KarenL4
Employee Tax Expert

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Hi, 

You are not allowed to sell property that belongs to a non-profit and personally retain those proceeds.  Your articles of incorporation hopefully dealt with the disposition of assets upon dissolution. You may want to refer to that.  There are also other administrative steps you must take when dissolving a non-profit.  Here is some information that may help. https://www.irs.gov/charities-non-profits/termination-of-an-exempt-organization. Likely your state will have rules about dissolving the nonprofit.

If you have further questions, you may want to call the IRS and your state.  Here is the contact information for exempt organizations for the IRS.  https://www.irs.gov/charities-non-profits/contact-irs-exempt-organizations

 

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Best,

Karen

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