New Federal Reporting Requirement

Beneficial Ownership Information

As of January 1, 2024, many companies in the U.S. are required to report Beneficial Ownership Information (BOI). This means information about the individuals who ultimately own or control the company must be reported to the Financial Crimes Enforcement Network (FinCEN).

Who needs to report

You may need to report if your company is one of the following: a corporation, a limited liability company (LLC), or was otherwise created in the U.S. by filing a document with a secretary of state or similar office under the law of a state or Indian tribe; or a foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing. You can view Chapter 1.2 of FinCEN’s Small Entity Compliance Guide for exemption checklists.

If your business is required to report, you will need to identify which deadline applies to you.

  • If your company was created or registered prior to January 1, 2024, you will have until January 1, 2025, to report BOI.
  • If your company was created or registered on or after January 1, 2024, and before January 1, 2025, you must report BOI within 90 calendar days after receiving actual or public notice that your company’s creation or registration is effective, whichever is earlier.
  • If your company was created or registered on or after January 1, 2025, you must file BOI within 30 calendar days after receiving actual or public notice that its creation or registration is effective.

How to report

To file your report, visit FinCEN’s website: www.fincen.gov/boi. Once your submission is complete you will receive a confirmation of receipt. Any updates or corrections to beneficial ownership information that you previously filed with FinCEN must be submitted within 30 days.

For more information

Please reference our BOI Fact Sheet or visit www.fincen.gov/boi.

Cornerstone Bank to Build in Rugby

Rugby Cornerstone Bank Team Members

Cornerstone Bank Expands in Rugby

Cornerstone Bank has purchased land in Rugby and construction on a new bank building will begin this year. Investing in a new community is a significant milestone for the Cornerstone Bank organization, but not one that’s new to them.

“Our vision is to be the experts people turn to when they are making important decisions about their money. When we are able to welcome an experienced team and offer accessible expertise to a new area, it’s an exciting opportunity,” stated Cornerstone Bank President/CEO Jeff Thomas.

Time for expansion

Cornerstone Bank joined the Rugby community in 2022 with a team of bankers bringing decades of experience. Starting out in a leased space, the bank’s priorities were to welcome the team and start providing accessible financial expertise to the area. The team quickly outgrew their cozy quarters.

“We are ready to expand to a bigger space in a more visible location,” Cornerstone Bank’s Rugby Market President Kyle Nelsen stated. “Most importantly, we are committed to our customers in Rugby and the surrounding communities. Our new building will allow us to grow with our customers well into the future,” he continued.

Cornerstone Bank’s future location in Rugby will be directly east of Home of Economy, adjacent to Highway 2.

Growing since 1936

Cornerstone Bank has roots back to 1936 and continues to grow. One of North Dakota’s ten largest financial institutions, Cornerstone Bank has 11 locations in North and South Dakota and values their role as neighbors and contributors in the communities they serve. Cornerstone Bank provides an expansive product offering while staying true to their mission of providing access to financial experts who give straight answers and the best possible financial options. Click here to learn more.