That's What I (Really) Said

Nonprofits are generally a product of passion. The first statement by a founder is generally "By golly, somebody should do something about [fill in the blank]! I'm going to start a nonprofit so I can fix it!" 

How many people know that simple statement actually translates into (this is the short list): 

• I will define a vision for a nonprofit organization

• I will define the organization's mission to do something about [fill in the blank]

• I  will do some basic market research to determine the actual need to do something about [fill in the blank]

• I will do some pricing research to determine if I can sell services to do something about [fill in the blank]

• I will do a one-page business plan to see if the mission is cost-effective and realistic

• I will define the programs to do something about [fill in the blank]

• I will do a budget for the programs

• I will prepare a budget for proposed startup costs

• I will prepare a budget for ongoing costs

• I will recruit a board of directors

• The board will approve corporate bylaws that meet State and Federal requirements

• The board will approve the budgets

• The board will determine possible sources of funding to cover the budgets

• The board will agree to form a nonprofit corporation and select the required officers

• I will form a nonprofit corporation in my home State

• I will file for an EIN

• I will open a corporate bank account

• I will fund the corporate bank account

• The board will approve and fund corporate insurance

• I will convince the IRS that my new corporation is tax exempt (Form 1023 or Form 1023-EZ)

• I will determine how to legally solicit donations

• I will remember to file all sorts of annual reports

• The board will hire employees and deal with unemployment taxes, withholding, and other payroll issues if we found the funding for payroll or the board will just find some volunteers 

• Then, we will do something about [fill in the blank]