BENEFITS OF A NONPROFIT ORGANIZATION
By offering a unique combination of flexibility and control, nonprofit organizations allow for:
- Achieving meaningful involvement with partner organizations
- Creating a lasting legacy and impact
- Engaging the broader community in your efforts
- Generating tax-deductible savings for donors
STARTING A NONPROFIT ORGANIZATION
Creating a nonprofit is a rewarding, yet challenging process. Generally, the following steps are completed in partnership with multiple paid partners, including legal counsel and financial professionals, to ensure appropriate filing and incorporation.
Define the foundation’s social impact vision, mission statement and focus areas.
Determine ideal governance structure, codify bylaws and operating procedures and identify the board members and roles.
File incorporation documents, apply for 501(c) (3) status and open a bank account for the foundation.
Set your giving budget and outline a strategy for annual granting according to your mission and focus areas.
Develop the foundation’s brand and identity.
Build public interest through digital and social media presence.
Report accomplishments, grant activities and financial overviews.
MANAGING A NONPROFIT FOUNDATION
Once established, a nonprofit requires ongoing management on an annual basis to accomplish desired impact and a seamless governance structure:
- Accounting & Taxes
- Legal & Compliance
- 990 Filing
- Board Governance & ManagementGrantmkaing & Reporting
Starting and managing a nonprofit requires strategic planning and ongoing commitment. With the offerings of flexibility and control, the challenge of starting and managing nonprofits can create a lasting impact.
The information presented is for informational purposes is not intended to constitute financial, investment, legal, or tax advice. Before making any financial decisions or engaging in philanthropic activities, consult with qualified professionals, including financial advisors, tax experts, and legal counsel.