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501 (c) 3 Services
Although an inexhaustible interest in leadership research continues to escalate, one arena of study which has been neglected is leadership in the nonprofit sector. The intent of this dissertation is to see how the leader influences the effectiveness of his organization. Also, organizational culture and socialization will be examined to see if these elements are at the disposal of the leader of this community-based, nonprofit organization to enhance organizational effectiveness. Business & Financial Solutions offers solid direction in guiding new non-profit organization into successful missions.

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A nonprofit organization (abbreviated as NPO, also known as a not-for-profit organization is an organization that does not distribute its surplus funds to owners or shareholders, but instead uses them to help pursue its goals. Examples of NPOs include charities (i.e., charitable organizations), trade unions, trade associations and public arts organizations. Most governments and government agencies meet this definition, but in most countries they are considered a separate type of organization and not counted as NPOs. In most countries, NPOs are exempt from income and property taxation.

To improve the effectiveness of a nonprofit organization, especially during difficult economic times, senior executives and board members must first determine current performance.

As for the donor, contributions and donations to an individual are not tax deductible for the donor, no matter how charitable and noble the activity may be that is conducted by the individual. For income tax purposes, donors may deduct only those donations and gifts to, or for the use of, qualified organizations as defined by the IRS. This list of qualified organizations includes a community chest, corporation, trust, fund, or foundation organized or created under the laws of the United States or any state, that is organized and operated only for the purposes specified in Section 501(c)3 of the Internal Revenue Code.

Business & Financial Solutions accountants work with non-profit organizations to setup non-profit 501 (c) 3 organization. To setup the 501 (c) 3 requires the expert knowledge base of specialized accountants and attorneys. It is generally a task where non-profits would seek the guidance of professionals such as accountants and attorneys. however, it is equally important that those professionals are experienced in this arena. Otherwise an organization may find itself spending in excess of what they sure, or experience unfortunate delays.

To speack with an accountant regarding your needs contact our Rockville, MD office at (240) 403-0845 or email atinfo@bfswebsite.com

A MONTGOMERY COUNTY MD FIRM

IRS Form 1023

501c3 start-ups should give special consideration to its purpose and its mission before choosing its board members. Bylaws, conflicts of interests, conflicts in hiring and many other factors must be considered at the beginning of start-ups.

Business & financial Solutions is a Rockville, MD firm, experienced in processing 501 (c) 3 non-profit organizationa start-up applications. We are knowledgeable in expediting the process. There are also provisions that are often overlooked in the Articles of Incorporation of the organization. These oversights may create problems during start-ups if not handled at the onset.

Grant Applications and Proposals

What makes a grant work is following the directions of the grant. That includes everything from the date of the Letter of Intent, to the line spacing. By the time the grant reader gets to those last grants, it is extremely easy to find reasons to move the remaining ones out of the way. It does not matter how great the content in the grant may be, if it never gets read. Our team of grant writers understands the importance of following each little detail to the letter. Because, we have grant searchers, writers and accountants on staff, each grant consist of the best opportunity and content available. BFS provides the list of funding opportunities and prepares the grant content, budgets and any other information needed to meet the conditions of a grant..

Finding grants, writing the grant proposals and applications are often very specific. Most of us assume that because these grants are used for a specific purpose that indirect expenses cannot be used in the grants. This is far from the truth. Indirect expenses may be inclusive within the grants as well. Just because you are writing a building grant does not mean you cannot include the utilities associated with that building into the grant. You will find that there are other indirect expenses that may be written into the grant as well. Our granter writers are well versed in and know how to build these legitimate expenses into your grants.

Budgets & Forecasting

Assuming that an non-profit organization already has a business plan, the budget and forecast for the organization is changing from time to time. Budgets change at least yearly. Forecast can change weekly. To keep your organization in line with its spending, we are constantly running the numbers. How frequently depends on the level of service you have hired us to perform. Non-profit organizations' budgets need to always be ready to go. It is most certainly a part of most any grant application. As well, the form 990 tax return is becoming a common request in the grant application process. Finding all the documents for a grant can be challenge sometimes. Many organizations find it necessary to hire professionals to prepare the the documents. BFS find grants specific to yoru organizations, prepares all the documents, budgets and forecast for a successful grant application.

Forecasting is a tool, necessary in helping organizations avoid overspending. It is also essential in spreading out the grant funds over the accounting period. Many grants only disperse the funds in parts. Each part has to be spent and an accounting for it has to be provided, before the organization can draw down on the next part. In our forecasts, we can determine how much of the grants will be spent and when.

Grant and Fund Accounting

Once an organization has been awarded a grant it is imperative that excellent procedures are in place to account for grant spending. The grantors are going to want to know how this money was spent and the results from its spending. In financial reporting for non-profit organizations, our responsibility is to provide an accurate accounting of the funds. Further we work with the Executive Director in providing an Executive Summary, explaining the result of impact that the funds had on the community or population for which it served. This is an important factor when it comes time to request additional funds from the grantor for an upcoming year, or event. It is advisable that non-profits obtain the services of professional accountants. BFS accountants are experienced in accountability of grants, and how to best avoid delays in draws on the funds available.

The goal of our accountants and consultants is to serve, with honesty and integrety. Contact our Rockville office for a fee quote. Proper accounting is essential for non-profit organizations, for both reporting to the Internal Revenue Service, and to the organizations grantors.

Call Business & Financial Solutions, a Montgomery County, MD firm, in Rockville at (240) 403-0845 or e-mail us at info@bfswebsite.com. We can help you setup your 501 (c) 3 organization.

Visit us in Rockville, Maryland

17 W. Jefferson Street Suite 2
Rockville, MD 20850
Phone: (240) 403-0845
Fax 301-754-3638

e-mail: info@bfswebsite.com

Montgomery County, MD

501 (c) 3 Services