Yes and no. When a corporation dies, there are liabilities that have to be liquidated. With a for-profit there are generally tangible and intangible assets that can be liquidated to settle debts. By the nature of how NGOs work, usually there aren’t enough. A lot of assets are restricted in ownership, with the asset reverting to the donor at the end of a project.
In order to ensure debts are settled (and ensure fiduciary oversight) the board of directors are made personally responsible for the debts of the NGO.
Something similar can happen in a for profit; usually that only gets triggered if there is gross mismanagement by the board.
