Ask Experts Questions for FREE Help !
Ask
    alean's Avatar
    alean Posts: 1, Reputation: 1
    New Member
     
    #1

    Feb 2, 2013, 10:11 AM
    Can a church under a 501 c-3 hold money in a cd, money market account,etc and not pay
    I attend a church that is under a 501c-3 non profit organization on our last meeting the funds in the operating account for bills and to pay salary is low not enough to cover expense, so the pastor and staff had to take a 25% cut in their pay. The church has money in a cd and a money market account but they said they will not touch that money and the pastor and staff might not get paid next month if there is no money in the operating account, I need to know can a non profit hold mony in any kind account or cd etc and not use that money?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
     
    #2

    Feb 2, 2013, 11:01 AM
    There are no rules that prevent the church (or any organization for that matter) from cutting pay of its employees, absent a contract that guarantees pay (such as a union contract), even though the organization has some cash in the bank. So yes - the church can continue to hold a CD or other financial assets even while it cuts the pay of its employees.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Money Market Account [ 1 Answers ]

Just learned you cannot have a beneficiary with Money Market Account because it is checking account The form is only available for savings account. Maybe I should change the account over to savings Am Trust Bank

Can take money from personal account to pay off overdraft in joint account [ 1 Answers ]

I have my own personal account but I still have a joint account with my soon to be x husband, this account is now overdrawn thanks to him, and he is paying no money in to this account when it gets to the limit can the bank take money without my permision out of my own account to pay off the joint...

Once you sell a home of a deceased parent do you have to hold money in an account for [ 2 Answers ]

Once you sell estate of deceased parent and pay off all the debit, do you still have to hold money in an account for any period

Can a bank hold your money even if there are no holds on account? [ 4 Answers ]

I have money in account all got off hold today went in bank to get money out said I couldn't why is that?


View more questions Search