People starting charitable foundations should develop the purpose and goals of the organization, choose a fitting name, write out a plan and create a set of bylaws. They should hire an attorney and an accountant to help them register as a 501(c)3 nonprofit entity and establish a board of potential donors and people experienced in nonprofits. Once they initiate operations, they should raise funds, manage finances wisely and establish criteria for awarding grants.Continue Reading
Creators of charitable organizations need clear visions of what they want to accomplish. The plan of the organization should delineate its proposed stages of growth, its budget, and its operational and fundraising strategies. Bylaws provide details about the board selection, meetings, decision-making and guidelines on conflicts of interest. Founders should raise sufficient capital to avoid debt before initiating cash outflow.
Although the founders of charitable foundations typically provide funds to help it get started, to establish a broad base of support they also usually need to solicit funds from others such as relatives, friends and other interested individuals and organizations. Important steps in fundraising are the establishment of an organization website and presences on social media sites. Those starting charitable foundations must have passion for their projects and the patience and commitment to see them through.Learn more about Business & Finance