If you, or your ministry or business, own an overseas financial account, you are required to file an FBAR annually. This is also called a Report of Foreign Bank and Financial Accounts, or Form 114. This would also include accounts for which you have signature authority.
In case you had not heard this before, that requirement would apply if you are the controller or backup check signer on a ministry’s checking account in the country where your organization is working. The filing requirement falls on the organization and every individual who has signature authority. Yes, this could get messy.
If the balance is over $10,000 at any point during the year then the filing requirement exists.
An August 14 article in Accounting Today explains the filing deadline will be synchronized with the 1040 deadline: FBAR Deadline Moves Up 3 Months to April 15.
Currently the FBAR must be filed by June 30 of each year for accounts held in the prior calendar year. That deadline will be moved to April 15 starting with the 2016 calendar year. First shift in deadlines will then come into play on April 15, 2017.
The law changing the deadline will also allow a six-month extension.
There can be serious penalties for not filing the FBAR.
I hope ministries have ears to hear.