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We have an existing 501(c)(3) organization. We are applying for another 501(c)(3) for a similar cause. Can we receive donations to the established one and hold/transfer those donated funds to the new one when we receive our advance ruling letter from IRS. If so is there a procedure we need to follow?
The existing organization can receive contributions for its charitable purpose and decide to fulfill that purpose by supporting the activities of the newly formed organization. I am not aware of any special procedures that need be followed. The existing organization should retain control of the funds until it is sure that they will be used for an appropriate charitable purpose.
Article Archives >> To the Point
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