Beneficial Ownership Information Reporting
Starting on January 1 , 2024 , millions of small businesses will be subject to additional compliance brought on from the Corporate Transparency Act , passed by Congress in 2021 . The Act requires foreign and domestic entities that meet the definition of a reporting company and that cannot claim one of the 23 exemptions to report who its beneficial owners are .
A beneficial owner exercises substantial control over the company or owns at least 25 % of the company .
Entities in existence at December 31 , 2023 , will be required to file the online report with the Financial Crimes Enforcement Network no later than January 1 , 2025 . Entities that are created after December 31 , 2023 , and before December 31 , 2024 , will have 90 days to complete the reporting . Entities created after January 1 , 2025 , will have 30 days to complete the reporting .
Fairmont State University Receives Grant to Fund Community Health Program
Fairmont State University has been awarded $ 20,000 in grant funding from the Milan Puskar Foundation to implement the college of nursing ’ s Caring for Our Neighbors and Beyond – The Underserved Population project . This project aims to help individuals who lack access to health care services in six counties in North Central West Virginia .
The Fairmont State University College of Nursing will work to promote the mission of the Milan Puskar Foundation by providing health care , training and educational benefits to improve lives in West Virginia .
Through this project , nursing faculty and students will provide health care services , which include screenings , referrals , educational resources , community-based health fairs and hygiene and health promotion kits , to support at least 500 community members in need . Faculty and students aim to expand the project ’ s impact on the community through continued collaboration with local organizations and individuals .
“ We aim to foster stronger community engagement by involving local organizations , volunteers and students in our initiatives ,” says Lisa Eades , the project lead and assistant professor of nursing . “ This collaboration will enhance community awareness about the challenges faced by those experiencing homelessness and underserved populations , encouraging a more empathetic and proactive community response .”
The project proposal was developed by a team of college of nursing faculty , including Eades and Laura Clayton , dean of the college . It is an expansion of the college ’ s 2022 Caring for Our Neighbors : The Homeless Population project , which was also funded by the Milan Puskar Foundation .
“ The expansion of the grant to include surrounding counties beyond Marion County allows us to address the needs of a wider and more diverse population ,” Eades says . “ By being inclusive with the definition of homelessness , we can now support individuals and families who may have been previously overlooked , such as those living in temporary accommodations or facing imminent risk of homelessness .”
The goal of this project is to not only assist community members in need but also to create an environment in which nursing students can develop their skills in health care services . •
Failure to comply could lead to civil penalties of up to $ 500 per day for each day the entity is not in compliance .
These are complex issues , so please consult your attorney or CPA for any questions that you may have .
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