Welcome back, this is part two of two for the nonprofit making the right steps to establishing your own 501(c)(3) or (c)(4) nonprofit. Now, we're going to be diving into part two, which is the status and filing. We're going to begin with more specific details on how to start the process and actually start communicating with the IRS to establish your own organization. If you missed out on part one, click on that part one and it'll take you back to the first episode where we reviewed the beginning parts, topics, and issues that revolve around creating your own nonprofit and filing with the IRS. The IRS website provides very specific instructions on how to file online or through paper forms. Before we go into that, I always stress the importance of creating a business plan when establishing a nonprofit organization. A business plan helps establish the vision, mission, and goal orientation for the future. Additionally, it helps with structuring your board of directors and finding the right leadership. Lastly, financial structure is crucial to consider as a nonprofit. While nonprofits don't make profits, it's still important to figure out how to sustain the organization financially. This includes gaining new donors, applying for grants, and acquiring the finances needed to run the business and keep the organization going. Now, let's delve into the specific aspects of financing and operation for a 501(c)(3) or (c)(4) organization. There are clear differences between the two. Both organizations are tax-exempt, meaning any income that comes into the organization is not taxed. However, a (c)(3) is classified by the IRS as a private foundation or a public charity, often focused on endowments and foundations that manage their own finances and obtain grants. On the other hand, a (c)(4) organization focuses on social welfare, providing services or...
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Irs Publication 4220 Form: What You Should Know
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