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| *Ostroff, Fair and Company>>>Government & Non-Profit |
How can I start a non profit company while studying for associate degree in social science? |
any info on non profit or business ideas in social science If you want people to be able to make a tax-deductible donation to your organization, also known as a not-for-profit donation, you need to set up a 501 C3 corporation. That will cost about $500. The IRS also has several guidelines that you have to follow, such as setting up a board of directors for your organization and filing tthe tax returns for it. In your situation, it may be more trouble than it is worth and you won鈥檛 have as much time to actually focus on the organization. Non-profits by definition do not make a profit. If your donations exceed your expenses, just put the money toward future supplies or pay yourself some sort of a fee and that鈥檚 how you continue to be a non-profit organization. Good luck! After you find a cause, mission, passion, etc... 1. prepare a concept paper with the mission, vision and purpose of the organization. 2. assemble a group of individuals that will be the initial board of directors/ co-founders. Check with the Secretary of State's office in your state, there may be information on age and residency requirements. 3. find a lawyer to prepare articles of incorporation and by-laws, and to file these documents with the state. Also, apply for a tax id number for the organization. 4. With the assistance of a qualified lawyer, apply to the IRS for tax-exempt status (501c3 status). 5. now the fun begins, go forth and fund-raise..... good luck!!! non profit organizational managment consultant |
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