05-22-2020, 06:16 PM
A nonprofit 101 covers some of the basics a nonprofit needs to know that might not be obvious to someone starting out.
As a 501c3 you need to keep in mind restrictions that are place on your organization. One such limitation is that there can be no cooperation in political exercises, local, state, or government. Also you must be cautious with payment of a founders of a 501c3. The IRS watches for "economic benefit transactions". Ultimately transparency and strategy are your biggest tools. You will be able to plan, execute, learn from it, and then repeat.
For the full details on beginner questions, or a refresh of some things you might have forgotten, check out the Ultimate Donations blog, linked in the beginning of this post.
As a 501c3 you need to keep in mind restrictions that are place on your organization. One such limitation is that there can be no cooperation in political exercises, local, state, or government. Also you must be cautious with payment of a founders of a 501c3. The IRS watches for "economic benefit transactions". Ultimately transparency and strategy are your biggest tools. You will be able to plan, execute, learn from it, and then repeat.
For the full details on beginner questions, or a refresh of some things you might have forgotten, check out the Ultimate Donations blog, linked in the beginning of this post.