How to Close Your myBalto Foundation Account

If you’d like to close your myBalto Foundation account, we can absolutely help. Because donations are held and managed through a nonprofit foundation, there are a few required steps to ensure everything is properly documented and compliant.

Step 1: Bring your donation invoices up to date

Before we can close an account, all outstanding donation invoices must be paid.

This is important because we must be able to accurately account for all donations within the Foundation in the event of an IRS audit.

Step 2: Choose what you’d like to do with the remaining funds

Once your account is current, you have four options for your remaining Angel Fund balance:

1. Move to a different nonprofit

o   Provide the name and contact information of the nonprofit you’ll be using going forward (the Veterinary Care Foundation is a great option), or choose a local shelter/rescue to receive the funds.

2. Donate back to the myBalto general fund

o   We can transfer the remaining balance back to the myBalto Foundation general account to support pets in need.

3. Create your own nonprofit (not recommended)

o   You may choose to create your own animal-focused nonprofit, but this typically takes several months and requires significant bandwidth and financing.

4. Discontinue fundraising and use the remaining funds at your clinic

o   You can stop fundraising through myBalto and use the remaining funds for pets in need at your hospital.

o   We will close your account once the balance reaches $0.

Why we can’t simply “return the funds” to the hospital

We know this is a common question.

Because the funds were raised through a nonprofit foundation for charitable purposes, we can’t simply give the balance back to a hospital as unrestricted funds. We must be able to verify to the IRS (if ever audited) that donations were used for their intended charitable purpose.

Need help?

If you’re considering closing your account, please reach out via the chat in your dashboard or email [email protected] and we’ll guide you through the fastest path based on your preferred option.