Develop a Statement of Purpose and Program Activities.
Incorporate the foundation as a 501(c)(3) private foundation
Determine Structural Issues for the Board of Directors
Prepare Bylaws
Hold an organizational meeting. You must hold an organizational meeting to formally create the nonprofit corporation. At this meeting the bylaws should be adopted, the Board of Directors should be elected, and all other relevant business should be conducted, including:
Adopting a form for the minutes of the Board meeting.
Adopting bylaws.
Electing Directors and Officers.
Authorizing the application for Federal IRS tax exempt status.
Authorizing a corporate bank account.
Authorizing the establishment of a ledger and appropriate corporate records.
Adopting a fiscal year for the corporation.
Designating Chairpersons and members of committees.
Create a 3-year Budget
Obtain an Employer Identification Number for the Foundation
Prepare a Conflicts of Interest Policy
Prepare Minutes of the First Meeting of the Board of Directors
Prepare and submit IRS Exemption Application
Prepare State Exemption Application and/or Registration documents
Review All Necessary Operational Responsibilities of a Non-profit
Create an action plan for establishing the practices and operations of a private foundation, beyond legal status as a 501(c)(3) Private Foundation, that will address how to:
Establish Accounting procedures
Identify key consultants
Strategic plan for asset management and enhancement.
Adopt guidelines for grant making and submission of grant proposals.
Create a website, brand identity for the organization
Create publicity and awareness about the foundation’s purpose and activities – press releases
Develop internal procedures for grant making selection
