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Can we transfer the funds?

Your Legal Questions Answered

Can we transfer the funds?

Our organization raised about $5000 10 years ago for a building that was never built. We still have the money and would like to put it in the general fund. We do not know who all of the contributors were and the ones we do know about are no longer around. Can we transfer the funds?

This is where the Attorney General can be your friend.  Since the Attorney General is probably the only person who can object to your making the transfer, it makes sense to ask the Attorney General to give you a letter of no objection.  It is not a lot of money, but if you can get protection for your directors who make the decision, you ought to try to do so. 

In the future, try to give yourself some wiggle room in solicitations, saying you plan to use the money for a special project, but will use it for other purposes if the project doesn’t happen or you get more than you need.

Monday, May 3, 2010

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