My family had a small 501(c)(3) charity that is no longer active. It has about $1500 left in its bank account. We’ve all agreed that the $1500 will be given to another nonprofit (which I think is a 501(c)(3) requirement upon a dissolution).
We want to be sure to give every cent to the other nonprofit. However, I’m concerned that the check might bounce (due to a monthly bank fee, a forgotten other check or the like).
So I’d rather have the cash given to me, and then I’d write my own check and pay every cent over to the other nonprofit. Family is OK with this, and they’d see records to ensure that I do pay all of the $1500 to the other charity.
However, when dissolving a 501(c)(3), when giving its assets to another nonprofit, is it OK to run the assets through an individual’s bank account as part of the chain of payments?
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