How should a nonprofit organization distribute its assets upon dissolution?

Nonprofit organizations in Washington must follow certain steps when dissolving and distributing their assets. The state requires that all assets of a nonprofit organization must be used in accordance with the purpose for which it was created, and to no other purpose. The steps to follow when distributing assets upon dissolution include: 1. Submit written notification of dissolution to the Office of the Secretary of State. 2. Make a final report to the Attorney General that includes the name and address of the nonprofit, the name of each officer or director, a list of the assets and liabilities including the assets being distributed, and how the assets were used. 3. All assets must be distributed to an organization with a similar mission or purpose as the dissolved nonprofit, or to a recognized charitable organization that has been approved by the Internal Revenue Service. 4. The assets must be distributed within a reasonable period of time after the dissolution. 5. The assets must not be distributed to the benefit of any of the members or officers of the organization. 6. Final tax returns must be filed with the Internal Revenue Service. 7. Written notice must be sent to creditors informing them of the dissolution and the distribution of assets. By following these steps, a nonprofit organization in Washington can make sure their assets are legally distributed upon dissolution.

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How should a nonprofit organization distribute its assets upon dissolution?

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