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Here are 5 things people don't tell you about 501c3 status. If you are starting a nonprofit, it's important to know what the IRS expects of tax-exempt organizations and why rules are set up the way they are. Watch this video to get a good foundational understanding of what it means to be a 501c3 tax-exempt non profit organization, and the responsibilities that brings.
In this video, I break down 5 things you have to often learn on your own as a nonoprofit (timestamps below):
00:00 Introduction
01:04 # 1 - what the IRS is interested in:
04:00 #2 - why you need a board of directors
07:08 #3 - why conflicts of interest matter
10:18 #4 - you CAN make money as a nonprofit
12:28 #5 - losing your 501c3 nonprofit status
Here are some good resources directly from the IRS that will help!
Governance practices: www.irs.gov/pub/irs-tege/gove...
IRS training materials on governance: www.irs.gov/charities-non-pro...
Nonprofit startup masterclass: rebrand.ly/npstartupclass
Boards masterclass: rebrand.ly/boardsmasterclass
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To set up your nonprofit, download my free checklist: rebrand.ly/npchecklist
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If you need help forming your nonprofit idea, The Before You Start Workbook/Nonprofit Business Bundle is here: rebrand.ly/nonprofitbundle
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For step-by-step guidance on starting a nonprofit, check out my nonprofit startup workbook:
rebrand.ly/npstartupworkbook
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