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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 116817
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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I am on the staff of a Private Foundation in DE. We,

Customer Question

Hello, I am on the staff of a Private Foundation in DE. We, unfortunately, had a problem with our servicing agency that did our accounting, and they dropped us. But since we didnt engage anyone else, three years have passed that we didnt file our 990-PF tax return. Our corporate status is now "administratively dissolved" and our 501(c)3 status has been revoked as well. The alternative accounting company we pursued is asking too much to filing past tax returns. My question is: can we simply leave things as it is? I.e. leave our PF to remain dissolved, and not file past returns, or we would need to file past tax returns even if we are dissolved? (I do understand that any potential tax refunds will be forfeited if we don't file 990-PF form.)
Submitted: 8 months ago.
Category: Legal
Expert:  Law Educator, Esq. replied 8 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
This is a common issue with many non-profits that do not keep up with paperwork. If you are no longer operating you need to do nothing other than you need to transfer the assets of the foundation to another non-profit. However, if you want the foundation to continue operating, you have to file to reinstate the non-profit and that means you need a local accountant to file all of your documentation for reinstatement.
If you do not want to reinstate then really you need to do nothing more other than you should file articles of dissolution with the DE secretary of state to officially and finally dissolve the foundation.
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