Taking Over An Existing NPO Nonprofit Not-for-Profit Foundation

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Taking Over An Existing NPO Nonprofit Not-for-Profit Foundation

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07-02-2010

sysop

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Taking Over An Existing NPO Nonprofit Not-for-Profit Foundation

Taking Over An Existing NPO Nonprofit Not-for-Profit or Foundation
by russnaturalist

Take over existing (but dying or defunct) NPO
FAQ compiled by regulars to the Craiglist forum

Before you start, be sure you are not inheriting liabilities. Check their latest IRS form 990. Check for pending lawsuits or judgements.

Here are the legal steps:

1. The existing outgoing board holds a meeting, which you and a group of friends attend.
2. The existing board votes to appoint you and your friends to fill vacancies on the board. You immediately take office.
3. Officers of the existing board immediately resign their offices.
4. You vote yourselves in to fill the officer vacancies. You take office immediately.
5. The retiring board members all resign effective immediately.
6. You use presidential power or board vote to appoint some more of your friends to fill the newly created vacancies (check the bylaws on which method is required).
7. You are now legally running the NPO. You have control of their assets and liabilities.

Be sure they turn over all the following:

1. articles of incorporation & receipt of filing from State
2. bylaws (change later if you want)
3. IRS EIN
4. IRS 501 (c) (3) letter
5. State Bureau of Charities registration letter
6. Bureau of Charities annual filings
7. deeds & easements
8. financial records including audit statements
9. personnel files and payroll records
10. grant records
11. minutes
12. Insurance policies
13. any and all contracts
14. passwords for computers, ISP and other websites
15. data bases such as membership lists, PR lists, business contacts, donor lists, etc.
16. Keys to property, combinations to the safe, alarm system codes, etc.

Be sure the person formerly authorized to make changes to the accounts notifies the service provider of the names of a new authorized contact for any services such as payroll company, brokerage accounts, insurance agents, bank accounts, accountants, auditors, etc,

If you change the office location, notify IRS and State Bureau of Charities and State Dept of State (or wherever incorporation records were filed).

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