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Nonprofit Suspension and Closure
March 16, 2021 @ 2:00 pm - 3:30 pm
A free webinar as part of Mass Cultural Council’s Recover, Rebuild, Renew Series.
The workshop will be a survey of common methods of closing a nonprofit organization: suspension of operations, bankruptcy, and dissolution. Topics include an overview of the processes each of these methods entail, as well as a discussion of the issues raised by a closing nonprofit’s obligations to staff (compensation and benefits), local and federal governments (taxes and regulatory compliance), and vendors, contractors, partners, and collaborators (outstanding programmatic commitments). We will also explain how human resources decisions play a role in each method.
Format: The format of this workshop will be a 1.5-hour virtual webinar, with time built-in for questions and answers. This webinar will be presented by business attorneys.
Outcomes: At the end of this session, participants will be able to understand the overall processes for suspension, bankruptcy, and dissolution, create a checklist of key business closure considerations and questions for attendees to share with their leadership and business consultants, understand liability considerations from the board of directors’ perspective, and learn how to apply for individualized legal assistance from the Volunteer Lawyers for the Arts.
Content Expert: James Grace, Esq., Executive Director, Arts & Business Council of Greater Boston, Inc.