In an era where the nation is healing and our State is expediently restoring the climate of its economy, community thought-leaders are in pursuit of high-performing opportunities. More over, the thought of a socially inspired venture is the trending way to improve quality of life for not only those at the community level, but also at the local, state, national, and even global levels. Although the purpose of a nonprofit organization is commendable and rewarding, it can be risky. It requires that you are willing to work extra hard to connect with society while also creating a strong impact.
If you have an idea and passionate about the opportunity to connect and restore your community, Kingdom Legacy Partnerships LLC (KLP) Consultants will make starting your nonprofit easy. Rachel Dolcine, a KLP Partner & Licensed Nonprofit Consultant with Compass Consulting and Training Solutions, LLC, has rewarded us with the inside scoop that every person building a nonprofit should know. She is skilled in this area, thereby aptly prepared to manage all of your nonprofit start-up needs. You are here because your focus and mission is to help others, however, starting a charitable venture demands attention to detail and preciseness. It is recommend that you have identified the unmet need in the community, and then she will assist you throughout the process.
First, it is vital that you understand that a nonprofit is not dedicated to personal, private, or financial gain. Essentially, Founders won’t own their nonprofit, the State will. That means when you have an innovative idea, with potential to solve a problem, it naturally commits to the advancement of the public's interest, ultimately diversifying its funding base. A nonprofit, also referred to as a ‘Charity’ or Not For Profit 501-C3 cannot be inherited by its Founder or private owner in that it is, by law, a public charitable entity. Now that you are ready to jump start your nonprofit organization, give it a name and apply for 501(c)(3) status.
Once you have clarified your purpose and created a nonprofit, you must register it with the State and the Federal government. Now the Charity is eligible for tax-exemption therein publicly-collected funds will directly support the entity's initiatives. Kingdom Legacy Partnerships' formation experts will stay with you throughout this complex, yet seamless process to Incorporate as a Nonprofit. Because of your mission to improve the lives of others, you can file with the IRS for a tax-exemption status. The 501(c)(3) is one of the most influential factors in this matter in that you are obligated to sustain a ‘Not For Profit’ status, secure Board Insurance, ensure timely submittals, and stay compliant.
Building your team or an astute board of directors is an essential startup move and it is a long-term developmental process. In developing the nonprofit, consider several elements that align with your purpose. As the Founder, you may understand that the organization is legally required to put the Board together, but you must also make the decision to have a working or governing board. The working board members are actually doing the work of the organization. There are no paid opportunities, and these members carry a heavier load. The governing board are overseers, and has both judicial and supporting roles. Every board member has distinct roles and each of them demonstrate their passion to make the venture the best it can be. No matter what, the Board Members are expected to comply to all legal obligations, which include financial liability.
To financially prepare for the Not For Profit organization, you need to consider the filing fees, as well as the pivotal resource for any nonprofit, a fundraising plan. In considering various streams of the organization's income, the members set goals that include fundraising, donations, grants/scholarships, events, and the Board Giving Get, where the Board is responsible for a percentage of the nonprofit's income.
We believe that enhanced awareness of this process and its distinct characteristics are sure to empower your Nonprofit's performance. Implementing a Board is not only legally required, it is needed to ensure a more charitable influential brand. In your pursuit to operate for the public good, your Board, made up of diverse individuals who have mixed skill levels, should posses a passion for it’s Founder's mission.
Kingdom Legacy Partnerships LLC, is so excited to offer a 3 Day Nonprofit Masterclass beginning July 21, 2021, "Where do you GROW from here?" More details can be found on our website.