2013년 11월 29일 금요일

About 'fund accounting system'|...name of KPMG Consulting, a subsidiary of the accounting giant. 8. CISCO SYSTEMS is a major fund provider in NetForensics and KPMG, the previous parent of KPMG...







About 'fund accounting system'|...name of KPMG Consulting, a subsidiary of the accounting giant. 8. CISCO SYSTEMS is a major fund provider in NetForensics and KPMG, the previous parent of KPMG...








One               of               the               biggest               reasons               organizations               chose               to               file               for               a               501(c)(3)               non-profit               status               is               the               exemption               from               federal               income               tax               and               the               ability               to               receive               tax-deductible               charitable               contributions               or               donations.

An               important               first               step               is               to               come               up               with               a               mission               statement.

A               mission               statement               is               simply               that               -               it               states               what               your               organizations               mission               is               and               what               it               hopes               to               accomplished.

It               should               consist               of               what               your               mission               or               purpose               it,               what               services               you               offer               and               will               provide               as               well               as               the               value               of               this               to               the               community.

I               cannot               not               stress               enough               the               importance               of               having               a               clearly               defined               mission               statement.

This               is               statement               will               be               used               on               all               published               material               and               portrays               what               your               organization               is               about.

Make               sure               that               your               mission               is               clearly               stated.
               Each               state               has               its               own               regulations               on               the               minimum               size               of               board               a               501(c)(3)               must               have.

A               Board               of               Directors               must               be               formed.

This               board               should               consist               of               members               who               have               special               skills,               insights,               experience               to               help               support               your               mission.

The               decision               of               choosing               board               members               should               not               be               taken               lightly               as               ultimately;               it               is               the               Board               of               Directors               who               decide               how               the               organization               is               to               be               run.
               You               will               have               to               file               Articles               of               Incorporation.

This               is               an               official               statement               of               creation               that               is               filed               with               the               appropriate               state               agency.

It               is               in               place               to               protect               the               Board               of               Directors               and               staff               from               legal               liabilities               incurred               by               the               organization.

These               make               the               corporation               liable               for               debts               and               liabilities               instead               of               the               individual               directors               and               employees.

Your               state               Attorney               General's               office               or               Secretary               of               State               will               have               the               specific               information               you               need               as               it               relates               to               your               individual               state.
               If               you               don't               already               have               one,               you               must               apply               for               an               EIN               (federal               Employer               Identification               Number).

Even               if               you               do               not               have               any               employees,               non-profits               are               required               to               obtain               this               number.

It               is               obtained               from               the               IRS               and               is               used               to               identify               the               organization.

If               you               received               an               EIN               Number               prior               to               incorporating,               you               will               need               to               apply               for               a               new               number               under               the               corporation               name.
               Another               important               step               is               the               drafting               of               Bylaws.

Bylaws               are               the               breakdown               of               how               the               organization               will               operate               and               help               govern               the               organization.

Typically,               bylaws               are               drafted               with               the               help               of               an               attorney               and               must               be               approved               by               the               Board               in               the               beginning               stages               of               the               organization.
               In               addition               to               the               Bylaws,               you               will               need               to               develop               a               realistic               budget               and               accounting               system.

It               is               crucial               to               an               organization's               existence               to               have               a               system               of               checks               and               balances               in               place               and               to               have               an               accountant               on               staff               or               work               with               an               accountant               who               is               familiar               with               non-profit               organizations.

You               are               held               accountable               to               the               public               and               the               people               who               fund               and               donate               to               you.
               You               need               to               develop               a               strong               record               keeping               system.

By               law,               you               have               to               maintain               all               Board               documents               including               meeting               minutes               and               financial               statements.

You               will               also               need               to               keep               the               incorporation               documents               such               as               the               mission               statement,               articles               of               incorporation,               bylaws,               as               well               as               any               other               official               documents.

These               must               be               kept               in               a               safe               place.

It               is               helpful               to               keep               one               set               in               the               organizations               operating               area               and               another               set               at               another               location.
               File               for               a               501(c)(3)               status               with               the               IRS.

These               consist               of               Form               1023               which               is               the               application               and               Publication               557               which               contains               detailed               instructions.

This               is               a               legal               document               and               the               filing               fee               is               dependent               upon               the               size               of               the               organization's               budget.

It               is               also               advisable               to               work               with               an               attorney               when               filling               this               out               to               make               sure               that               you               have               all               necessary               paperwork               and               that               it               is               correctly               filled               out.

Any               inconsistencies               or               incorrect               paperwork               will               delay               the               filing               process.
               Once               you               receive               your               status,               you               can               apply               for               state               and               local               tax               exemptions               and               find               out               if               there               are               any               charitable               solicitation               law               requirements               in               your               state               and               local               jurisdiction.

This               is               also               a               good               time               to               apply               for               a               non-profit               mailing               permit.
               To               sum               up,               I've               added               a               condensed               checklist:
               •               Create               a               Mission               Statement
               •               Form               a               Board               of               Directors
               •               File               Articles               of               Incorporation
               •               Apply               for               a               Federal               Employer               Identification               Number               (EIN)
               •               Draft               Bylaws
               •               Develop               a               budget
               •               Develop               an               accounting               system
               •               Develop               a               record               keeping               system
               •               File               for               a               501(c)(3)               status               with               the               IRS
               •               Apply               for               state               and               local               tax               exemptions
               •               Check               into               charitable               solicitation               law               requirements
               •               Apply               for               a               non-profit               mailing               permit
               The               road               to               becoming               a               501(c)(3)               non-profit               organization               can               seem               daunting,               but               with               the               proper               planning,               assistance               and               help,               the               benefits               can               be               tremendous.
               Sources
               Myself               -               I               have               been               directly               involved               creating               and               setting               up               a               501(c)(3)               organization
               IRS.gov,               Applying               for               a               501(c)(3)               Tax               Exempt               Status
               Meta.wikimedia.org,               How               to               start               a               501(c)(3)






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