š” When your project wraps up, your remaining funds stay charitable, so they can't be paid out to individuals. You can spend them down on your mission, or transfer them to another 501(c)(3). Email [email protected] to start.
Your funds are charitable
The money in your HCB account is a restricted charitable fund held by The Hack Foundation. That means it can't be cashed out to a person or kept personally, it has to keep supporting a charitable purpose, even as your project winds down.
Option 1: Spend it down
The simplest path for most projects is to spend your remaining balance on your mission before you close, following the normal spending and receipt rules. Once your balance reaches zero, let HCB know you'd like to close your organization.
Option 2: Transfer to a successor
If your project is continuing under a new home, for example you've gained your own 501(c)(3) status or you're moving to another fiscal sponsor, your funds and your project's intellectual property can transfer to that successor. The successor must be a registered 501(c)(3). The process is:
Give Hack Club at least 30 days' written notice that you want to terminate.
Identify your successor and provide proof of its 501(c)(3) status.
Once both sides sign the termination agreement, HCB transfers your remaining balance and intellectual property to the successor.
How to start
Email [email protected] and let the team know your plans. They'll walk you through the right path and the paperwork.