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What is Non Profit Organization?

A Non-Profit Organization is formed with the passionate intent of donating all profits made to another organization. Many companies that choose to incorporate are often charities. In such cases, incorporating a company as a Non-Profit allows you to apply for tax exemptions.

  • Types of Non-Profit
  • Difference between Private Foundations and Public Charities
  • What's a 501c3 Status?
Public Charity

This Non-Profit organization type uses the funds gathered from the public to offer low cost or free services to the public. The findings from the public can be gathered through private donations, fundraisers or by hosting specified events with the purpose of garnering funding.

Social Advocacy Organizations

This Non-Profit type is member-based and focuses on completing goals without gaining any profit. Social Advocacy Organizations (SAO) use donations and member dues to communicate information with the purposes of promoting social agendas.

Foundations

This Non-Profit organization is created with the purpose of improving community conditions. They contribute to local charities through financial findings and host events that can benefit residents of a community. Foundations are commonly funded by for-profit corporations of contribute to the community on their behalf.

Trade and Professional Organizations

The trade organization or professional organization is designed to benefit the members of the organization through their activities. Their funding is primarily based on membership-dues.

Difference between Private Foundations and Public Charities

A public charity makes use of funds collected through public means, whereas a private foundation is a Non-Profit charitable entity operating by a single benefactor (individual or a business). The method of acquiring funds sets apart these two Non-Profit types.

Why Start A Non-Profit?

Non-Profits are a popular business entity in today’s world, alongside their high success rates. If your business idea is motivated by serving the community or being able to contribute to their betterment, then you should consider starting one o the on-profit types And because they have four different types you can choose from, Non-Profits make for attractive and diverse option.

What’s a 501c3 Status?

Non-Profit corporations can sign for certain federal tax exemption statuses. The particular tax exemption is known as a 501c3 by the IRS. The 501c3 can be granted to corporations if they are registered as a Non-Profit organization or trust. Although, before this tax exemption can be awarded, the corporation has to meet the requirements from a strict criteria. That criteria includes:

  • Naming a Board of Directors to manage high-end decisions for the Non-Profit. The Board of Directors has to be elected individuals and not corporations.
  • You will need to create and strictly abide by the guidelines of a Purpose Statement. Its acceptable purposes include charity, education, sports, prevention of cruelty to animals/children and the like.
  • Your Non-Profit’s assets must be dedicated to other charities when incorporating. This is to be strictly implemented in case of dissolvent of the corporation. It is written as a ‘dissolution statement’ in your Articles of Incorporation.
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  • How can I make a budget for my Non-Profit?

    The board of directors establish the budget period and goals. You need to estimate your expenses -Bizncorp can help with that!

  • What is an Advisory Group?
  • Do I need an Advisory Group for my Non-Profit?
  • What is a 501c3 status?
  • What is required for a 501c3 status?
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