Charity Shifts $1-Million in Assets Just Before Bankruptcy Filing

The nonprofit National Heritage Foundation wired $1-million to an affiliate charity just two days before it filed for bankruptcy last month, Forbes.com reports.

The Falls Church, Va., organization, which helps establish donor-advised funds through which donors can disburse gifts, sought Chapter 11 protection January 24, saying it was “unable to meet obligations.” According to court documents, the group had sent $1-million two days earlier to a subsidiary, Congressional District Programs, leaving it with $6-million in assets against $7.5-million in bank loans.

For more on the National Heritage Foundation’s plight, read The Chronicle’s coverage.