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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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Joined: Apr 2014
Posts: 633
Nonprofit corporations? In or Out for beneficial ownership?

Answered by:

Deborah Crawford,BOL Learning Connect


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


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.
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: 2,643
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.
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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Joined: Jul 2001
Posts: 80,325
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.
The opinions expressed here should not be construed to be those of my employer:

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