the site could be overloaded and go down, forcing you to start over again. We have developed a secure portal that you can access so that you can easily understand the requirements, upload the scanned documents, monitor your progress, submit your filing to FinCen, and see previously filed documents so that you can correct errors and make changes. Using our portal will take less than five minutes. It will obtain your FinCen ID, and guide you through the process. Submitting ownership information is as easy as scanning and uploading your driver license.. Feel free to reach out to us at BOI@Reitman.US
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Meet Our New Director of Sales! |
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We are pleased to announce that Caroline Murphy has joined our team as our new Director of Sales! Caroline comes to us with several years of B2B Sales Experience!
In this role, Caroline will be welcoming new GELSSA members, as well as selling marketing opportunities offered at our Events and through our Media Kit! Please provide Caroline with a warm welcome when you hear from her!
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| Fall Summit Recap! It brings me great pleasure to share a recap of our highly successful GELSSA Fall Summit & Q4 Membership Meeting. This event was a remarkable gathering that highlighted the power of education and networking among our members and industry partners!
The Fall Summit, held on November 1st and 2nd, kicked of with dinner on Friday evening that featured great food and even better company! We were thrilled to see members from all over the state representing a diverse range of backgrounds and expertise join together to network and learn. |
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Our agenda was packed with insightful presentations, interactive workshops, and valuable networking opportunities that included topics ranging from Unlocking Sales Potential, Networking Bingo, Accelerating Success through New Technician Onboarding, our General Membership Meeting, a Workshop that covered how to Revolutionize Your Marketing, a great session on the Evolution of our Industry entitled, It's Not Your Father's Alarm Company Anymore and we wrapped up with a fantastic session on Future Proofing Your Business. Our distinguished speakers delivered thought-provoking talks that sparked meaningful discussions and provided practical takeaways for all participants. Special congratulations are due to Counte Cooley for winning the Networking Bingo Grand Prize - a complimentary registration and one night hotel stay at the 2025 Fall Summit; as well as, Gabe Chandler for being the first to get a "bingo!"
In addition to the educational sessions, the Fall Summit also offered ample opportunities for networking. The connections made during the summit will undoubtedly lead to fruitful collaborations and partnerships in the future. It was heartening to see members engaging with one another, sharing insights, and building relationships that will strengthen our association.
The success of the Fall Summit would not have been possible without all the attendees that took time out of their schedule to attend as well as our Sponsors! Your active participation and support were instrumental in making this event a resounding success.
As we look forward to the coming year, we are excited to build on the momentum from the Fall Summit. Our Q1 Meeting will take place on March 7th in Kennesaw at the Governor's Gun Club and will feature the addition of an Expo!!
Thank you once again for making the Fall Summit a memorable and impactful event. Together, we are shaping the future of the security industry, and I am excited about what lies ahead for GELSSA!! Sincerely, Shannon Few GELSSA Executive Director |
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We Are So Grateful to Our GELSSA Fall Summit Sponsors! |
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Research Insights from Parks Associates |
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Excerpt from Parks Associates:
Residential Security System Sales are Down, Matching Pandemic Lows
"According to Parks Associates latest research security system adoption has stabilized at roughly 31-32% of US internet households owning a security system after a spike in purchasing safety, security, and technology products during the pandemic. Economic headwinds continue. Though inflation has come down, overall pricing of goods and services are still higher than several years ago, restraining consumer purchasing power. Mortgage interest rates have also come down slightly, but housing prices remain high and inventory is limited, restraining home sales. Residential security system providers must prove their value to attract customers to buy into the fuller capabilities of a system and to retain customers eyeing cheaper options."
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We Are Planning Ahead! Check Out Our 2025 Event Schedule Below and Mark Your Calendar! |
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GELSSA Members Receive Discounts on ESA Training |
All GELSSA members receive ESA Member Pricing on ESA's National Training School course purchases!
This represents significant savings on training up to 30%! To receive the GELSSA member discount code please reach out to Shannon.Few@gelssa.org. This is one more easy way to recoup your GELSSA dues very quickly! |
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Thank You to Our Premier Partner!! |
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Following GELSSA on social media is the best way to stay updated with the latest industry news, event announcements, and member highlights. Our social media platforms provide a space for real-time interaction, valuable insights, and networking opportunities with fellow professionals in the electronic life safety and systems industry. Don’t miss out on exclusive content, expert tips, and the chance to engage with the vibrant GELSSA community. Join us today and be part of the conversation driving our industry forward! |
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