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#2209073 - 03/20/19 01:45 PM CTR Exemption
mkp122 Offline
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Joined: Aug 2005
Posts: 219
NJ
Would a Board of Education qualify as a governmental exemption for CTR filing purposes?

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#2209077 - 03/20/19 02:21 PM Re: CTR Exemption mkp122
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
Hard to say. What would a Board of Education be doing with more than $10,000 in cash to begin with?
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#2209082 - 03/20/19 02:39 PM Re: CTR Exemption mkp122
mkp122 Offline
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Joined: Aug 2005
Posts: 219
NJ
Most of the time they deposit lunch money however there was also a fundraiser.

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#2209095 - 03/20/19 03:50 PM Re: CTR Exemption mkp122
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
Public/Private School? - Publicly Elected Officials?? You need to drill down to what they actually are.
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#2209099 - 03/20/19 04:04 PM Re: CTR Exemption mkp122
Richard Insley Online
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Richard Insley
Joined: Oct 2000
Posts: 10,179
Toano, VA
Look at Section 5313(d):

MANDATORY EXEMPTIONS FROM REPORTING REQUIREMENTS.--
(1) IN GENERAL.--The Secretary of the Treasury shall exempt, pursuant to section 5318(a)(6), a depository institution from the reporting requirements of subsection (a) with respect to transactions between the depository institution and the following categories of entities:
(A) ...
(B) A department or agency of the United States, any State, or any political subdivision of any State.
(C) Any entity established under the laws of the United States, any State, or any political subdivision of any State, or under an interstate compact between 2 or more States, which exercises governmental authority on behalf of the United States or any such State or political subdivision.


If (B) or (C) apply, then it's a Phase I exemption and that's the answer.
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