503c Nonprofit Mutual Benefit Corporation
12 KEY STEPS FOR FORMING A NONPROFIT PUBLIC BENEFIT CORPORATION EXEMPT UNDER IRC 501(c)(3) AS A PUBLIC CHARITY
1. Define the mission and develop the organizational plan.
- Basics of Developing Mission, Vision and Values Statements by Carter
2. Recruit and educate a qualified board.
- BoardSource: http://www.boardsource.org/
Select from Q&As Recruitment and Orientation and Roles and Responsibilities
- Four Cool Ideas for Recruiting New Board Members, Board Caf:
3. Refine the mission and the plan.
- What Should Our Mission Statement Say?
4. Draft and file the Articles of Incorporation.
- Organization of California Nonprofit, Nonstock Corporations, Your States Secretary of State:
5. Apply and obtain an Employer Identification Number.
- IRS Form SS-4: http://www.irs.gov/pub/irs-pdf/fss4.pdf
- Instructions for Form SS-4: http://www.irs.gov/pub/irs-pdf/iss4.pdf
6. Draft the Bylaws.
- Establishing a Nonprofit Organization, Establish bylaws and board policies, Foundation Center:
7. Draft the Conflict of Interest Policy*
* While not formally required, adopting a conflict of interest policy is a strongly recommended best practice.
- See Instructions for Form 1023, Appendix A
8. Hold the first meeting of the board ? elect the officers, adopt the bylaws and conflict of interest policy, establish the tax year, and take other appropriate board actions.
- What Takes Place at Our First Board Meeting
9. Register with the Your States Attorney Generals Registry of Charitable Trusts.
- Initial Registration Checklist: (CA example)
- Office of the Attorney General
10. Prepare and file IRS Form 1023.
- IRS Form 1023: http://www.irs.gov/pub/irs-pdf/f1023.pdf
- Instructions for Form 1023: http://www.irs.gov/pub/irs-pdf/i1023.pdf
- Blazek, Jody. IRS Form 1023 Tax Preparation Guide. John Wiley & Sons, 2005.
11. Prepare and file FTB Form 3500.
- FTB Form 3500 & Instructions (2005):
12. File the Statement of Information with the Secretary of State.
- Statement of Information (Domestic Nonprofit Corporation), Form SI-100 & Instructions:
The author does not intend the resources referenced herein to be referrals or endorsements.
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