Main Street Business #450 The 5 Methods to Build and Grow a Successful Nonprofit
Sep 5, 2023
40:22
In this episode of the Main Street Business podcast, host Mark J Kohler, along with guest Deven Munns, delve into the complexities of establishing and operating a nonprofit organization. They stress the importance of identifying your purpose, assembling the right team, and meticulous planning. Furthermore, they shed light on the intricacies of fundraising, the necessity to have a precise structure, and budget considerations. They also share their personal experiences and valuable insights into running a successful nonprofit organization.
- Importance of a comprehensive plan for starting a nonprofit organization
- Steps to set up a nonprofit, including filing articles of incorporation and deciding on a URL/brand
- Differences between private foundation and public charity and the corresponding IRS forms to file
- Understanding the better tax write-offs available for public charities and the four tiers of write-offs
- The complexities of filing the long Form 1023 with the IRS to register a nonprofit
- The role of a board of directors and strategic partners in planning and fundraising for a nonprofit
- Delegating fundraising avenues to different board members for a comprehensive approach
- Addressing legal and tax considerations such as unrelated business income tax (UBIT) and the need for separate organizations for certain activities
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