One of the ways that you can be useful to your society is to start your own charitable organization. Below is a guide that will help you on how to get started.
1. Define Your Mission
Start by determining your passion, that is the cause you would like to support. Determine the purpose of your foundation and the problems that it will solve.
2. Choose a Legal Structure
Choose the subtype you would like to create – private foundation or public charity. In legal and tax aspects, they are different from one another.
3. Create a Business Plan
Prepare a clear and detailed business plan that will show the business objectives, the plans on how to achieve them, and the ways of financing the business. This plan will help in the day to day running of the foundation and in the process of attracting potential donors.
4. Register Your Foundation
Register the nonprofit organization with the concerned state and apply for tax-exemption from the Internal Revenue Service. This step is important as it helps to be in compliance with the law and also get some tax advantages.
5. Fundraising and Outreach
Organize and initiate campaigns and extend your hand to the public in an effort to familiarize them with your foundation. That is why it will be crucial to establish a network of supporters for yourself.
Starting a charitable foundation is not easy, it takes time, commitment and planning but the difference it brings is immeasurable.
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