Why does my 501c3 non profit organization have to provide "beneficial owner" declaration?

xiaohua68847
Contributor
Contributor

Not really sure how this is supposed to be answered.  It's a business account with Paypal, but is actually a 501c3 organization and does not have "owners".

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2 REPLIES 2

EntrustedHou
New Community Member

Did you ever get this resolved? I have the same problem. 

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xiaohua68847
Contributor
Contributor

According to my research (thanks, Google!) it seems that charities DO have to certify beneficial owners, just as businesses do.   This is a federal regulation that banks must comply with. The beneficial owner would be the person(s) with control of charity.  Practically speaking, that would be the person(s) with significant responsibility to control, manage, or direct the non-profit.   Hope that is helpful!

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