Posted By: mkp122
CTR Exemption - 03/20/19 01:45 PM
Would a Board of Education qualify as a governmental exemption for CTR filing purposes?
Posted By: rlcarey
Re: CTR Exemption - 03/20/19 02:21 PM
Hard to say. What would a Board of Education be doing with more than $10,000 in cash to begin with?
Posted By: mkp122
Re: CTR Exemption - 03/20/19 02:39 PM
Most of the time they deposit lunch money however there was also a fundraiser.
Posted By: rlcarey
Re: CTR Exemption - 03/20/19 03:50 PM
Public/Private School? - Publicly Elected Officials?? You need to drill down to what they actually are.
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.