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Starting a non-profit foundation requires establishing its mission, consulting an attorney, appointing officers and directors, and opening financial accounts. A written statement clarifies the vision and minimizes conflicts. An attorney can help with legal and financial requirements, and a treasurer should open a bank account. Fundraising is critical and may require hiring a development manager.
When starting a non-profit foundation, it is important to first establish the mission and purpose of the foundation, speak with an attorney about the legal requirements for non-profit foundations in the area where the foundation is to be established, then to address the logistical problems. These may include appointing officers and directors and establishing financial accounts. The process for starting a non-profit foundation can vary considerably by jurisdiction and in some cases can be legally and financially complex. That’s why it’s a good idea for foundation founders to seek legal advice early in the process, as this can prevent problems resulting from improperly integrating the nonprofit or failing to comply with relevant regulations or proper accounting procedures.
Before starting a nonprofit, it’s a good idea for those involved to sit down and draft a written statement about their vision for the organization. Not only does this process clarify the mission for those who may be working with the organization, including its incorporated attorney, but it can also help the group’s initial leadership establish a similar vision and understanding of what the organization needs to accomplish. When leadership shares an understanding of the organization, conflicts can be minimized so their energies can be focused on performing the tasks necessary to start a nonprofit foundation.
After the founders issue a written mission statement and some initial goals, it’s time to contact an attorney who specializes in working with nonprofit organizations. Executives should explain that they are interested in starting a non-profit foundation and seek attorney assistance in drafting and filing the legal documents necessary to do so. The attorney may also advise the leaders of the organization on the appropriate way to handle their legal and financial requirements.
As part of the incorporation process as a non-profit organization, its leadership may be required to assume formal roles within the foundation. Your organization’s attorney may be able to advise on the process required to appoint or elect officers. The foundation treasurer should also open a bank account for the management of foundation funds. Once the organization is established, she can begin work to secure funding.
Receiving funding is a critical, albeit difficult aspect of starting a non-profit foundation. Management may wish to contact their associates about the possibility of contributing to the organization. In many cases, the foundation’s board of directors can appoint or hire a development manager who can begin fundraising work and obtain grants for the organization.
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