Re:filing requirements (1 viewing) (1) Guest
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TOPIC: Re:filing requirements
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Jackie (User)
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filing requirements 1 Year, 9 Months ago
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I represent a non-profit which board of directors has decided to dissolve the entity. Other that passing resolutions, what is the procedure for shutting down a 501c3?
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Brian (User)
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Re:filing requirements 1 Year, 9 Months ago
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File a final tax return and notify the state attorney general of the dissolution. FYI, the dissolution must be done within the parameters of the articles, bylaws and the state statutes governing non-profits. The excess assets must be distributed to a like kind 501c3.
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Jackie (User)
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Re:filing requirements 1 Year, 9 Months ago
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Thats helpful. What about the contracts and the unpaid grant allocations to other non-profits? If my non-profit promised money to another non-profit, can they sue for specific performance if my non-profit decides to shut down?
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Brian (User)
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Re:filing requirements 1 Year, 9 Months ago
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You can assign contracts and grants from the closing 501c3 to another non-profit. And, in some situations you can even cancel the contracts and grants. Specific performance would only apply if there was detrimental reliance on the part of the other parties.
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Jackie (User)
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Re:filing requirements 1 Year, 9 Months ago
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Thanks Brian. Thats all helpful advice.
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Jackie (User)
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Re:filing requirements 1 Year, 8 Months ago
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If the articles and bylaws do not require unanimous decision to terminate and dissolve the entity and the state corporate status doesnt address how many board of directors are required to terminate the entity, then i assume a majority of the board of directors is sufficient to terminate the entity?
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