Nonprofit Elite Blog
Can You Start A Nonprofit With No Money?
Just like when starting a business, nonprofits also have starting costs in the startup phase. Of course, these costs will differ depending on what your nonprofit will be doing as some will require more than others to start. Unlike starting a business, however, you can actually start up your own nonprofit without your own funds. There are many ways to obtain funding to start your nonprofit, and yes, these methods are legal. Just remember you will still have rules [...]
What Can A 501c3 Organization NOT Do?
A nonprofit, 501c3 organization can do a lot of good for a lot of people. They are incredible ways to give back to your community or those that are less fortunate. A 501c3 also comes with a lot of benefits when it comes to tax exemptions. However, like all things, even 501c3 have limitations on what all they can do. In fact, breaking the rules that govern 501c3 organizations can even have your status revoked. While it’s important [...]
What Are The 3 Types of 501c3 Nonprofits?
Starting and maintaining a successful nonprofit organization is not an easy task. There are many steps needed to ensure legitimate 501c3 status with the IRS. The accomplishment of starting your own organization, though, is a fantastic feeling. If you’re in the beginning phases of your nonprofit startup, you probably have several questions including, “What type of nonprofit am I?” A “nonprofit organization” is a broad and very generalized term for an organization that does not distribute profits [...]
Updated and Current Form 1023 Filing Costs for 2022
As of January, 2022, the IRS filing fee (or User Fee) for filing IRS Form 1023 is $600 regardless of your organization's previous revenue or projected revenue. The IRS filing fee or (or User Fee) for filing IRS Form 1023-EZ is now $275, regardless of your organization's previous revenue or projected revenue. This is the same as the filing fee since 2018. For more information on 501c3 application costs or help with formation documents, please call 1-800-268-4388 or email [...]
How Much Does it Cost to File for 501c3 Tax Exemption
How much does it cost to file for 501c3 tax exemption? That depends on which IRS form you use to file, and you have two options: IRS Form 1023-EZ or IRS Form 1023. Let’s take a look at both options in more detail: Option One: IRS Form 1023-EZ – If you are NOT a church, a school, a hospital, a foreign organization, or a medical research organization/hospital, and if your total projected revenue (gross receipts) is less [...]
Steps to Start a Nonprofit
Starting a nonprofit can feel like you're facing a daunting amount of paperwork and filing processes with the IRS. But, what are the steps to start a nonprofit organization? I’m glad you asked! While you can certainly talk to well-meaning advisors who tell you the steps are similar to starting a for-profit corporation, I respectfully disagree. Nonprofit organizations are different than for-profits – different rules, different, roles, and different reasons. Explaining these differences and walking you through these steps [...]