Many people fail to realize that starting and running a successful Christian non-profit organization is not easy. Leading experts state that opening such an institution is very similar to a new business or a start-up.
You have all the paperwork that you need to create, fill and file with the requisite authorities. There is also the need to create a comprehensive business plan along with devising the organizational structure of the same.
Besides the above, a Christian Non-Profit Organization also needs to take help from Financial Advisors. Christian Financial Advisors can help in addressing the financial needs and requirements of the social and religious project.
In this resource article, we are going to help social entrepreneurs understand the various facets of starting a Christian Non-Profit Organization.
5 Important Things You Need To Do When Starting A Christian Non-Profit Organization
Create A Mission Statement-
Every Christian Non-Profit needs to first begin with a Mission Statement. What is the organization all about, what is it that it is aiming to achieve, and how does it plan to get there? These are some important questions that a Mission Statement should include. You must start thinking of this in terms of a future road map for the organization. A Mission Statement needs to reflect elements like the Name, raising of Funds, Marketing, and so on.
Incorporate A Board Of Directors-
Christian Non-Profits are required by State and Federal Laws to establish a board of directors. It should be pointed out that the number of directors varies from state to state. However, most states of the American Union require at least 3 directors for Christian Non-Profits. The first member needs to be the President or the Pastor. The second member can be a Coordinator that can help with Spiritual Guidance. Lastly, the third member can be a Financial Advisor.
Filing For Tax Exemption Under 501(C) (103)-
The IRS extends tax exemptions for Christian Non-Profits, Churches, and other Religious Institutions under 501(C) (103). This helps create the organization in the form of a Public Charity. However, organizations must understand how the paperwork works and file it accordingly. You can go to the website of the IRS to get a better sense of how it works or hire the best Christian Financial Advisors to help you in this regard.
Start Creating Your Financial Footprint-
Any Non-Profit needs to first open a Bank Account and link up the same with the various paperwork that is required by the governmental authorities. When it comes to opening a bank account for a Christian Non-Profit, you will need to submit the Mission Statement of the organization, the bylaws, the name and id of the directors, along with the paperwork for the incorporation. A bank account is one of the most crucial aspects of a Christian Non-Profit.
Hire A Christian Financial Advisor-
To be honest, there are just too many things that you need to take into consideration when running a successful Christian Non-Profit. From all the paperwork to filing for tax exemption to looking after the donations and charities, various financial verticals need to be taken care of. Working with financial experts that are experts at helping Christian Non-Profits can ease the burden of managing and coordinating the various financial functions.
How Christian Financial Advisors can help run a Non-Profit Financially?
In the last section, we were briefly able to touch upon the role played by Christian Financial Advisors. However, many of you have written to us and requested us to elaborate on the various functions and features that these experts offer.
- Christian Financial Advisors help the organization in understanding where the finds are going to come from. Their task is to create balance sheets in the right order for the organization at all times.
- Keeping financial records and accounting inputs and submitting the same to the IRS and other authorities is one of the major tasks of Christian Financial Advisors. This helps the organization steer clear of any troubles.
- Christian Financial Advisors need to file paperwork regarding Employer Identification Numbers (EIN), file tax exemptions under 501(C) (103) as well as work with the state authorities.
- Many of the best Christian Financial Advisors also work with Christian non-profits to help them shore up memberships, run marketing and promotional campaigns coordinate with media, schools, colleges, and institutions.
- Prepare a plan of action in terms of financial collections. This includes determining what will be the major sources of revenues that the non-profit can expect. This can be through donations, regular fundraising campaigns, or running grants-in-aid programs.
The Bottom Line
With so much grief, strife, and ill-health in present times, the world needs more social entrepreneurs. By starting and running successful non-profits, a lot of good can be done to improve healthcare, spread education, strengthen faith and create a moral consciousness that brings communities together.
If you would want us to answer any specific questions that you might have on Christian Non-Profits, drop your questions in the comments section below. We will try to answer as many questions as you might have on Christian Financial Advisors.
Read Also:Tags: financial advice , Non Profit , Non Profit Organization