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Any organization, that wishes to be recognized by the federal government as a non-profit charitable organization, must complete the form 1023 (501c3 Application). Only then can funds donated to the organization become tax deductible to its donors. The question is often raised how to setup a 501 (c) (3)? We have tried to answer this question for many clients. Finally we have concluded you let professionals do it. The 501c3 Start-up Application requires several supporting documents and forms to be setup. The process can be time consuming, and if not done properly, and in its proper order, it can take longer than it should. (501 c3 Application).
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. At some point, it will also need to consider a business plan for the organization.
Business & financial Solutions is experienced in processing 501 (c) 3 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.
There are many documents that clients can file themselves, without the help of accountants or attorneys with experience. Many times we suggest to our clients that they should in order to save money. The 501 (c) 3 applications is not one of those documents.501c3 start-ups should be prepared and filed by professionals. If we can assist call our Rockville accountants at (240) 403-0845 or e-mail us at info@bfswebsite.com.
Serving: Frederick County Maryland, Prince Georges County Maryland, Washington DC, Northern Virginia, Montgomery County Maryland, Baltimore County Maryland, Fairfax County Virginia, Prince William County Virginia, Loudoun County Virginia, Howard County Maryland, Washington County Maryland, Anne Arundel County Maryland, Arlington County Virginia, Stafford County Virginia, Rockville MD, Silver Spring Maryland, Bethesda MD, Potomac MD, Laurel MD.
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 writers and accountants on staff, each grant consist of the best content for the numbers and the narrative side of the grant. This is imperative in that grant reviewers consist of both as well.
Grant proposals and applications are often specific in how they can be used. 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. 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.
Call our Montgomery County, MD firm if you are interested in more information at (240) 403-0845. You may also e-mail us at . We are located in Rockville, MD across from the District Courthouse.
Budgets & Forecasting
Assuming that an 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.
Forecasting is a tool, necessary in helping organizations avoid overspending. It is also essential in planning and scheduling 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. Therefor, a solid plan of action needs to be developed to account for the funds. BFS will work with the Executive Director in developing such a plan. Further, we will help 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.
Call Business & Financial Solutions, a Montgomery County, MD firm, in Rockville at (240) 403-0845 or e-mail us at .
Services provided for: Montgomery County, Maryland | Fairfax County, Virginia | Atlanta, Georgia | District of Columbia | Jackson, Mississippi | Honolulu, Hawaii | Dover, Delaware | Montgomery, Alabama | Raleigh, North Carolina | Columbia, South Carolina | New Orleans, Louisiana | Boston, Massachusetts | New York, New York | Dallas, Texas | Los Angeles, California | York, Pennsylvania | Pensacola, Florida | Northern Virginia | Rockville, MD | Des Moines, Iowa
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