Legal Question in Business Law in Minnesota

Spending Future Funds

Can the membership of a Parent-Teacher Organization, a 501(c)(3) corporation, vote to spend $30,000 over the next two years when the bank account currently has only $9,000 and voting membership changes each year? Can we legally vote to spend future funds?


Asked on 3/19/04, 10:14 pm

1 Answer from Attorneys
David Kelly-952-544-6356 Kelly Law Office

Re: Spending Future Funds

You might try looking at that statute, Chapter 501, and see if you can find any restrictions. I don't know of any.

What they are doing might not be wise, but as far as I know stupidity is still legal.

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Answered on 3/20/04, 1:07 pm


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