Legal Question in Real Estate Law in Illinois

A not for profit Corporation is selling some property, 2 lots and a small clubhouse, does the money from the sale need to be donated to another not for profit, or can it be disbursed among the current club members?


Asked on 4/13/12, 11:42 am

1 Answer from Attorneys
Henry Repay Law Offices of Henry Repay

The funds must either continue to be dedicated to the charitable purposes of the organization or, if it will not remain in operation, then disbursed to another not for profit. Review the Articles of Incorporation and the by-laws with an attorney as there should be a provision directing the board. Various handbooks from the IRS website may also be helpful.

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Answered on 4/13/12, 2:07 pm


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