The Temple Chamber recently participated in a Legislative Update hosted by the Texas Association of Business, where insights were shared regarding Beneficial Ownership Information Reporting. As a result, we wanted to provide more information about this topic to our membership and business community.

On January 1, 2024, the Corporate Transparency Act (CTA) came into effect, bringing new rules [1] regarding beneficial ownership reporting for businesses. [2] This legislation aims to address concerns related to illicit financial activities, money laundering, and terrorism financing by enhancing transparency and disclosure requirements.

Beneficial ownership refers to individuals who ultimately own or control a legal entity, such as a corporation or LLC, and benefit from its operations or assets. Business entities subject to the CTA include S corporations, limited liability companies (LLCs), and similar entities created by filing with a secretary of state (SOS) or similar office. Some of the exempt entities include publicly traded companies, certain financial institutions, and charitable organizations. [3 & 4]

The required information for reporting beneficial ownership to FinCEN includes each beneficial owner's full legal name, date of birth, address, unique identification number from an acceptable document, and the filing entity's details. Businesses can file this information electronically through FinCEN's secure system. [5]

Non-compliance with the CTA can result in fines of up to $10,000 and potential criminal liability. [5] Understanding the CTA's requirements, including filing deadlines and the information needed, is crucial for businesses to ensure compliance and avoid penalties. [6]

For more detailed information about Beneficial Ownership Information Reporting and the Corporate Transparency Act (CTA), we encourage you to visit the following links.

Should you have further questions or need assistance navigating the requirements of the CTA, we recommend contacting an experienced Attorney or Certified Public Accountant specializing in regulatory compliance.

Links to More Information:

1. Federal Register/Vo. 87, No. 189/Friday, September 30, 2022/Rules and Regulations https://www.govinfo.gov/content/pkg/FR-2022-09-30/pdf/2022-21020.pdf
   
   
2. https://www.fincen.gov/boi
   
   
3.  https://www.fincen.gov/beneficial-ownership-information-reporting-rule-fact-sheet
   
   
4. https://fincen.gov/boi-faqs#C_2
   
   
5. https://fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf
   
   
6. https://www.fincen.gov/sites/default/files/shared/BOI-Informational-Brochure-April-2024.pdf

Dr. Christy Ponce, President of Temple College, delivered a compelling ‘State of the College’ address for the recent Temple Chamber Public Policy Council Luncheon. The event, attended by over 150 individuals including state officials, city leaders, and business representatives, was held at the Hilton Garden Inn. The focus of Dr. Ponce's address was to shed light on the present accomplishments and future vision of Temple College.
 
Dr. Ponce's address resonated with optimism and excitement a she highlighted the continuous growth in enrollment, the alignment of programs with regional employer needs, and the expansion of partnerships to create more opportunities for students.
 
The address also showcased architectural renderings and detailed insights into the ongoing and upcoming construction endeavors on campus, including the new Temple College Main Building, Arts and Workforce Building, Campus Services Center, and the forthcoming Health Sciences Building and renovations to the existing Health Sciences Center.
 
These projects, made possible by a $124.9 million bond passed by Temple voters in 2021, are set to redefine the college's physical landscape and, more importantly, provide students with cutting-edge facilities and resources to excel in their educational journeys and career pursuits.
 
The post-event buzz reflects a shared sense of excitement and anticipation for the transformative journey ahead for Temple College and our community.

In a dedicated effort to foster community engagement and promote educational awareness, the Temple Chamber of Commerce is excited to announce the upcoming State of Temple College Public Policy Council luncheon in collaboration with Temple College. The event is Wednesday, March 27, 2024, at the Hilton Garden Inn in Temple.
 
Join us for an enlightening luncheon where we will delve into the present state, transformative projects currently underway on the campus, and the future vision of Temple College. Our speaker is the President of Temple College, Dr. Christy Ponce, a dynamic leader in secondary education.
 
Since its establishment in 1926, Temple College has stood as a cornerstone of educational excellence in our community. Committed to fostering academic achievement, community enrichment, and workforce development, Temple College plays a pivotal role in shaping the future of our city and beyond.
 
In alignment with its dedication to educational excellence, Temple College is undergoing transformative projects resulting from the 2021 Bond Election. These projects, collectively endorsed by voters, signify a monumental leap forward for the institution. The projects include:
 
1. Temple College Main Building:

• A cutting-edge, four-story structure poised to be the new "front door" to the College.
• Housing a welcome center, all student services, advanced technology-enabled classrooms, and a spacious events facility.

2. Arts and Workforce Building:

• A visionary hub for visual arts and workforce development showcasing student and faculty works of art.
• Offering ample studio space for photography, ceramics, painting, and sculpture.
• Equipped with labs for advanced manufacturing, computer labs, and skills labs for various disciplines.

3. Health Sciences Center:

• A multi-story health sciences center designed to expand health care programs, including nursing and sonography.
• Forging partnerships with Baylor College of Medicine and Baylor Scott & White Medical Center.

4. Campus Service Center:

• Strategically located on the east side of campus, serving as the physical plant and purchasing department.
• Providing essential space for Temple College vehicles, including buses and the innovative Temple College mobile learning center.

 
Don't miss this opportunity to gain valuable insights into the educational initiatives, achievements, and future of Temple College. 
 
Secure your spot by registering through the Chamber website. This event is open to all members and non-members of the Temple Chamber of Commerce interested in the educational landscape of Temple College.
 
The Temple Chamber of Commerce Public Policy Council invites your participation in this event as we explore the State of Temple College with Dr. Christy Ponce. Together, let's celebrate the vital role that education plays in shaping the future of our community.