One of the most important and sometimes challenging steps of starting a nonprofit is choosing a name. Nonprofit tax expert Philip Hackney answers questions about choosing a legal form for your organization. Read more to learn how to protect your name, and your organization.
A majority of a nonprofit's profit comes from fees for services and goods. Read more to learn about the 6 other facets where money comes in.
After becoming incorporated, the next step a nonprofit should take is to become tax-exempt. Doing so can save your company thousands of dollars. Learn more about what it means to become tax-exempt and why it is important.
It's a common misconception that nonprofits do not generate or need to make a profit. In reality, it is quite necessary. Learn more about how nonprofits are mostly corporations.
Before you’ve established the type of entity that would best suit your tax-exempt organization, before you’ve filed your Form 1023, before you’ve even put together your board, non-profits need to set clear expectations. Taking time during the early days of your nonprofit to set realistic goals, define roles, and a make budget plan will prevent misunderstandings that lead to burnout and dissatisfied stakeholders.
Establish a clear, common mission statement
We mentioned this last week and it’ll come up again. That’s because at the core of any successful endeavor is a crystal clear statement of what your organization intends to accomplish. All other expectations hinge on first establishing a common mission.
A nonprofit’s most valuable commodity is trust, especially during the early years of a startup when tangible resources may be limited.