We are opening an account for a local political candidate and I was unsure if we needed to do beneficial ownership since it is considered a non-profit?

Thank you.

Nonprofit corporations? In or Out for beneficial ownership?





Answered by:

Deborah Crawford,BOL Learning Connect
.


Question:


Do we have to have a beneficial ownership certification on a nonprofit corporation?




Answer:


Nonprofit corporations are not excluded from beneficial ownership certification. However, the control prong is the only piece that needs certification from the person opening the account.

Assuming the political campaign account is a non-profit corporation, you would have to comply with the control prong requirements of the beneficial ownership rules - just like you do for any other non-profit corporation.

That would be my question. Is a Section 527 organization really a non-profit corporation? I have never really looked into it and how FinCEN defines a non-profit.