(VIDEO) 5 Things to Start a 501(c)3 Nonprofit

5 things to 501(c)3 custom

 

At Yippiekiyay, we believe that it shouldn’t be hard to do good. We help nonprofit heroes achieve 501(c)3 tax-exempt status and fundraising compliance with our one-stop online platform.

Starting a nonprofit can seem overwhelming, but it doesn’t have to be. We’ve  consolidated and streamlined all the requirements into our online platform, creating the “easy button” to launching your nonprofit. As you get started with Yippiekiyay to get your nonprofit 501(c)3 tax exempt status, all you’ll need  is 5 simple pieces of information.

Watch the video with Nicole, one of our Formation Specialists, and read the rest of this post below to learn more.

1: Nonprofit Name: You’re starting a nonprofit organization because you want to make an impact, and the best way to honor the people you’ll need to reach with your message is by putting enough thought into your nonprofit name. It’s always good to come with a backup name as well, just in case we find that your initial pick is already taken in your state.

Remember, a well-named concept or product is a valuable concept or product. In other words, your nonprofit name speaks to the value you’ll offer the world, and it’ll help you attract the resources you’ll need to flourish in your organization.

Take the time to do it right. Learn how to name your nonprofit here.

2: Physical Address: This cannot be a P.O. Box, it has to be some sort of physical address. You can use your home address and this can easily be changed later.

3: Nonprofit mission statement: There’s nothing more powerful than equipping you and your founding fans with a remarkable nonprofit mission statement.

Your mission statement should act like a magnet – irresistible to anyone who might be interested in promoting or supporting your organization (or knows someone who can).

The benefits of a compelling nonprofit mission statement are many, including….

  • Attracting amazing staff and donors
  • Powerful PR, marketing and branding tool
  • Helps you get 501(c)3 status since the IRS looks for great mission statements that match their requirements.

Writing a mission statement can be tough, but the result can provide a powerful foundation from which your nonprofit organization operates. Never cut corners when it comes to your nonprofit mission statement. It’s well worth the time and energy you spend on it.

Click here to learn how to write a magnetic 1 sentence mission statement.

4: Board of Directors: Your board members are the strategic leaders of your nonprofit and have the responsibility of making sure your organization follows nonprofit law and adheres to its mission. You need a minimum of three people, it can be more, but it should be an odd number.

That said, selecting who should be represented on your board can be a struggle. How do you choose? What skills should be represented? Don’t worry, we’ve got you covered. Learn how to recruit your nonprofit board of directors here.

5: Annual budget: You need to have an idea as to what your projected annual budget is going to be for the first 3 years of your operations. This is an estimate for the purpose of choosing one of the two IRS applications required to file for 501(c)3 tax-exempt status.

We call these 501(c)3 IRS applications:
1. Enterprise: For organizations expecting above $50k annual revenue per year
2. Express: For those expecting below $50k annual revenue per year

This distinction on the 501(c)3 application will help determine your fees and turnaround time. (Our fastest IRS approved 501(c)3 application is 9 days! Click here to watch the customer interview)

And there you have it! 5 simple things to get a quick, hassle free, and affordable 501(c)3 tax-exempt nonprofit formation with Yippiekiyay.

Cheers to your mission,

Jacqui Long | Yippiekiyay

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