1741 What to do with assets when a worshiping community closes
Law Meets Gospel
English - October 10, 2017 18:58 - 14 minutes - 13.6 MB - ★★★★★ - 2 ratingsReligion & Spirituality Government church law legal mosque religion state synagogue Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
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If history is any indication, every worshiping community's life ends sometime. If that happens under the U.S. Tax Code, there are limits on how assets must be distributed. Musical instruments, books, and furnishings can't just be given to the donors who funded them. Fair prices must be received. And any assets left at the end of the legal entity's existence must be transferred to another charitable entity, like another house of worship, a denominational entity, relief agencies, or social service providers.