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Winding Down: A Risk Management Checklist

Winding down : A Risk Management Checklist A wide range of options should be explored anytime a nonprofit faces serious operational challenges, financial shortfalls and other circumstances that make it impossible to continue normal operations. This Risk Management Checklist offers an overview of the process of dissolution (which is an action governed by state law) as well as a list of the issues that CEOs and board leaders should consider when planning to wind down the operations of a nonprofit . Note: This Checklist is not a substitute for legal advice from a competent attorney licensed in the state in which your nonprofit operates. Obtaining legal advice concerning your nonprofit s specific circumstances is highly recommended if your organization is considering Winding down , dissolution, filing for bankruptcy, or merger opportunities. Winding down What are the Options? One of the first steps that leaders must take is determining whether the nonprofit will be dissolved (after which it legally ceases to exist), placed in a dormant state (not operating, but retaining its corporate identity), or reorganized through bankruptcy proceedings.

Winding Down: A Risk Management Checklist A wide range of options should be explored anytime a nonprofit faces serious operational challenges, financial shortfalls and other circumstances that make it impossible to continue normal operations.

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