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How quickly can a not for profit go under? | Fairygodboss
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Anonymous
How quickly can a not for profit go under?
I work for a 300 person not for profit (501c-6). We have been running in the red the last 3 years but this year are on target to be tens of millions in the red. We have some funds in reserve but I am not clear if they can be used for operating expenses or if they have to be used for mission activities. I am looking for a new job but it's not a great time of year in addition to the pandemic. My retirement is partially through a pension and partially in a 401K (they switched 2 years after I was hired). I am vested in both plans. One of my coworkers thinks we could be clearing out our desks by March, he is convinced it could go down quickly, like we saw on Wall Street in 2008 when established companies just evaporated over night, I don't know if as a non profit we can be shut down that quickly, there are boards and tax ramifications etc. Thoughts? What should I be looking for to know it's coming? We are all remote right now so I don't even know if we would be allowed to collect our stuff, I have some certificates, diploma's and personal artwork I want back.
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