You will be requested to fill out a Beneficial Ownership Disclosure Form (BODF) to verify your identity and to confirm that you are tied to the chapter or colony. Below are explanations of the information requested on this form.
Beneficial Owners: The number of individuals who either directly or indirectly own or control at least 25% of the merchant. Must be between 0-4. Beneficial Owners are not required for non-profit organizations or public universities. Please enter 0.
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a. Equity Ownership Percentage (at least 25%): The percentage of ownership held by individual(s) who own at least 25% of the business. *
What needs to be filled out? The Business Information and Controlling Officer sections
Who is a controlling officer? A controlling officer is a person with authority to oversee the merchant account (likely the Treasurer or President).
How can I securely submit the Beneficial Ownership Disclosure Form (BODF) to OmegaFi? You will be provided with a secure link to upload your forms directly to a protected OneDrive file for your chapter.
Business Information Section:
Merchant's Legal Business or Corporate Name - Needs to be the exact legal name listed on your SS4/147c (if it doesn't you will likely get flagged by our payment processor ProPay)
Type of Business - The type of business that most closely represents your institution.
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a. Corp. (Non-publicly traded) Limited Company: A business structure where the company's ownership is limited to a small group of individuals or entities
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b. Corp. (Publicly traded): A business whose shares are traded on a public stock exchange
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c. 501c3 Non-Profit Organization: A specific type of tax-exempt business recognized under Section 501(c)(3) of the U.S. Internal Revenue Code. These businesses are typically established for charitable, religious, educational, scientific, or literary purposes.
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d. Municipality or Government Organization: A type of public entity that operates at the local, regional, or national level, and it is funded and managed by government authorities.
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e. LLC (Non-publicly traded): The LLC is a private entity, and its ownership shares are not available for purchase on public stock exchanges
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f. LLC (Publicly traded): The LLC is listed on a public stock exchange, allowing its shares to be bought and sold by the public.
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g. Limited Partnership: A business where there are two types of partners: general partners and limited partners
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h. General Partnership: A business where two or more individuals or entities operate a business for profit.
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i. Publicly Traded Partnership / Limited Liability Partnership
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j. Sole Proprietorship / Sole Trader: An unincorporated business owned and operated by a single owner.
Physical Address - The physical address must be where the chapter is located. This cannot be a PO Box. ProPay has given two options below for an address, in this order:
- The address of the fraternity/sorority house at the university, if the chapter has one.
- The address of the university. (Note: If option 2 is chosen, proof that the chapter exists on that campus is required. For example, a university website that lists that specific chapter or a Fraternity/Sorority website that affiliates that chapter with the university.)
Country - Chapter's country.
Business Phone Number - This needs to be OmegaFi's number.
Contact Person and Title - Contact person's name and position. Example: John Doe, Treasurer.
"Doing Business As" Name - National name, followed by chapter designation.
ProPay 8-Digit Account Number - Leave this blank, it will be filled out by the payments team after you submit the BODF.
Type of Entity - Corporation
City, State, Zip - Chapter's city, state, and zip.
Federal Tax ID (EIN number) - Your chapter's EIN can be found in these places:
- Your SS4/147c, or your chapter's prior-year tax return, the first page of Form 990 or Form 990-EZ, item D.
- Use the IRS Exempt Organization Search Tool, search by organization name (i.e., Alpha Fraternity), and then find your specific chapter's information.
Website URL - Can be your chapter's website, or your Headquarters' national website.
Contact Email Address - Contact person's email.
Date Started - The date the chapter was incorporated/chartered.
Tax Exempt, Yes or No - Leave this blank
Controlling Officer Section: Provide all personal information of the controlling officer. (This information must match what is listed on their drivers license. The address cannot be a PO Box.)
Why do I have to provide a Social Security Number? It is required due to anti-laundering laws. There is no way around providing a social security number. It is only used by ProPay to validate the controlling officer's identity.
Financial Information Section:
Monthly Credit Card Volume - The estimated monthly volume of credit card transactions. Value must be the number of dollars in USD, or the number of currency without decimals.
Average Ticket Amount - The average amount of an individual card transaction. Value must be the number of dollars in USD, or the number of currency without decimals.
Highest Ticket Amount - The highest single transaction amount. Value must be the number of dollars in USD, or the number of currency without decimals.
Percent Card Present - This is the estimated percentage of transactions that are card present (i.e. chip, touch, swipe etc). Must be between 0 and 100. Total of all estimated values must equal 100.
Percent Card Not Present - This is the estimated percentage of transactions that are card not present – ecommerce (i.e. online store purchasing etc). Must be between 0 and 100. Total of all estimated values must equal 100.