READ THE FOLLOWING POST AND PROVIDE YOUR OPINION OF THE WRITER’S POST USING IN-TEXT CITATIONS TO SUPPORT YOUR RESPONSES. UTILIZE THE SAME REFERENCES PROVIDED BELOW.
POST
Before starting a new program, it would be important identify an unmet need within the community and have awareness of existing organizations serving a similar population. To fully achieve the goal of meeting those identified needs, initiating the process of incorporating and applying for 501(c)(3) status, is an important step towards fully achieving this goal. As a 501(c)(3) nonprofit, the organization would be able to apply for grants, accept donations, be exempt from federal corporate income tax, and limit the organizations liability of its officers and directors. And most importantly with this status, the organization would gain credibility, confidence and legitimacy among the public.
Step 1) is to name the organization. Ensure that the name doesnt conflict with other organizations registered in the state.
Step 2) Recruit Incorporators and Initial Directors. The incorporator is the person who signs the Articles of Incorporation for the nonprofit. Directors will make up the governing body and are stakeholders in the organizations purpose and success.
Step 3) Appoint a Registered Agent. The registered agent is responsible for receiving legal notices on behalf of the organization and must be physically located in the state and maintain an office that is open during regular business hours.
Step 4) Prepare and File for Articles of Incorporation. This officially marks the creation of the organization and documents where and when the organization was formed. It also includes language that the IRS will need to meet its requirements for obtaining 501(c)(3) status.
Step 5) File the initial report to the North Carolina Secretary of State.
Step 6) Obtain an Employer Identification Number (EIN). This unique number is assigned by the IRS to identify the nonprofit. This number is also used to open a bank account, apply for 501c (3) status and submit 990 returns to the IRS.
Step 7) Store Nonprofit Records. Keep records of EIN letter, bylaws, meeting minutes, 501c(3) determination letter stored in secure area.
Step 8) Establish the Organizations Initial Governing Documents and Policies. The bylaws are the governing document for the agency. They will serve as the operating manual and be consistent with the articles of incorporation and the law. The Board of Directors reviews and ratify the bylaws creating the roadmap to future governing procedures.
Step 9) Hold Board of Directors Meeting. The initial organizational meeting of the Board of Directors will approve the bylaws, adopt the conflict of interest policy, elect directors, appoint officers, and approve resolutions such as opening the organizations bank account. (Meeting Minutes will be documented/recorded).
Step 10) Obtain the States Tax Identification Number. The Secretary of State notifies the Department of Revenue of the organization and sends the number to be used to determine tax status in regards to corporate and franchise taxes.
Step 11) Apply for 501c(3) status. Complete and submit the Federal application for tax exemption.
References
Harbor Compliance, (n.d.). How to Start a Nonprofit in North Carolina https://www.harborcompliance.com/information/how-to-start-a-non-profit-organization-in-north-carolina
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