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CTR Reporting on Owners of Tax Exempt Organization
Answer by Randy Carey, BOL Guru
Guru Bio
Question: How do you report joint owners on an organization account which is exempt from federal income tax under section 501(c)(3) on a CTR which was filed for a deposit of greater than $10,000?
Answer: A 501(c)(3)organization is not owned. It is a separate entity. It will have individuals that are authorized to transact business for the 501(c)(3) entity, but they are not the "owners". The entity would be the beneficiary and reported in Section A. Whoever conducted the transactions on behalf of the entity would be reported in Section B.
First published on BankersOnline.com 1/28/08
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