anyone have any experience with starting a non profit? any tips or advice? im thinking of starting one to help young children in my area with after school care.
Fiscally Sponored or Independent Non Profit?
Thu, 08/06/2009 - 1:16pm
#2
Re: Fiscally Sponored or Independent Non Profit?
i managed a 501(c)(3) for several years from my home. loved it! lots of fund raiser events to raise proceeds for scholarships for the members children - - in the same industry.
i would start w/your chamber of commerce for tips on starting one. then read up on the tax related info for running/starting a non profit. also, if you could get a free consultation w/a cpa or legal consultant, that would be to your advantage.
good luck & keep us posted!
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I don't know what state you are in but NOLO press has books tailored to each states laws governing non-profits. Here in California, they make a specific book titled "How to form a California Corporation" as well as a complimentary title about forming a non-profit. These books are fantastic! I used one to form a corporation over 10 years ago that now runs over a $3 million dollar yearly budget all by reading it's instructions. Last year, some colleagues and I got together to form a non-profit that is also seeing great success. The books actually come with CD's that have the forms on it that you just fill it the specifics to your corporation. It was so easy I was a little intimidated but over 10 years it has never been a problem.
You have to think long and hard about whether you want to be a for profit or non profit. Non profits have more tax benefits but it's not really "yours" so even though you may put all the hard work into to get it up and running you could ultimately be forced out of it if you don't select the right board.
Good Luck!