How to Start a Nonprofit in Oklahoma

Introduction

Nonprofits are organizations that operate for the benefit of others. They can be organized as corporations or unincorporated associations, and they have specific legal requirements to follow in order to maintain their status as a nonprofit. With a little help from this article and some outside research, you’ll be well on your way to starting a nonprofit in Oklahoma.

Nonprofit Organization

A nonprofit organization is an organization that has been granted exemption from federal income tax under Section 501(c)(3) of the Internal Revenue Code. This means that, unlike for-profit businesses, all of your profits must be re-invested into the company itself rather than being paid out to investors. Nonprofit organizations can include associations such as trade or professional associations; public educational institutions and hospitals; social welfare organizations like soup kitchens or homeless shelters; and many other types of organizations. In general, nonprofits are formed to provide services or opportunities not otherwise available in society such as education, health care services and research funding.[1]

Nonprofit organizations are often referred to as charities by their supporters because they serve specific charitable purposes ranging from those related directly to government agencies (e.g., law enforcement agencies), religious institutions (e.g., churches), private schools etcetera.[2]

The importance of having a Board of Directors

The Board of Directors is the governing body of a nonprofit corporation. The Board of Directors is responsible for managing the organization’s affairs and overseeing its operations. The board hires, fires, and approves the budget of an executive director who manages day-to-day operations.

The board can include individuals from both inside and outside your organization to help ensure that all aspects of running a successful nonprofit are considered.

How to fill out and submit paperwork for filing a 501(c)(3) application.

The IRS requires that you fill out an application form and submit it to them. It’s part of the process of obtaining 501(c)(3) status. You will also need to submit a copy of your application to your state’s tax agency, and another copy to the IRS. The paperwork can be submitted through mail or fax but must be received by January 31st (the last day of the tax year).

You’ll need the following information: name, address, type of organization (501(c)(3), church or religious organization), and tax year (that is: when you want your nonprofit started).

Know at least three ways to raise money for the nonprofit.

You should know at least three ways to raise money for your nonprofit. Donations (including monetary, material and in-kind donations), fundraising events and grants are the most common ways to generate revenue. Other funding sources include endowments and memberships.

Donors can be categorized into two groups: individual donors and corporate sponsors/partners/foundation grants. In addition, there are non-profit foundations that support nonprofits with large sums of money for specific causes or topics.

Takeaway:

Your nonprofit will be able to apply for 501(c)(3) status with the IRS and become a federally-recognized tax-exempt organization. You’ll also be able to raise money from donors and grants, which can help you get your organization off the ground. Be sure that you have a board of directors who are committed to seeing your nonprofit succeed at its goals. Finally, make sure that your mission statement is clear and concise—this will ensure that anyone who wants to support you can clearly understand what it is that you do and why they should donate their time or resources.

Conclusion

If you are considering starting a nonprofit, the first thing you should do is talk to an expert about the process. They can help you with everything from determining if your idea is feasible to filing paperwork with state and federal agencies. If you have any questions about this information or would like to discuss starting a nonprofit in Oklahoma, please contact us at +1-833-332-2322 or email info@trademarkavenue.com