USA Non-Profit Organizations - Transferring money to new 501(c)(3)

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A question for you about non-profit organizations. I’m hoping that you might be able to help provide an answer to this scenario:

I’m on the board of a non-profit organization that historically has had 4 locations but only one 501(c)3 and one bank account. One of the locations spun out and will have a separate 501(c)3 and a separate bank account. The original 501(c)3 has funds in its bank account that are notionally divided up into 4 categories for the 4 locations. The original 501(c)3 wants to transfer the money that belongs to the location that is spinning out and opening its own bank account and will be a separate 501(c)3.

The question is this: Is that money transfer from the original 501(c)3 to the new 501(c)3 considered as income to the new 501(c)3 and as an expense to the original 501(c)3?

Thank you!!
 

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