Budget Planning for a Non-Profit Organization

Video Transcript

Hi! This is Jim Goettler with Expert Village and this is a video about how to form and operate a non-profit organization. In this segment, I am going to touch briefly on budget development. In other words, how you are going to develop a budget and to think like a 501 C-3 organization. Although keeping in mind that you get to file those documents. We are doing all this in preliminary to the filing of those documents. The moment you incorporate with the State the articles of the corporation, you have 16 months to fill out those forms to go to the IRS for your file determination. During that time, you need to act like a 501 which means that your budget needs to reflect your mission, needs to reflect who you are and needs to reflect what you are planning to do in a community so that when the time comes to file, you have all those proverbial ducks in a row. In the next segment, I am going to talk a little bit more about careful record keeping which is essential for any 501 C-3 organization. Stay with me.

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