Budgeting for the New Year

As you (re)assess your goals for the New Year, don’t forget to also review your budget. As a non-profit organization, it is vital that you plan carefully for the New Year and spend wisely. One of the greatest downfalls for non-profits is the failure to create and maintain a viable budget.

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Funding Your Non-Profit Corporation

Let’s face it, times are tough and if you are starting a non-profit corporation, you might feel it to be a daunting task to fund your organization. While the resources may not be so evident, there are entities out there that are willing to fund your cause. Plus, you are welcome to explore the grant writing services offered by MyLegaledge.com. We will identify grant sources that meet your organization’s mission and complete the necessary paperwork for you! For more information, you may contact us at staff@mylegaledge.com. You may also leave your comments here at MyLegalReview.com.

In the meantime, let’s talk about a few ideas for fundraising.

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What’s the Plan?

Congratulations! Now that you have 501(c)(3) status it is time to create a strategic plan for your corporation. A strategic plan identifies your direction and goals for one to three years of operation. The plan will also define how you will achieve those goals. To assist you in this process, MyLegalEdge.com offers various form products to help you develop and keep pace with your strategic plan. We have experienced non-profit consultants available to help you move forward.

All you have to do is contact us at staff@mylegaledge.com or just leave a reply here at MyLegalReview.com.

Components of the Strategic Plan

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Forming a Non-Profit Corporation

THE FUNDAMENTALS OF FORMING A NON-PROFIT CORPORATION

Forming a non-profit organization can be a good idea for many types of groups. If you are interested in community service, starting a church, or have an interest in education, the non-profit corporation may be a good fit for you. Also, once you gain your non-profit status from the federal government, you can apply for a multitude of grant funding for your project.  Completing the paperwork to gain your non-profit status can be quite a job, but you will find that it is worth it once the job is complete. At MyLegalReview, we are here to assist you in learning the benefits and responibilities of starting a non-profit corporation.

If you are interested in completion services for forming a non-profit corporation, check out mylegaledge.com. You can also find other form products here that will help you keep your non-profit corporation organized and fisically sound. So, whatever your dream or vision may be, we can assist you in making it happen.

Tax Exemption for Your Non-Profit Corporation

In addition to applying for grant money, once you gain your non-profit status from the federal government, you are eligible to receive exemptions from federal and state income taxes. The way to start this process is to apply for federal exemption status using Section 501(c)(3) of the Internal Revenue Code. Keep in mind that 501(c)(3) status only grants you the privilege of not paying federal and state income tax on those activities attributed to your non-profit purpose. Those activities which are outside of your purpose will require a tax.

Another benefit are the tax deductions individuals will enjoy if they donate to your 501(c)(3) organization.

Protection from Personal Liability

Under normal circumstances, once the 501(c)(3) is formed, this will protect your directors, officers, and members from personal liability from debts and obligations owed by the corporation. This limited liability acts as a shield and ensures that individuals who obtain judgments against the non-profit are only able to reach the assets of the corporation. Now, there are exceptions to the limited liability rule. For example, if a director or officer or the corporation personally and directly injures someone, personal liability will be imposed.

Groups that Should Consider Forming a 501(c)(3)

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