How to Dissolve a 501(c)(3) Nonprofit Organization

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@FoundationGroup 8 ай бұрын

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@JacobRamolo 8 ай бұрын

Very interesting

@618druidindigo 7 ай бұрын

How much of the board can be a working board that also works as staff? In a public 501c3

@FoundationGroup 7 ай бұрын

Answered in another thread.

@cjmor6590 8 ай бұрын

Would the best strategic risk practice for non-profit dissolution be to transfer the charity to a state with the least compliance

@Diablobuster 6 ай бұрын

What if you want to take your nonprofit to be a for profit company? What do you have to do with the nonprofit's assets?

@FoundationGroup 5 ай бұрын

This is more of a rabbit hole question than you might imagine. Legally, if a nonprofit becomes a for-profit, all of its assets should be distributed for charitable purposes because of the permanent dedication of assets principle. In practice, you virtually never see this. Thousands of charities lose their 501c3 status every year, usually for repeated failure to file Form 990. Those nonprofits become for-profits as of the effective date of their 501c3 revocation and none of them are called on, at least not by the IRS. At the state level, it's far more complicated. The organization is still a nonprofit corporation...and their articles of incorporation still contain the requirement for distribution at dissolution. If the organization never dissolves, then it's not an issue. But if it does dissolve without restoring 501c3 status, state law still dictates that the assets must be distributed and not taken over by the leaders of this entity.

@FVKArchives 4 ай бұрын

Do the statements about dissolving a 501c3 organization apply to a 501c4 organization?

@FoundationGroup 2 ай бұрын

Generally, they're similar, but not the same. Unlike a 501c3, 501c4s are not required to distribute their assets for charitable purposes should it wind down operations. They can do that, but don't have to. They can, however, distribute the remaining assets to another 501c4.