Reply To: Nonprofit dissolution and use of finances

Kate Barr

    Our organization has had various roles with several organizations through the process of dissolution. The messiest ones don’t have the resources to satisfy all of their obligations, so that’s a whole different topic. Fortunately that’s not the situation here. I’d say that the key things to watch for/prepare for is to be sure there’s been diligent work to identify any and all financial or legal obligations, to work with employee benefit plans and insurance companies to make sure than any tails or ongoing liabilities or costs are accounted and reserved for, and to be sure there are board members who are aware of and prepared for the reality that they will have some responsibilities for a period of time after the dissolution (it could be a few months and it could be a full year.)

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