Is this correct under the new CTA guidelines effective this year?

Organization is registered under the state corporation commission, however, is a tax exempt 501c entity, it is exempted from beneficial ownership requirements - correct?

Refer to the checklist for Tax Exempt Entities: https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf

It is important to note, whether or not a legal entity is exempt from reporting beneficial ownership to the BOSS, there have been no changes to the 2018 CDD Final Rule so a non-profit opening an account at your institution would still have to provide a certification of beneficial ownership that includes one control prong individual.