How To Terminate The Exempt Status of A 501c7 Organization
How To Terminate The Exempt Status of A 501c7 Organization
Introduction
A non for profit organization organized under IRS code section 501(c) 7 that wishes to relinquish their organization status must do so by informing the IRS in writing. This is done by filing a final applicable form for their applicable organization, whether Form 990, 990EZ, or 990 T. This return is due to be filed four months and 15 days after the date of the organization's termination.
Background
An organization organized under IRS Section 501c7 is organized under the following premise:
Clubs organized and operated exclusively for pleasure, recreation, and other non profitable purposes, of which no part of the net earnings of the club benefits any individual shareholder.
Disclosure Requirements, Form 990 Series
On the Form 990, the "termination" box should be checked.
Answer "yes" to question 31 in Part 4, "Is the organization liquidation, terminated, or dissolved?"
If applicable, address the question of whether the organization disposed of a significant number of net assets on line 32, Part IV, Form 990 or 990EZ, line 36, Part V.
After the organization indicates its intent to dissolve, it must file Schedule N, Liquidation, Termination, Dissolution, or Significant Disposition of Assets. The following items must be addressed:
Description of the assets.
The distribution date of the assets.
The fair market value of assets and any information about recipients of the distributed assets.
Schedule N, Specific Question
Schedule N requires that this question be addressed:
Will any officer, director, or trustee be involved with or have a financial interest in the new company, if applicable? If so, the name or names of these individuals must be provided along with an explanation.
Return Attachment
The following documents are required to be attached to your return
Certified copy of the organization's articles of dissolution, or merger, if applicable.
Plans of liquidation, or merger, if applicable.
In addition, you may be required to notify the state attorney general or applicable state governing authority of its intent to dissolve.
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