Being passionate about a social cause means you have a heart of gold, and one of the best things you can do about that passion and spirit is to set up a non-profit organization.
This will make sure you’re doing something for the betterment of the society you live in, while also giving people who feel just as passionately about the same cause a platform where they can donate and help do their part.
There are two ways to set up a 501 C3 non-profit organization; the first is to set everything up yourself without professional help; the second is to let a professional company help you.
Here are three challenges that you could face if you’re setting up a 501 c3 on your own.
Coming Up With The Business Plan
Coming up with a functional business plan requires experience, strategic thinking, and a clear vision, because it will help you structure your mission statement and provide clarity for the function of the organization.
The application will need to feature a budget and projections for the file 1023 application, as well as a list of activities that the non-profit will be doing and using to aid the cause that it is supporting. The best way to frame all these points in a way that positions the non-profit in a deservingly positive and beneficial light, is to let a professional company create the business plan.
Achieving A Tax-Exempt Status
Nonprofits focus solely on the mission that is driving them, instead of collecting revenue from services or products. To help the organization run smoothly, achieving a tax-exempt status is important.
To help attain this status, organizations need to complete a 1023 form. This form includes a lot of extra attachments, documents, and details that require details and if the form isn’t filled out correctly, your application could be delayed another six months.
Articles Of Incorporation
Finally, articles of incorporation are important if you’re setting your nonprofit up in the USA. These documents are also referred to as Company Constitution or Corporate Charter and failing to fill these out correctly could delay your application.
Setting a nonprofit is tough, but the hard work goes a long way for the greater good. If you need professional help at any of these stages, contact our team at A2Z Filings today! You can also call us at 561-212-1192. We help inspired individuals set up charities and non-profit organizations by providing high-quality business plan writing and grant proposal writing services.