Re: Transferring to another non-profit

From: Jimmy Kaplowitz <jimmy(at)spi-inc(dot)org>
To: spi-general(at)lists(dot)spi-inc(dot)org
Subject: Re: Transferring to another non-profit
Date: 2009-09-29 18:10:31
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Hi MJ,

On Tue, Sep 29, 2009 at 11:25:56AM -0400, Michael Schultheiss wrote:
> MJ Ray wrote:
> > says "Your
> > Liaison may decide that your project is quitting SPI at any time. Any
> > assets and money held by SPI for your project may be transferred to the
> > 501(c)3 US non-profit of your choice, or simply held until expended."
> >
> > Is that a legal constraint in the US for 501(c)3 organisations?
> Yes.
> > What possibility there is for transferring assets to a non-US
> > organisation if a project wants to end its link with SPI?
> An attorney or CPA (Certified Public Accountant) would need to be
> consulted.

To elaborate on what Michael said, we need to ensure the money remains used for
the purposes for which SPI is tax-exempt, and also honor the more specific
donor intent. For non-501(c)(3) organizations, additional steps have to be
taken to ensure this well enough to satisfy the US tax authorities, hence the
consultation with the attorney or CPA.

- Jimmy Kaplowitz


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