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Maintenance bill format for non-profit organizations

should I start a non-profit well actually should you start a non-profit that's what I want to tease out and explain for you today all of the steps involved and maybe why you shouldn't a PSA for people that want to start non-profits a little Public Service Announcement I challenge you to watch this to the end not only to test your resolve in creating a non-profit but also to share some alternatives to doing it if you desire if your motivation is there and can hold out through the points that I'm going to make in this video maybe you should take a shot because there are many hurdles ahead that just keep coming on the road to creating a successful 501c3 organization really quickly I have worked at a non-profit for over a decade I've co-founded a non-profit I have uh done non-profit fundraising uh I've started a b Corp company and run it for over a decade I'm coming from a place of love for anyone who wants to join this sector and and work to help them make the world a better place that said I just want to jump in with the paperwork involved while you may think you are creating a non-profit and that you will be immediately helping people and that the work will be Hands-On from day one the truth is day one and Beyond is tons of paperwork just to begin here's the quick paperwork rundown so we have a full guide in the description too so you can check that out all right Articles of Incorporation this is legal documentation establishes the nonprofit as a corporation in the state where it's located includes information such as the organization's name purpose board structure and registered agent bylaws this document outlines the rules procedures that the organization will follow including how the board is elected how meetings are conducted and how does decisions are made the employer identification number Ein this is a unique number assigned by the IRS Internal Revenue Service to identify the nonprofit for tax purposes you need to file for that state and federal tax exemption applications nonprofits must apply for exemption from state and federal taxes which requires submitting detailed applications to the appropriate agencies annual reports and filings nonprofits are required to file annual reports and other documents with state and federal governments to maintain their legal status and tax exempt status conflict of interest policy this is a policy that outlines how the organization will handle conflicts of interest among board members staff and volunteers Financial policies and procedures non-profits should establish policies and procedures for financial management including budgeting accounting and Reporting fundraising and solid this is a funny one fundraising and solicitation registrations now follow here nonprofits may need to register with the state or other agencies to legally solicit funds from the public so in each state to register potentially and now a quick cost rundown because starting is far from free incorporation fees to create a nonprofit you will need to incorporate it with the state the cost of incorporation can vary by state but typically ranges from 50 to 500 legal fees it is highly recommended to work with an attorney to ensure that your nonprofit is properly established and in compliance with all relevant laws and regulations legal fees can vary but you can expect to pay somewhere between 500 and 2 000 for initial work you can find trusted experienced non-profit legal professionals at nonprofit.ist non-profitist uh great partners of ours IRS filing fees to apply for tax exempt status with the IRS you will need to file form 1023 or 1023ez pay the filing fee and the cost of that fee can range anywhere from 275 to 600 State filing fees as I mentioned some states may require additional filing fees beyond the initial incorporation fees those can range from zero to a few hundred bucks other costs consider may include hiring an accountant or bookkeeper purchasing insurance and any costs associated with hiring staff or volunteers once you have made it through these the Harding hurdles know that most non-profits fail the organization tasks with actually keeping the data on this National Center of charitable statistics says the failure rate is over 30 percent within the first 10 years and that's of October 2022 what's more only around 50 percent of non-profits are deemed successful paperwork aside here are some more emotional reasons not to create a non-profit uh follow me here flows uphill you get all of the people problems which includes the board of directors coming to you the founder it can actually be lonely and thankless being the leader in terms of who you're talking to and finding groups that understand what you're going through you have chosen the wrong industry to make a ton of money surprise non-profits not really about Distributing profits or ownership there is a trough of Sorrow before getting to the good place right you're going to be on your own building and it is tough to get to that uh you know Promised Land because you don't like worrying about making money non-profits are actually more intense about their revenue because of the motivation to help stakeholders so if you're like oh I don't want to worry about making money like non-profits actually care quite a bit about it here's another one because you have bad motivations let's get into that right because maybe you want to tell people you started a non-profit for your ego that doesn't last very long you'll get tired of that and then you got an organization to run maybe you think it will help you get into college I mean please just take up the oboe instead maybe you don't want a boss now remember the board of directors has the power to Fire and hire the CEO so you just hire yourself a boss this is a tough one now here's another one in memory of honestly this is tough because I have lost many family members to various forms of cancer and I understand how cause can inspire you to start a foundation in their name right in memory of them this is fine if it is maybe to help tax deductions or create a truly unique solution inspired by your loss but it is also just as easy to reach out to a great cause non-profit and ask for an in-memorium campaign from an objective standpoint please don't remake the social impact wheel your work may actually hurt the cause you care about here are some numbers though there are 1.8 million non-profits 501c threes are you sure your idea doesn't exist there are finite donations annually literally the amount equates to about two percent of GDP every year since 1970 donated are you sure you're on proven impact model is worth diverting those funds are you sure the new salary costs of your staff and your work are just duplicating similar costs at operating nonprofits in the field okay let's discuss some Alternatives because they do watch you getting involved volunteer for the cause to just learn more of how it works interview a non-profit founder see what it's like find a job on idealist.org the largest source of non-profit jobs find a fiscal sponsor this is huge usually for 10 to 15 of your donations you can avoid all the heavy paperwork and leverage another C3 donors still get the deduction and you can quickly test if your approach has traction I have done this as the co-founder of power poetry it's a safe creative free place for teens to create poetry and it also saved me a ton of headaches also many famous orgs like the Malala fund started with fiscal sponsorship here's another option though start an LLC it's much faster and figure out an armed Revenue model of change grow it into a b Corp with a stated public benefit mission in your bylines I've done this as well it's hard but it's doable quicker to get off the ground too do me a favor send this to someone who is thinking about starting a non-profit we have helpful advice here but also I'm really pushing you on whether or not when you dig into it your motivations are aligned and you understand what's ahead of you because there's a lot going on out there but there's a lot of work that needs to be done in great existing nonprofits I hope this was helpful foreign