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#2220664 - 08/29/19 03:02 PM Beneficial Ownership - Political Candidate Account
AW27 Offline
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Joined: Jan 2017
Posts: 22
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.

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#2220675 - 08/29/19 03:25 PM Re: Beneficial Ownership - Political Candidate Account AW27
Sunshine Lady Offline
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Sunshine Lady
Joined: Apr 2014
Posts: 629
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.
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Define Success on your own terms, achieve it by your own rules, and build a life you are proud of. Anne Sweeney

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#2220733 - 08/30/19 12:30 PM Re: Beneficial Ownership - Political Candidate Account AW27
Adam Witmer Offline
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Joined: Sep 2010
Posts: 2,622
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.
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Adam Witmer, CRCM

All statements are my opinion, not those of my employer, and should not be taken as legal advice.
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#2220737 - 08/30/19 01:21 PM Re: Beneficial Ownership - Political Candidate Account AW27
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,618
Galveston, TX
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.
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