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Publications
New Publication
4 Steps to Organizing a Charity
Audit Tips
Technical
Assistance to Illinois Nonprofits
Nonprofit
Websites
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| 1. |
Gather
volunteers willing to assume responsibility as directors and
write your governing document - the by-laws. Illinois requires
three directors to form a nonprofit corporation. Several technical assistance
groups help write by-laws and
incorporate. |
| 2. |
Weigh the
advantages and
disadvantages of the corporate firm. If you decide to incorporate, you
will file Articles of Incorporation with the Illinois Secretary of
State. |
| 3. |
Tax status is determined by
the IRS, and to be exempt under Section 501(c)(3) of the Internal
Revenue Code, a nonprofit must make application. The nonprofit
equivalent of a business plan will form the basis to preparing IRS
Form 1023, Application for Tax Exempt
Status. |
| 4. |
Charitable nonprofit
corporations (or any charitable activity which solicits contributions
from Illinois citizens) must register with the Illinois Attorney
General and file annual reports. |
Watch for CPAsPI's class on responsibilities and
liabilities of board service.
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