Launching a Nonprofit Organization: What You Need to Know
Like any type of business, launching a nonprofit isn’t something that happens overnight. You need a solid business plan, strong leadership skills, and a passion for the cause you’re supporting. But with these tips and resources from Cars2Charities, you’ll learn how to successfully launch a nonprofit organization that achieves your mission and enhances your local community.
Requirements for Nonprofit Organizations
To launch a successful nonprofit organization that meets all legal requirements, you’ll need to complete several important steps.
● Appoint a diverse Board of Directors to monitor all nonprofit information and make decisions on behalf of the organization.
● Write a business plan and nonprofit mission statement.
● If you need some inspiration, TopNonprofits shares 50 example mission statements with some tips for writing a nonprofit mission statement of your own.
● Incorporate your nonprofit organization and meet all IRS tax exemption requirements.
Fundraising and Financing Options for Nonprofits
In order to achieve your nonprofit’s vision, you’ll need to choose the right funding options for your organization.
● Find the right funding model for your organization. Several possibilities include individual contributions from donors, planned giving, online fundraising, and grants.
● Federal and local funding opportunities, private foundations, and corporate giving programs are some examples of nonprofit startup grants. Nonprofit microloans are another option if you need additional funding for your organization.
Nonprofit Administrative Responsibilities
After launching your nonprofit, you can start assembling your team, tracking your finances, and connecting with your community.
● When building your team, you’ll need to determine whether to hire employees or contractors, as well as volunteers and interns.
● Use the at a glance timesheet from QuickBooks to easily track and calculate employee time, breaks, overtime hours worked, and even deductions and garnishments.
● Meet all financial requirements for nonprofits and regularly review your organization’s budget, balance sheet, income statement, IRS Form 990, and annual financial report.
● Join the Metro-East Regional Chamber of Commerce to take advantage of marketing, advertising, learning, and community networking opportunities.
Now that you’ve launched a nonprofit organization, you can officially work toward your goal of serving and enhancing the community you live in. A plethora of resources is available to guide you along the way, including your local Chamber of Commerce and the National Council of Nonprofits. The world needs more nonprofits, so start yours today!
If you have a car that you’d like to donate to charity, please get in touch with Cars2Charities today. Call us seven days a week at 855-520-2100.