Check list for nonprofits

Topics: Tax exemption, Taxation in the United States, Tax Pages: 3 (1029 words) Published: October 21, 2013

 Establish a Purpose The purpose of the organization needs to be aligned with the IRS 501(c)3 statute (http://  Research Similar Organizations Conduct a market analysis to identify other organizations that have similar purposes to your intended organization. Such organizations are resources to help you determine the degree of need in the community, the viability of your idea, the types of programs that already exist, and the potential level of support, both financial and otherwise, that exists. If you are at all unsure about what it takes to run a successful nonprofit, these agencies will be rich resources from which to learn – they are most likely to know “what it really takes” to make it work. Maryland Nonprofits offers of list of all its membership organizations and the type of services they provide.  Recruit a Board of Directors This should be a group of 5-7 unrelated individuals that will be responsible (legally) as fiduciaries for the organizations governance, finances, and legal compliance (The IRS will be looking to see that your board is comprised of “unrelated” individuals – related is considered either familial or through business partnerships)  Develop a Conflict of Interest Policy This policy will assure that conflicts of interest are both avoided and mitigated when decisions are made regarding the use of organizational resources and/or assets. A conflict of interest policy and accompanying declaration of interest statement will also support the designation of board members who will be able to act in the best interest of the organization. Maryland Nonprofits offers members model conflict of interest polices free of charge. Join now  Create a Mission Statement

 Develop Program Plans & A Budget You will need to describe in detail exactly what you plan to do programmatically. This includes exactly whom you plan to serve and by what means. Once you...
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