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mission accomplished .
Advice and consultancy services for not-for-profit organisations and registered charities planning a controlled and well-managed closure.
I have compiled this information based on my experience of successfully overseeing the entire spend out and closure process of a UK charity in 2009, and assisting others in an advisory capacity. There is helpful advice available from the Charity Commission and other organisations (please see the resources page for further information and links). In addition I can sit down with you and help plan what this would mean in your organisation, and answer questions such as:
- How can you protect your organisation's legacy?
- Is it better to merge with another organisation or to close?
- What will you do with your assets and equipment?
- How will you be able to instruct your bank to close your bank account if you no longer exist?
- How will you be able to pay for any goods and services you may still need once you've closed your bank account?
- How can you reduce your bank balance to zero, but not risk being overdrawn due to unforeseen expenditure or unexpected bank charges?
- How can your Trustees sign off the final accounts for an organisation that no longer exists, since this means that they are therefore no longer Trustees?
- How will you pay your accountants for producing these accounts since you've reduced your bank balance to zero and closed your account?
The “spend out” model, in which trusts and foundations spend their assets within a designated timeframe, has not been as widely adopted in the UK as in the USA, and there is little information available to help donors, trustees, and staff in the UK who may wish to consider a spend out plan. However, more organisations are actively considering this route, either for strategic, mission-related, or financial reasons.
You are strongly advised to also consult your accountants and solicitors for specific legal advice. This site is not meant to replace their particular areas of expertise.
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 Unported License
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