501c3 Asset Transfer

FREDLHRA · #1 Apr 11, 2006, 09:24 PM

I Would Like To Know If It Is Legal (or Ethical) To Create A 501c3 Corperation And Donate The Assets From A 501c3 Church That Is Being Desolved Considering The Fact That The President Of The Desolved Church Is The President Of The Newley Organized 501c3 Corperation?

valinors_sorrow · May 6, 2006, 03:20 PM

I have been the sole employee of a 501c3 corporation for the last ten years. According to the Articles of Incorporation we filed with the state, it is as far as I know illegal to transfer or donate as you have outlined, and would be considered highly unethical by our membership too. One of the Articles details the procedure for the dissolution and asset distribution and it all stays within the membership.

FREDLHRA · May 7, 2006, 09:37 PM

Thanks For The Reply To My Question. Your Information Was Very Helpful And Appreciated.



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