Nonprofit, trust and will distribution

[atlaswv]

Hello,
The president of a non-profit (501c3) theater group passed away about a year ago, and I'd like to know the following:
Can a non-profit organization be placed in a trust in California?
Can a non-profit organization, as a non-cash asset of the trust, be distributed to the beneficiary (individual) of the trust?
Is there a statute of limitation from the date of the will?
It seems that in the will the theater group was given a large sum of money that was never deposited into the group's bank account yet.
Thank you very much for your help!
Atlaswv

 

[LdiJ]

Hello,
The president of a non-profit (501c3) theater group passed away about a year ago, and I'd like to know the following:
Can a non-profit organization be placed in a trust in California?
Can a non-profit organization, as a non-cash asset of the trust, be distributed to the beneficiary (individual) of the trust?
Is there a statute of limitation from the date of the will?
It seems that in the will the theater group was given a large sum of money that was never deposited into the group's bank account yet.
Thank you very much for your help!
Atlaswv

A non-profit organization is usually not anyone's property, therefore it normally cannot be passed to a beneficiary under a trust or a will. The fact that the deceased left money to the non profit organization in his will, would tend to confirm that. If the board has not elected a new president they probably need to consult their bylaws on the procedures for doing so.

I suspect that it is time for the board of the non-profit organization to consult a local attorney.

 

[atlaswv]

Thank you for your response. A new president has been elected, but she or the organization never received a copy of the document. As a matter of fact, she was told by the beneficiary, that the organization didn’t receive money.
Thank you again for your time and help.
Atlaswv

 

[LdiJ]

Thank you for your response. A new president has been elected, but she or the organization never received a copy of the document. As a matter of fact, she was told by the beneficiary, that the organization didn’t receive money.
Thank you again for your time and help.
Atlaswv

Ok, then where did you get the idea that the deceased did leave money to the organization?

 

[atlaswv]

Ok, then where did you get the idea that the deceased did leave money to the organization?

During a conversation with a leader of an other organization within the same community, which also received money. He forwarded the document to the president of the theater group. (Not sure why would the beneficiary even think that this won’t come to light. )

 

[adjusterjack]

I'm confused. I'm not trying to be snide here but who are you in all this? What is your relationship to the organization? Are you alleging that somebody absconded with the money? Do you have a copy of the will in your possession? What does it day about bequests? Have you checked the probate case file at the court house to see what was distributed? Have you seen the "document" to which you refer? What does it say?

 

[atlaswv]

I'm confused. I'm not trying to be snide here but who are you in all this? What is your relationship to the organization? Are you alleging that somebody absconded with the money? Do you have a copy of the will in your possession? What does it day about bequests? Have you checked the probate case file at the court house to see what was distributed? Have you seen the "document" to which you refer? What does it say?

 

[atlaswv]

I am a member of the board, I have not seen any documents yet, because this whole thing just came to our attention. We will get together and discuss what’s in the will. Your questions are very helpful, these are some of the issues we’ll have to discuss. I was asked to do some research before our board meeting, which is why my thread maybe confusing. Without reading the will and its details, I wasn’t sure what exact questions to ask. Thank you so much for your help.

 

[adjusterjack]

You can get a head start on this by checking the probate court files on the deceased. It's public record. The will should be in there and possibly the information on what has been distributed and to whom. You can get copies of whatever you want before the board meeting.

 

[atlaswv]

You can get a head start on this by checking the probate court files on the deceased. It's public record. The will should be in there and possibly the information on what has been distributed and to whom. You can get copies of whatever you want before the board meeting.

thank you!

 

[zddoodah]

Can a non-profit organization be placed in a trust in California?

Depends on the nature of the organization. You referred to a deceased president, so I'll assume the organization in question is a corporation, and shares of a corporation can be owned by a trust. Who owns the shares of the non-profit organization in question? Are you sure it even has shareholders?

By way of reference, I am currently the president of a 501(c)(3) corporation, and the corporation of which I am president has no shareholders (this is quite common).

Can a non-profit organization, as a non-cash asset of the trust, be distributed to the beneficiary (individual) of the trust?

I don't entirely understand this question. However, in the abstract, shares of a corporation that are owned by a trust can be distributed to the beneficiary of the trust.

Is there a statute of limitation from the date of the will?

A statute of limitations for what?* Regardless of your answer, it is unlikely that any statute of limitations would be triggered by the date of the will.

* - A statute of limitations is a law that provides how long after commission of a crime the prosecution has to file charges or, in the non-criminal context, provides how long after accrual of a cause of action a lawsuit must be filed.

It seems that in the will the theater group was given a large sum of money that was never deposited into the group's bank account yet.

Ok...and? I assume you're talking about the will of the president who died about a year ago. What is the status of the administration of the deceased president's estate?