Establishing your own nonprofit organization does not have to be a stressful task. However, your organization must incorporate a vital mission with clear lines of accountability and high quality programs and services. Think of it as a for-profit business when planning for success, just because it is a nonprofit organization does not mean you should not see it as a business
Fontenot & Associates Solutions, LLC has identified task and processes to be accomplished in order to recognize your organization as a nonprofit. Fontenot & Associates Solutions, LLC will list a few:
1.File the Certificate of Incorporation
In the United States, nonprofits an operate as incorporated associations, charitable trusts, or corporations. As you prepare the articles of incorporation, you will need to determine the name of the organization, where the organization will be headquarted, and its overall purpose.
2.Obtain an employer identification number (EIN)
To open one or more bank accounts in the name of the organization (and to file Form 990 with the IRS after each fiscal year), you will need to obtain an EIN, also called a federal tax identification.
3.Establish bylaws and board policies
Bylaws define how a nonprofit organization will be managed and how it will run. They determine which staff and board members have authority and decision-making responsibilities and how those responsibilities should be carried out.
These are just a few of a group of other tips and steps to consider when starting down this path.
The nature of service, nonprofit, also means these organizations play a different set of rules and laws established by state and federal authorities. Some of the distinctive features that should be understood by the individuals preparing to enter this field are:
Once your vision has been painted clearly for others to see, and you have developed a mission statement and action plan to serve as a roadmap for implementation, it is time to pursue your passion. With that being said, don’t’ be afraid to seek professional support during your process if you need advice, support with documenting or legal support.
Remember to develop a team and volunteers who share your vision and passion, you want doers, those who are diverse in talent and want to see the organization work out. You may have to complete this process more than once so find ways to have your volunteer team engaged during the slow periods or start-up phase. This is a great period to educate, train, market and network.
As an added tip, below is a link to the IRS website so that you may learn more about the 501© form.
501 ( c) information:
You are on your way to building a wonderful organization and your community looks forward to supporting you and your success. If your needing to establish a written outline for your organization, Fontenot & Associates Solutions, LLC is just a click away.
Hello, I'm Terra the Founder and Marketing Director of Fontenot & Associates Solutions. Thank you for joining my Accounting world. Our blog's purpose is to teach with the determination of closing industry and accounting process gaps that knowingly exist with our uniquely designed detailed procedures and trainings.
My mission is to offer the best accounting results for all companies seeking to close their process gaps with actual solutions. With my Bachelors and Masters Degree in Accounting, I strive for continuous development and professional growth in this profession. My professional career has been in the Oil & Gas industry for nearly the past 10 years but my business focus is to support and train accounting professionals in all industries.