Starting a nonprofit organization can be an excellent way to give back to your community. It can also be an incredibly fulfilling and rewarding process to help those in need. However, if you’re confused about the steps involved in the process, keep reading.
Identify Your Cause
Arguably the most crucial part of running a nonprofit is the cause you align yourself behind. Following are the main points to be mindful of:
- Identify a need: Get tangible proof through research and studies to ensure a concrete need for your nonprofit idea in your community.
- Unique nonprofit: If two nonprofits have the same mission, they will end up competing for grants and support. Ensure your nonprofit is unique so you can make a significant impact.
- Area of reach: Find your place of reach, such as donating, fundraising, volunteering, and consulting for your cause.
Once you’ve figured out the premise of your nonprofit, it’s time to get started on the particulars of your organization.
- Choosing a name: Give your nonprofit a unique name; you can usually reserve a name in your state for a small fee.
- Financials: Figure out financials, including funding, grants, donors, and government aid to get your nonprofit off the ground. *This is especially important as with any business, funding is essential.
- Incorporation: Incorporating will remove personal liability from you and help you secure funds and grants later on.
- Applying as 503c corporation: Being “501(c)(3)” means that a particular nonprofit organization has been approved by the Internal Revenue Service as a tax-exempt, charitable organization. This is a very complex and thorough filing with IRS to gain approval which generally requires assistance of a tax and/or legal professional.
Keeping Things Running
Once you’ve launched, it’s about keeping things going on autopilot. Here are the main elements to be mindful of:
- Hiring: Get a dedicated team of professionals to back you up, including those who can help with legal matters, paperwork, mentorship, and networking.
- Reporting: Obtain an employer identification number, apply for tax-exempt status, and register with your state to start collecting donations.
- Daily management: Write an operational plan to answer questions on the equipment and supplies you need, as well as office location, and service delivery.
- Legal representation: Trust the attorneys at Bouldin Law Firm for all your business-related legal matters.
Starting a nonprofit is a fantastic way to bring people together and make a difference in your community. Use the tips mentioned above to get your nonprofit dream started today.
Author: Meredeth Jones. Contact email: Meredith at [email protected]
*Bouldin Law Firm is not responsible for contents of this Article as it was provided by guest columnist. The contents and links are informational only and potential clients are encouraged to seek legal advice.