How long does a 501(c)3 club have to distribute their assets when dissolving?
Our club renewal is due December 31, but we have until March 1 to renew without penalty and we have until May 1 to send our renewal papers and dues to the national (parent) organization before they threaten to dissolve us. We made a major donation from our bank account to another local club and we are planning on not renewing for next year because getting anyone to do anything or even come to meetings is like pulling teeth, so we feel the local club no longer serves a useful purpose.
Our storage units are prepaid for another 2 years. There's a crap ton of stuff that needs to be sorted and I just don't have the time. They want me to do a complete inventory photograph each item and record each with model and serial numbers. They want the storage empty by November in case we get money back from the storage. My name is NOT on the storage, the member who signed the lease back in 1974 is since deceased and the information was never updated so all the facility has is our post office box and club name.
What would happen if it's not done on time? What I see is lots of junk nobody would want but they are worried about something of value turning up after the 1st of the year. Nobody will help and I'm not about to do this all by myself. I would have to quit my full-time job and it would take me 3 to 4 weeks working at this full-time to list all this stuff on eBay and get it shipped to the buyers. So then what happens if I don't finish by the deadline?
- StephenWeinsteinLv 76 months ago
There are lots of businesses that specialize is selling stuff on eBay. You bring them them the stuff; they take care of putting it on eBay and shipping it to the buyers.