Does our charity have 'beneficial owners'?

[linlin64]

Hello -- Hoping you can help me understand this, as I'm setting up a new PayPal account for a charity, a Charitable Incorporated Organisation, that I started with a couple of other people.  We are all trustees, ie the board of directors.  All of us are volunteering our time and services, with nobody taking any money.

Should the charity close down, the assets would go to another charity with similar charitable objectives.

PayPal is asking if we have 'beneficial owners' or not. Certainly there's nobody else involved in running the charity apart from us trustees, but are we considered 'beneficial owners'? I don't really understand what this term means so don't know what to tell PayPal.

Thank you in advance.

[CBBCenterville]

We spent quite a lot of time looking into this and based on documents found in the federal registrar, and on PayPals site, it sounds like charitys and 501c’s still must provide identifiable information for the “control prong” of an organization. For example, a school PTO while exempt, may have a control prong of a school principal.