A reason (I have no close ties to CentOS) for being reluctant to put everything in the name of the organisation is that you can be distracted for a little while and turn around to find that two people you never really liked that much, but who seemed competent, have taken over everything and have decided to "refocus" your Whatever organisation as an outreach group for the cult you didn't know they were both members of.
They have the legal paperwork, the $41 387.18 donated by people who are really into Whatever is now under their control and they just deleted all the Whatever files that you'd promised users would be on the whatever.example site forever to make room for a Flash abomination advertising the cult.
IF you can afford expensive lawyers and IF you didn't make any foolish mistakes like signing something without reading it, you MIGHT be able to undo this sort of thing. But even if you can, your name (as the founder / all round famous guy connected with project Whatever) will be dragged through the mud.
Overall I agree that an organisation is a better choice, but the most important thing is vigilance, everything needs oversight, and it's tough for volunteers to stay interested in stuff like auditing accounts, reading dull corporate paperwork and so on. Of course the CentOS guys didn't even _get_ accounts to audit, but having them and not checking wouldn't be an improvement.