Posts posted by T113Alexandria
Thanks Hawkwin, very helpful.
If I am understanding the information in the Takeaways PDF correctly, I as the troop committee chairman can claim beneficial ownership under the control prong because I have oversight and control of the troop's accounts. And our charter organization, being a church, and therefore exempt from the ownership prong, is not required to be included in the reporting.
We therefore wouldn't need to get an individual from the church to give us their personal information. I could provide my information.
Is that right?
And, for this to be so, should the troop get its own EIN just to keep it separate from the church?
The bank manager told me this is now a requirement for all business (nonpersonal) accounts.
According to my limited research it appears to only affect new accounts, or individuals starting a new relationship with the bank. That is, we did not open a new account, but because the new treasurer and I were starting new relationships by being added to the account, we had to fill out this form.
So, heads up, other troops will likely encounter this when they add new people to an account.
New member here. I'm a Troop Committee Chairman and am in the process of trying to on-board a new treasurer. The former treasurer has been with the troop for years (finishing up third son's Eagle). So to bring on the new treasurer, we all go to our bank and ask to update the account's signatories. I needed to add my name to the account (which I've neglected for some time) and add the new treasurer and remove the out-going treasurer. Now I was expecting this to require some paperwork, but we were also hit with a brand new "beneficial ownership form," which requires a "responsible person" from our charter organization to provide personal information (SSN, copy of ID card, etc.). The form basically identifies this person as the owner of the account. (We currently use our chartering organization's EIN for the account and have for years.) The chartering organization is balking at providing the information. There is some confusion. It's a new form. Not sure who should be on it. Etc.
The bank tells me this is a new form required by implementation of new "know your customer" regulations that were drawn up from the Patriot Act.
That's a pretty long wind up for this question: Has anyone else encountered these new bank regulations/forms? How did you deal with them? Should the Troop get its own EIN or would that even make a difference if the chartering organization is still the owner of our assets?
Thanks for any confirmations, affirmations or guidance :)
Dan in Alexandria, VA
Any C.O. issues with new 'Know Your Customer' regs??
in Open Discussion - Program
Thanks! We had a meeting, which prompted me to do more checking.