Tag: Non-Profit Organization
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Form 990 – Return of Organization Exempt from Income Tax
Section 6033 of the Internal Revenue Code requires tax exempt organizations to file an annual report. Form 990 fulfills this requirement. Many citizens utilize the information from Form 990 to evaluate the non-profit organization they donate to annually. The 990 covers much of the information any citizen desires to know about the charity of their choice.
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What is an Audit?
An audit is defined as a methodical examination. Audits are grouped into two principal sets – financial and organizational compliance (usually related to licensure). For the small business entrepreneur, it is almost unheard of for them to have an organizational compliance audit.
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How to Start a Non-Profit Organization: Step 3 – The First Board Meeting
Step three of starting a non-profit organization is gathering the potential board members for the first meeting. In step one; you formed a brain trust to validate the mission of the non-profit organization. In step two; you generated a list of potential board members by identifying sources and creating profiles. In this step, you have to get…
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Fundraising with Bowling – An Effective Event
Raising money while having a good time as a charity can be a challenge. The primary goal of any charity event is to have a good time and remind the participants of the mission of the organization. The secondary goal is to raise money. Bowling brings both attributes to the organization.
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How to Start a Non-Profit Organization: Step 2 – Founding Board Membership
Now that your brain trust has evaluated the idea and has endorsed the concept, it is time to go onto step 2 of the process. You will need to create a founding board to start the non-profit organization. The members of the brain trust provided you with names of potential board members.
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How to Start a Non-Profit Organization: Step 1 – Form a Brain Trust
Before you do anything towards starting a non-profit organization, you need to form a brain trust. This is a group of friends that will add their thoughts to your idea and provide you with a platform to begin the process. Their ideas, questions, suggestions, misgivings, and other thoughts expand your thinking beyond a simple idea…
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The 501(c)3 Organization
I have had many clients come to me to ask how they could start a non-profit organization. The main purpose of starting a nonprofit is to gain the contribution advantage the Internal Revenue Service (IRS) provides. Why do you need the IRS to authorize this? What is the difference between tax exempt and a charitable organization? How…