1. Pick a Name and Mission: Choosing a name and mission for your nonprofit is the first step in creating it. The name must to be distinctive and convey the organization’s mission. The organization’s goal and purpose should be crystal apparent in the mission statement.
2. Create a Board of Directors: To manage its operations, a nonprofit organization needs a board of directors. The board should be made up of people who are dedicated to the organization’s objective and are knowledgeable in fields like finance, legal, and fundraising.
3. Incorporate Your Organization: Your nonprofit organization must be incorporated in the state of North Dakota in order to be recognized as a legal entity. The North Dakota Secretary of State’s office will accept your articles of incorporation in exchange for a filing fee.
4. Obtain Tax-Exempt Status: After your nonprofit has been incorporated, you can submit an application to the Internal Revenue Service (IRS) for tax-exempt status. As a result, supporters will be able to donate to your organization tax-deductible. To request tax-exempt status, you must submit Form 1023 to the IRS.
Yes, a nonprofit organization’s president can also act as its treasurer. To avoid any potential conflicts of interest, it’s crucial to make sure that there are checks and balances in place. To do this, the organization’s finances may be supervised by a separate finance committee or by an outside accountant. The nonprofit’s bylaws should also specify the duties and restrictions that apply to every board member, including the president and treasurer.