Newcap retains auction company to liquidate non-real estate assets

May 22, 2026 - 11:05

Newcap, the nonprofit organization that shut down at the end of March amid allegations of financial mismanagement, has brought in an auction company to handle the liquidation of its remaining non-real estate assets. The move marks the next step in winding down the organization's operations.

According to officials, the auction firm will oversee the sale of equipment, furniture, vehicles, and other tangible property that Newcap still holds. The decision comes after the nonprofit ceased all services and laid off staff earlier this spring. The organization had faced scrutiny over its handling of funds, which ultimately led to its closure.

The liquidation process is expected to take several weeks. Proceeds from the auction will go toward paying off debts and covering any remaining obligations. Newcap's board has stated that the goal is to maximize returns from the asset sales while ensuring transparency throughout the process.

No details have been released yet on the specific items to be auctioned or the exact dates of the sale. However, the auction company is expected to provide a full inventory and schedule in the coming days. For now, the focus remains on completing the liquidation efficiently and closing out the nonprofit's affairs.