Adventures in Winding Up Charitable Entities –
“Don’t Fool Around with the Shutting It Down”
March 4, 2023
New Orleans, LA
All good things must come to an end. Many of our clients are highly philanthropic, and many set up bespoke vehicles to focus that philanthropy – private foundations, supporting organizations, donor-advised funds, public charities, and other vehicles. However, many of these vehicles also become non-viable, because the founders have passed away, or moved on to other things, or because those running them have decided that the infrastructure or risk involved in running a charity is no longer worth it. But it’s not as simple as turning off the lights and closing the door. Many states have onerous processes for shutting down charities. In addition, terminating a charity in the wrong way can result in massive tax penalties. Brad Bedingfield and Kelly Hellmuth outlined the steps required and best practices to wind up various types of philanthropic vehicles. They covered options for consolidating with other charitable vehicles (including mergers, affiliations and dissolutions), unexpected state-law barriers and pitfalls, management of restricted assets, and the role of state regulators and federal law. Brad and Kelly also addressed special tax considerations around dividing, reorganizing and terminating private foundations.
Speakers: Brad Bedingfield and Kelly Hellmuth
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