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Are public schools exempt as a government agency under CTR reporting?

Question: Are public schools exempt as a government agency under CTR reporting? We have a local public elementary school that had a very successful school fair and came in with over $10,000 in cash. Is the school exempt, or do we have to file an "exempt person" form?

Answer: The public school, since it is a local government entity, is subject to exemption under Phase I. However, your bank would still have to exempt this account by filing an exemption form. One important difference between Phase I and Phase II exemptions is that Phase I exemptions need not be renewed. Filing once allows the bank to exempt all further transactions occurring through the account. But a notice of exempt person form is still required. (Thanks to Peter Djinis,Esq., Law Offices of Peter G. Djinis for his response.)

Copyright © 2003 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 13, No. 2, 4/30

First published on 04/30/2003

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