Legal Question in Tax Law in Illinois

I just became President for a 501c Non for Profit charity and learned that our Treasury has a CD in our club's name for $5000. Can we have that or should we close the account and cash it in?


Asked on 6/18/15, 7:08 am

1 Answer from Attorneys
Virginia Prihoda Law Offices of Virginia Prihoda

What you should do with the account is a function of your organization's plans for utilizing the cash. Talk to your Treasurer and your Board, and your accounting and legal advisors. If you don't have any accounting and legal advisors, you should get some, perhaps as honorary board members.

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Answered on 6/18/15, 7:40 am


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