Finalize School Affairs: Finance ENTITIES INDIVIDUALS DESCRIPTION OF REQUIRED ACTIONS DEADLINE STATUS INVOLVED RESPONSIBLE Maintain IRS 501(c)(3) Status School Maintain IRS 501(c)(3) status until final dissolution. Notify IRS regarding any address change(s) and file required tax returns and reports. Notify Funding Sources / Charitable Partners School Notify all funding sources, including charitable partners of school closure. Notify state and federal agencies overseeing grants / programs of school closure. Review and Revise School Budget School, Review the school’s budget and overall financial condition. PCSC, Make revisions, taking closure expenses into account closure while prioritizing continuity of instruction. Submit budget to PCSC and SDE. SDE Identify acceptable use of reserve funds. List all Creditors and Debtors Formulate a list of creditors and debtors and any amounts accrued and unpaid with respect to such creditor or debtor. Not that the creditor list is not the same as the contractor list (above), but should include any contractors with whom the School school owes money (based on a contract or invoice). Creditors include lenders, mortgage holders, bond holders, equipment suppliers, service providers and secured and unsecured creditors. Debtors include persons who owe the school fees or credits, any lessees or sub-lessees of the school, and any person holding property of the school. Notify Debtors and Process Payments School Contact debtors to request payment. Process and document received payments. Determine PERSI Obligations School Contact PERSI to determine remaining liabilities for employee retirement program. Notify and Pay Creditors Notify all creditors of the school’s closure and request final invoices. School Sell appropriate assets.
Finalize School Affairs: Finance DESCRIPTION OF REQUIRED ACTIONS ENTITIES INVOLVED INDIVIDUALS RESPONSIBLE DEADLINE STATUS Maintain IRS 501(c)(3) Status Maintain IRS 501(c)(3) status until final dissolution. Notify IRS regarding any address change(s) and file required tax returns and reports. School Notify Funding Sources / Charitable Partners Notify all funding sources, including charitable partners of school closure. Notify state and federal agencies overseeing grants / programs of school closure. School Review and Revise School Budget Review the school’s budget and overall financial condition. Make revisions, taking closure expenses into account closure while prioritizing continuity of instruction. Submit budget to PCSC and SDE. Identify acceptable use of reserve funds. School, PCSC, SDE List all Creditors and Debtors Formulate a list of creditors and debtors and any amounts accrued and unpaid with respect to such creditor or debtor. Not that the creditor list is not the same as the contractor list (above), but should include any contractors with whom the school owes money (based on a contract or invoice). Creditors include lenders, mortgage holders, bond holders, equipment suppliers, service providers and secured and unsecured creditors. Debtors include persons who owe the school fees or credits, any lessees or sub-lessees of the school, and any person holding property of the school. School Notify Debtors and Process Payments Contact debtors to request payment. Process and document received payments. School Determine PERSI Obligations Contact PERSI to determine remaining liabilities for employee retirement program. School Notify and Pay Creditors Notify all creditors of the school’s closure and request final invoices. Sell appropriate assets. School
IACS%20Expanded%20Petition%20PCSC%20Format%20June%202015.docx