You need to make sure you've filed all the proper paperwork for your non-profit status. This will allow you to have a 501 (c)(3) status makin you tax exempt. Hopefully, you've found a lawyer to be a member of your Board. I strongly recommend that you have this lawyer review all the paperwork and file on behalf of the organization.
You will need to get the form 1023 and get the application and publication 557, which you wil find through the IRS. You can get these forms through a download at http://irs.gov/charities/indes/html .
Do make certain that you've filed within 15 months of establishing your organization or filing your Articles of Incorporation. If you have not done this within this time you will not be able to claim your tax excempt status.
Showing posts with label filing 501 (c) (3) with IRS. Show all posts
Showing posts with label filing 501 (c) (3) with IRS. Show all posts
Wednesday, March 19, 2008
Saturday, February 2, 2008
Develop Your Mission Statement
Your Mission Statement is your reason--it's the reason you started this non-profit. It's why you work long hours for little pay. It's your calling. It's what keeps you awake at night and eats away at your soul until you do something about it.
It's best if you can keep it simple enough for you, and others, to remember. It should fit nicely on the top or bottom of your stationery and on your newsletter. You want to keep this in front of the public.
Can you recite your mission statement? Can you list the key factors? If you already have a board, sit down with them and ask them to write one sentence that best describes the main reason your organization exists. You may find variety of answers depending on their own view point. Some people will look at it as providers, others may be from consumers, some from the legal aspects, and others may be from the management end of the business.
Find the common denominators among the statements. Now look at those statements that encompass every aspect of your organization. This may a very broad statement, but it's a place to begin. As you bring on your staff and board of directors (if you are a start up) you want to include them in on your vision for the organization. Don't expect people to share your exact vision. Have a group discussion and remember YOU are not the organization. In order to have everyone 'buy into' the organization they must have a piece of the vision.
Every few years staff and board should sit down and review this mission statement. Make certain that it really is reflecting what the organization is doing, and WANTS to do in the future. If it is, great. If it's not, then make the changes.
Remember every time you change your mission statement that you need to file it with the IRS along with your 501 (c)(3) application.
It's best if you can keep it simple enough for you, and others, to remember. It should fit nicely on the top or bottom of your stationery and on your newsletter. You want to keep this in front of the public.
Can you recite your mission statement? Can you list the key factors? If you already have a board, sit down with them and ask them to write one sentence that best describes the main reason your organization exists. You may find variety of answers depending on their own view point. Some people will look at it as providers, others may be from consumers, some from the legal aspects, and others may be from the management end of the business.
Find the common denominators among the statements. Now look at those statements that encompass every aspect of your organization. This may a very broad statement, but it's a place to begin. As you bring on your staff and board of directors (if you are a start up) you want to include them in on your vision for the organization. Don't expect people to share your exact vision. Have a group discussion and remember YOU are not the organization. In order to have everyone 'buy into' the organization they must have a piece of the vision.
Every few years staff and board should sit down and review this mission statement. Make certain that it really is reflecting what the organization is doing, and WANTS to do in the future. If it is, great. If it's not, then make the changes.
Remember every time you change your mission statement that you need to file it with the IRS along with your 501 (c)(3) application.
So You Want to Start A Non-Profit....
As I would speak to various groups about fundraising I'd often be asked the question, "How do I go about getting 501 (c)(3) status?" Perhaps you want to apply for some grants that are specifically set up for no-profits; or maybe you want your donors to be able to have a tax deduction from supporting your organization. Whatever the reason there are guidelines you must follow. Let's take a look at how you begin this process.
Your organization must be recognized by filing articles of incorporation. If you do not know the agency in your state that would be responsible for this contact your Secretary of State. Their number will be listed under your state government listings or your can find them through the Governor's office.
You also have the responsibility to apply to the IRS for application for Federal Income Tax Exemption. This is publication number 557, Tax-Exempt Status for Your Organization. This can also be downloaded from the IRS website. If you're really a novice at this I would recommend you find a mentor--perhaps someone from the SCORE program (check with your local Chamber of Commerce). They will likely be able to provide you with any technical assistance you may need. Also contact your local bar association for a referral to someone who has worked with non-profits in the past. Do not be afraid to ask them if they do 'pro-bono' work or if they will discount their typical fees.
And now you wait. Consider yourself lucky if this is done within six months. :-) So have lots of patience, and definitely be working on acquiring board members who share in your vision AND CAN OFFER YOUR NON-PROFIT ASSISTANCE! More on this later.
Your organization must be recognized by filing articles of incorporation. If you do not know the agency in your state that would be responsible for this contact your Secretary of State. Their number will be listed under your state government listings or your can find them through the Governor's office.
You also have the responsibility to apply to the IRS for application for Federal Income Tax Exemption. This is publication number 557, Tax-Exempt Status for Your Organization. This can also be downloaded from the IRS website. If you're really a novice at this I would recommend you find a mentor--perhaps someone from the SCORE program (check with your local Chamber of Commerce). They will likely be able to provide you with any technical assistance you may need. Also contact your local bar association for a referral to someone who has worked with non-profits in the past. Do not be afraid to ask them if they do 'pro-bono' work or if they will discount their typical fees.
And now you wait. Consider yourself lucky if this is done within six months. :-) So have lots of patience, and definitely be working on acquiring board members who share in your vision AND CAN OFFER YOUR NON-PROFIT ASSISTANCE! More on this later.
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