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 Post subject: Re: Treasurer won't respond
PostPosted: Mon Dec 13, 2021 9:43 am 

Joined: Sun Aug 22, 2004 11:26 am
Posts: 4773
Location: Maine
$490 isn't much to save an FPH40. Was this GoGfundMe money?
Deciding where to go next with that little cash on hand is going to be your toughest decision. That's kind of blunt, but that's how I see it at the moment.

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 Post subject: Re: Treasurer won't respond
PostPosted: Mon Dec 13, 2021 11:40 am 

Joined: Sun Aug 22, 2004 7:19 am
Posts: 6464
Location: southeastern USA
Darius might have not succeeded in his attempt to conquer Greece, but he did vastly expand the Persian empire and develop a reliable method of coinage and commerce. Why do you reference him as being bad?

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 Post subject: Re: Treasurer won't respond
PostPosted: Mon Dec 13, 2021 5:58 pm 
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Joined: Fri Oct 24, 2008 9:05 pm
Posts: 1130
Location: MA
So here is where we stand, I think I was supposed to register with the state AG... I didn't. There are also annual reports missing that I never filled in and can't fill in. I can't fill them in because I don't know the address of the former secretary and all filings must be truthful. I tried asking him for this information but he wouldn't give it to me hence the former part, I tried explaining this over the phone to the state but the guy just kept getting confused and telling me I can file online SMH. The only income I can recall is that I made with online stores like Zazzle and Cafepress the rest of the funds came out of pocket. Some were also lost when the bank shut down the account due to lack of activity.


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 Post subject: Re: Treasurer won't respond
PostPosted: Tue Dec 14, 2021 12:02 am 

Joined: Mon Aug 23, 2004 3:01 pm
Posts: 1755
Location: SouthEast Pennsylvania
RCD wrote:
The only income I can recall is that I made with online stores like Zazzle and Cafepress the rest of the funds came out of pocket. Some were also lost when the bank shut down the account due to lack of activity.
The bank was probably required to send that money to the State's Unclaimed Property Fund, the process is called Escheat. You have to go to that department to reclaim it.


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 Post subject: Re: Treasurer won't respond
PostPosted: Tue Dec 14, 2021 12:35 am 

Joined: Sun Aug 22, 2004 11:54 pm
Posts: 2606
Since this is a pain in the keister for financial institutions-and their job is maintain a deposit base or assets under management they will usually alert account holders (or last known authorized representatives) that the account will be considered will be considered abandoned due to lack of activity-and it honestly is a long time before that happens.

Some states regularly publicize property escheated to their Treasury. The difficulty here is that certain filings weren't made, and there's missing officers, so it might be difficult to establish that Mr. RCD and his remaining officers are the legal representatives of a validly formed organization.

If we're talking thousands, it might be work trying to find an attorney who will advise, if not the money may be not lost, but it might be infeasible to recover.

The bottom line. Get good legal help when forming a corporation. Get referrals. Don't use the lawyer that did your divorce or something like that. There are firms that specialize in business law.

Several years ago, I received a phone call from some eager young fellows to see if I could help them file a 1023. It turned out they were either mislead or misunderstood the services they obtained from a local attorney. They thought they were getting the full monte, both state incorporation and a 1023 application for federal tax exemption. I knew they didn't get that, because the amount charged was inadequate to cover even the "express" 1023EZ, which at that time was I think $400. (It's $275 now). There were property ownership issues (outside my competence) and the 27 month period expired before they discovered they hadn't become tax exempt. The property found a home, but I don't know if they recovered their personal expenditures.

Still you'd be shocked at the stuff that goes to your state Treasury.

When I was getting my grad degree at the University of Scranton, some of my classmates were City of Scranton employees and as evidence of the fiscal disarray the city was in, they told a story about receiving notice from a local bank that the long period of inactivity was going to result in escheatment. They promptly made sure that happened, but I can't tell you just how effed up it is that a perennially distressed city "forgot" about several hundred thousand dollars-it's so bad, I don't even know how to do that-assuming the standard monthly cash reconciliations are done.


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 Post subject: Re: Treasurer won't respond
PostPosted: Tue Dec 14, 2021 12:53 pm 
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Joined: Fri Oct 01, 2004 2:46 pm
Posts: 2696
Location: Pac NW, via North Florida
Th funny thing is that not long ago, a guy I know (a friend of a friend) was bragging about exactly this kind of thing, a non-profit done as verbal deals and nothing on paper. He was asked to be the treasurer as he worked in a bank once.
he knew the timing for filing for the non-profit status and that nothing was on paper. He actually bragged about how he'll get to keep the money once the timeframe elapses and he'd then 'ghost the whole bunch,' he said.
I didn't know the group he was talking about and he was so specific not to mention them so nobody can contact them, about his plan. No the same group as many of these things haven't happened yet, but you have to wonder how often this does happen.
I bet it's pretty common, sadly.

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