QUESTION
Who keeps equipment if a 501 3 c folds up? Should they be sold and money given back to members?
Asked on Dec 08th, 2014 on General Practice - Pennsylvania
More details to this question:
our non profit wrestling club has folded. the president has removed $13,000. worth of wrestling mats which were obtained through fundraising from our building. The president has also written an email previous to removing the mats declaring he was stepping down from the organization.
1 ANSWER
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The assets of the club must be liquidated and given to a similar organization that has 501(c)(3) status. No individual can benefit from the organization's folding.
Answered on Dec 10th, 2014 at 11:30 AM