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wjh4848
Level 3
June 2, 2021
Question

NFP Dissolution - Schedule N preparation when only asset was cash

  • June 2, 2021
  • 2 replies
  • 11 views

I have a NFP client that is dissolving this fiscal year. I answered "yes" to line 36 of the 990-EZ. I must do Schedule N, but how should I prepare it if my only asset is $3,399 in CASH? My balance sheet is now zero.

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2 replies

qbteachmt
qbteachmt
Level 15
June 2, 2021

Well, where did the cash go?

See if this helps:

https://www.irs.gov/charities-non-profits/termination-of-an-exempt-organization

 

Don't yell at us; we're volunteers
    W
    wjh4848Author
    Level 3
    June 2, 2021

    Do I need to list each transaction or is their a dollar amount threshold?  The article does not say. 

    qbteachmt
    qbteachmt
    Level 15
    June 2, 2021

    It isn't clear what is "each transaction." I don't see where you answered where the funds went?

    Don't yell at us; we're volunteers
    sjrcpa
    sjrcpa
    Level 15
    June 2, 2021

    https://www.irs.gov/pub/irs-pdf/f990sn.pdf

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