During dissolution, assets are distributed according to priority, and what else is required?

• A. Notifying the members
• B. Final court action
• C. Final reporting
• D. Public disclosure

Answer: (C)

During dissolution, assets are allocated according to a priority order, and the next essential step is final reporting. This final report closes the financial books and provides an official record of what was distributed, to whom, and how any remaining obligations were handled. It ensures transparency, accountability to members and creditors, and compliance with the organization’s rules and any legal requirements. While other actions like notifying members or pursuing court action may occur in some contexts, final reporting is the required step that formally concludes the dissolution process by documenting the outcome and closing the records.