You have now established your nonprofit in Mil
You have now established your nonprofit in Milestone One: Establishing Your Nonprofit and reviewed the National Council of Nonprofits website and the Annual Exempt Organization Return: Due Date website in the Required Resources section of this module.
In this post, consider the annual federal and state reporting requirements for compliance with legal and tax regulations for your nonprofit. What are the federal tax and legal filing requirements? What are the tax and legal filing requirements for the particular state that your nonprofit is being established in? Remember to name the state that your nonprofit will be established in.
https://www.councilofnonprofits.org/tools-resources/state-filing-requirements-nonprofits
https://www.irs.gov/charities-non-profits/annual-exempt-organization-return-due-date
The name of the organization that I want to establish is “One World” and this is symbolic because it affirms that human beings are all the same whether orphaned or not. The organization is geared towards taking care of the orphaned children because the society sometimes discriminates them. The organization seeks to provide all the necessary services that this vulnerable population is suffering from.
The mission statement for the organization is “Human service is the highest form of compassion in a world of social and economic imbalances” and this is in relation to the services that the orphans shall receive. The orphans encounter all forms of discrimination that subject them to perennial problems such as crime, early pregnancy, alcoholism, and substance abuse.
The programs that the organization shall offer are mainly education sponsorship, mentorship and offering services for adoption of the orphans to interested foster families. Educational sponsorship is a service that the organization offers to help in the elimination of illiteracy among the orphans that are admitted to the organization. These people are susceptible to different social problems that inhibit them from acquiring education. They lack the financial support of their parents since they are deceased, and their immediate families mostly discriminate them. Mentorship is also imperative to mold the orphans to become responsible human beings as adults. The services are extensive and integrated into the organization’s values and system.
The fund designations for the programs are mainly in the payment of elementary, high school and university education. The orphans are sponsored throughout their educational journey, and these are the areas of value. They must have a smooth learning journey, and this is possible when the educational expenses are catered for. The transactions that the organization will have been reflections on the balance sheet as the assets needed for education and mentorship. These transactions are categorized as the program services expenses, joint costs, management, and general expenses as well as fundraising expenses. No taxes are imposed on the expenses in this organization unless the IRS approves under section 501. The transactions will be recorded to demonstrate the net assets, the liabilities incurred and the stand the organization is at in consideration of the services that the organization offers.
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