July 15, 2017 at 07:49PM

Reddit scan:Several years ago, some friends of mine and I set up a non-profit organization for a Makerspace. We went through the process of becoming a 501(c)3, we obtained a workspace, set up a website, recruited members, etc. and all went find until Christmas of 2015 when we had a break-in and everything was stolen. Since then I really haven't had the time to devote and membership has been dwindling. In May we worked out an exit arrangement with the larger organization that we were renting space from (another NFP) and we've moved our remaining property to another location.The remaining members (I officially quit this month) want to change focus and start a tool library, which is fine, except that that's not what we told the IRS or the State we were doing when we set up the NFP organization. My name is on all the organizational papers and the bank account. I'd like to be totally unburdened from the organization, but I'm afraid that if I just walk away that some liability will come up and I'll be party in a lawsuit.What I've asked for is that they set up a new organization using the proceeds from the old, and that all the property from the old organization will become property of the new. As I understand it, as long as the recipient is another non-profit the transfer of money and property will be legal.My questions are:Is this the right way to go about it?Am I overreacting, and is there a better way?What is the process for notifying the state and the IRS that the organization is folding up? http://ift.tt/2vpkI0v by Towson Makerspace