I 501(c) You - The Podcast for NonProfit Board Members
Business:Non-Profit
This week on I 501(c) You, we are hearing from Steven Solomon, Managing Shareholder of GrayRobinson’s Miami office and Chair of the firm’s Bankruptcy Section. This is a unique episode because we get to learn all about nonprofit bankruptcy and how it can be used as a strategic vehicle. We hope this can provide your organization with a little information about another resource to potentially think about if your organization runs into some trouble. Bankruptcy is not for every organization, but as a board member, you have a fiduciary responsibility to explore all options if things are going awry.
Steven walks us through some of the reasons a nonprofit would file for bankruptcy, some of the factors they should consider when thinking about bankruptcy, and how a nonprofit organization can use bankruptcy as a strategic vehicle.
Some of the major takeaways from this episode are:
We hope this episode is as informative to you as it was to us. We learned so much about bankruptcy and how it can help or hurt a nonprofit organization.
Timestamps:
00:43 - Interview starts
01:38 - Reasons why a nonprofit would think about bankruptcy
03:55 - Does the size of the organization matter?
04:20 - Bankruptcy is not a destination, it is a means to an end
07:30 - Examples of strategic bankruptcies
12:40 - When would a nonprofit organization consult with a bankruptcy lawyer
16:30 - Types of bankruptcy
18:00 - Bankruptcy code of assets for nonprofit organization
19:50 - Chapter 11 bankruptcy for a nonprofit organization
21:45 - Who calls you, board chair/executive director?
23:20 - Bankruptcy as a strategic vehicle
27:00 - One of the first questions Steven asks nonprofit organizations considering bankruptcy
34:20 - Final thoughts
37:49 - Recapping with Read
Join us every week as we release a new podcast with information about how you can be the best board member and provide great service to your organization.
Visit us at: www.thecorleycompany.com
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