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Idaho | A group in our community is looking for a facility to use as a sort of community center. The caretakers of a church building that closed up have offered to donate the building to the cause. Community group would form a 501c3 and cover the title company's transfer costs. Accountant says the new nonprofit would have to report the donation at its fair market value, triggering a full 990 filing. Caretakers would then dissolve the church corporation. All this is fine.
Had another idea last night, wondering what any with experience might think:
Rather than forming a new nonprofit, what if the community folks just took over the church corporation (and changed its name, adopted new bylaws, etc.)? Ownership of the building wouldn't actually change, so the title company, appraisal, and 990 filing wouldn't be needed.
Would this work?
TIA | |
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donating a building
