Reply To: Nonprofit dissolution and use of finances



    Thanks for your thoughts and recommendations – they’re very much on point. Tomorrow, I’m headed to one of their service addresses to go through boxes of archived records, some of which, I’m told, are payroll records from 20-30 years ago! Time to check with legal counsel for updated records retention/destruction guidelines *and* call the shredding company and arrange for a pickup after looking at the 20 boxes or so of records!

    Just one indicator that it’ll take a while to wind down the corporation — they haven’t yet filed their 2020 IRS Form 990 (the extension is still active) and we have accounting records to validate before attempting a 2022 Form 990. Will we need to file a 2023 Form 990? Not yet known, but probably likely.

    Just one complication among many relating to your sage advice. We had to find a way to keep health insurance active for employees after their termination dates (through the end of 2022). It was a laudable choice by the board to support employees, but an intricate dance with the insurance company.

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