bobby1011
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Everything posted by bobby1011
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Nancy: Sorry for the confusion--I mixed up my responder's name. bobby1011
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Chris: Thanks for the clarification. bobby101
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jstackpo: I don't understand your comment or the reference to Proverbs 15:1
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Jonathan: Thanks for following up. I'm just very concerned that this proposed by-law change may be implemented without proper professional attention, consideration and knowledge. bobby1011
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Mr. Brown: Thanks for your response. It's very similar to what I suggested when I was informed that this action was being considered. My hope is that the organization followed this advice. bobby1011
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Jonathan: Thanks for getting back so quickly. I understand and agree with your point about the by-laws and the ability of the membership to change them. My question, and I'm neither a lawyer or a tax authority, deals with the effect of this action, if it passes, on the status of the organization. When I became aware that this approach was being considered, I suggested that both a lawyer and a tax accountant be consulted; I don't know whether this has happened. I was hopeful that some member of this forum might have had exposure to this issue and had some comments/advice on how to proceed. bobby1011
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My wife is a long-time member of a non-profit recreational organization. The current by-laws state on dissolution the assets, after debt is paid up, are to be distributed to non-profits engaged in similar activities. A change is being proposed where on dissolution the assets will be distributed in the following way--5% to a similar non-profit and the balance (95%) to the membership who have been members for more than 10 years. I've looked at about 5 or 6 different on-line sites about this topic (federal and state) and it doesn't appear that this can be done. Appreciate any thoughts and comments. Thank you, bobby1011