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Question?

northernlightsmedia

northernlightsmedia

If a non-profit organization owns a station, the station is then put up for sale and then it sales to a new owner. Who keeps the profit after all bills are paid. Do the board members keep it and split it. Especially if there is no parent non profit for the money to go to and the non profit that owned the radio station will no longer exist after the sale. Just wondering.
 
The "profit" remains with the organization, not the individuals. Usually when not-for-profits disband, they give over all their assets to another non-for-profit. For example, the Mobile County Higher Education Association disbanded recently and gave all of its assets to the University of South Alabama. Returning any donations, especially restricted donations (donations given only for a specific purpose or project that the organization pursues) is common as well.

If the organization doesn't disband, they are free to use those funds for another project.

I can't remember offhand if its officers or trustees (or maybe even both) but at least one of those groups in the organization can't receive income from a not-for-profit anyway.
 
William_Yeager said:
The "profit" remains with the organization, not the individuals. Usually when not-for-profits disband, they give over all their assets to another non-for-profit. For example, the Mobile County Higher Education Association disbanded recently and gave all of its assets to the University of South Alabama. Returning any donations, especially restricted donations (donations given only for a specific purpose or project that the organization pursues) is common as well.

If the organization doesn't disband, they are free to use those funds for another project.

I can't remember offhand if its officers or trustees (or maybe even both) but at least one of those groups in the organization can't receive income from a not-for-profit anyway.
Click to expand...

There was a million dollar shareathon - people like myself donating money to WCIE with the understanding it would continue to program Contemporary Christian music. Moody comes in and changes the format to something the contributors did not want, did not believe in - does Moody return the money? No. They keep it for their dull, boring, irrelevant brand of format. We should have launched a class action lawsuit ---
 
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