Planning Your Foundation:
- Consider what you will do, which charities you’ll support, what employees you need, and getting funds to start.
- Incorporate your foundation in the state where you will operate.
- Hire an attorney to help with this.
Establishing Your Foundation:
- Define the objective by answering questions like “What sector will I focus on?” and “Where will I see the foundation in ten years?”.
- Seek ways to raise funds for charities and actively engage in activities to help your causes.
- Research the legal, financial and tax implications.
- Develop a mission statement.
- Create a business plan.
- Secure funding.
- Establish a board of directors.
- Find resources through organizations like the Foundation Center and National Council of Nonprofits.
- Create a financial plan and monitor expenses to ensure responsibility.
Starting a Charity:
- While experience helps, it’s not required to start a charity.
- A team can be beneficial, although it’s possible to start alone.
Foundation Funding:
How much money do you need to set up a foundation?
How do I start a foundation with no money?