How to open a 501c3 Non Profit Organization

In order to allow certain nonprofit organizations operating for the public good to prosper, the IRS has issued guidelines for the creation of 501 (c) (3) organizations. This designation allows these organizations to obtain a steady income that is exempt from federal income tax and donations to charities tax deductible. Purposes for which these organizations can create are religious, educational, literary, scientific, medical charities and others.
Step 1
Create a mission statement. All 501 (c) (3) organizations that exist primarily to support the public good through a medium that is recognized by the IRS. Your mission statement should be encapsulated in a few sentences about what your organization is, what it does, where it will do what works and what the public sector will benefit from its existence.
Step 2
Organize a Board of Directors. Although each state has its own requirements for the composition of boards of directors, most require at least three people. There is no maximum size, but there should be members of the board with a very important skill to properly handle all the tasks required by your organization.
Step 3
Proposed organization of the statutes that govern how the organization will operate. Elect officials. Create a budget and record keeping system, which at a minimum should include minutes of meetings of the Board of Directors, the financial statements and reports, the organization’s laws, articles of incorporation and other legal document requiring the Organization.
Step 4
Get a Federal Identification Number (EIN) of the Internal Revenue Service. All 501 (c) (3) organizations must have an EIN, even if they have employees. Organizations can apply online at www.irs.gov.
Step 5
File IRS Form 1023, “Application for recognition of exemption under Section 501 (c) (3) of the Internal Revenue Code. This form is a legal document in the same order as a tax and should be carefully done. Due to the nature of this form, the IRS recommends to obtain an experienced attorney before completing. Instructions for completing this form can be found in IRS Publication 557, which can be downloaded from the IRS website.

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