US citizen - Board member and signing officer for Canadian not-for-profit corporation

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sarahp
Posts: 16
Joined: Thu Apr 12, 2012 12:25 am
Location: Canada

US citizen - Board member and signing officer for Canadian not-for-profit corporation

Post by sarahp »

I'm a US citizen living in Canada (and also a Canadian citizen, but that's less relevant) and am currently a member of the Board of Directors for a local (Canadian) charity, which is incorporated as a not-for-profit corporation. I've been asked to take on an officer position on the Board next year, which would make me a signing officer for the organization. I have been trying to research my obligations as a US citizen and any potential risks to the organization - I don't want to put them in a bad position just because I happen to be American.

I think I would need to report this on Part IV of my FBAR as an account where I have signature authority but no financial interest - is that correct? I cannot find anything in the instructions on form 8938 relevant to this situation - do I understand correctly that I don't have to report anything there? Are there other considerations that I've missed?

Thank you in advance for any advice!
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