While it is hard to get an accurate reading, as many as 3 assembly fellowships may close their doors across the United States and Canada annually. At least that many new assembly works open their doors for the first time annually as well. Regardless, it is important to know how to handle asset dissolution:
- Review of Bylaws: Check existing bylaws to see if there are any requirements on how assets are to be dissolved.
- Disposal of Real Assets: When a non-profit organization dissolves, the assets or proceeds from their sale must be given to another nonprofit, which allows for ministry continuation.
- Disposal of Financial Assets: Banking and investment accounts must also be donated to another non-profit organization.
- Maintenance of a “Set-Aside” Account: Some funds should be set-aside for a limited period of time to handle unforeseen bills
- Care of the Assembly’s Commended Workers: Consideration should be given for their ongoing support, once the fellowship ceases to meet.
BSS has had extensive experience helping assemblies that are considering a closing of their doors.