Many people mistakenly believe that starting a business is the only way to make money. But consider this: a nonprofit organization can own a business, but a business cannot own a nonprofit. Also, nonprofits are mission-based organizations, and that means there are budgeted personnel expenses, just as a for-profit business. Nonprofits can qualify for grant funding, whereas for-profits have extremely limited options, and usually must borrow money.
The process is not as formidable as it might sound, but it does take time. First, we gather important information such as the new organization’s name, address, other contact information, and the basic mission statement. Then, we must complete the IRS filing paperwork, and develop articles of incorporation. The paperwork process can be completed within a few days, as long as the organization’s representative is responsive to questions. Next, the IRS filing must be submitted. Their processing time can take as long as six months. But, while we’re waiting, we’ll help you establish a nonprofit business plan, to assist the new entity to be ready for operations.
Best practices should always be followed. Just as a for-profit business must have a system of accountability, nonprofits must establish accountability, fundraising strategies, and a track record of creating impact in the communities in which they operate. Nonprofits with a strategic business plan and whose leaders have done their due diligence can be ready to apply for grants in approximately two years. Remember, grants are only a piece of the puzzle. Nonprofit operations are funded by several revenue streams: program income, product sales, donations, fundraising, investments, endowments, and grants.
Many people consult an attorney to assist with this process. Attorneys routinely charge $2,500 to $3,000 for just the IRS paperwork preparation. Added to that, the IRS charges a $600 filing fee. The total out-of-pocket can be as much as $3,600.
Compare that with LDR Pros: $500 for paperwork preparation, and $600 IRS filing fee. Total out-of-pocket: $1,100. If you add in a business plan, the total will be $1,600
There are two ways to start a consultation – you may call us at 1-833-537-7767, or fill out the web contact form. If you call, always leave a message if we’re away from the office. We’ll contact you as soon as possible.
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