Perhaps you see a need in your community for which you have a special talent, or maybe you’ve found a calling you simply can’t ignore. But it is very important to know, as you consider starting a new charity, social or service organization, that you are creating a business.
As you draft your mission statement and craft your pitch to potential funders, be prepared to back up your ideas with solid business plan.
A nonprofit is a formal organization that is incorporated in the state where it will provide services. Nonprofit organizations must follow both state and federal laws. Nonprofits contribute to the community and rely on volunteers (Board of Directors) to govern the organization’s affairs. The nonprofit does not give out “profits” to businesses or other persons, rather the money is invested back into the mission of its services.
Although there are many foundations, corporations and individuals that donate to nonprofit organizations, the funding for nonprofits is shrinking and the number of organizations competing for funding is increasing. Additionally, funders are looking to fund organizations with experience and proven results. Here are a few steps you will need to take in the process of visioning and creating a nonprofit organization in Louisiana:
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