Non-Profit Corporation Interest

[brokenomore]

A long time ago I started a non-profit corporation for religious purposes--a 501-c-3.

It has no assets, and has been basically inactive for years, but a project is coming up where I need to raise up to $15,000 to buy special equipment.

Any funds raised would not benefit me, and I will probably add some of my own funds.

But when I file chapter 7, will they see any of these funds, or the equipment they purchase as something that could be taken? Also, would there be any problem with money that I personally donate to a non-profit that I control?

[HHM]

Money you donate to the non-profit could be a problem.

However, strictly speaking, you do not OWN an interest in a non-profit, you are merely a director. So long as the non-profit meets the requirements to be a non-profit and you have properly maintained it, then the trustee cannot touch.

However, the trustee would have a fair argument that if you donate money, that you may be intentionally concealing assets that should be part of your BK.

[brokenomore]

The thing is that if I WANTED to do mischief with it, I could. I could let funds sit, and then pay myself a salary with them in the future.

That's not my intention, and all the money will be spent on euipment and necessary expenses, and I will not be getting anything out of it, but I wonder if they will see it that way. I just don't want to put donated money in any jeporday.

If I have the funds, I might donate up to $4,000 of my own money. Could the trustee have an issue with that? By the time I file, it will likely have been spent on the equipment.