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From the Desk Of JT Foxx Internationally recognized business & wealth expert
There are plenty of nonprofit organizations around but do you really know what exactly this means? This refers to an organization that doesn’t have any owner, stockholder, or trustee that shares in the profits and losses. This organization has been put up not for the purpose of earning revenue but for the promotion of a mission to improve the welfare of the public.
Most of these organizations are eligible for tax exemption. But some still receive tax deductible contributions. These organizations usually include those that were set up for the purposes of charity, religion, education, scientific research/studies, literature, testing for public safety, and prevention of cruelty to children, women, elderly, and animals.
Charitable activities are those that benefit the public interest. These should serve an “open class of people” and not just a limited number. Examples of such activities are helping the poor and distresses, advancing education, building or maintaining public buildings, reducing government burdens, eliminating discrimination, abuse, and prejudice, promoting and developing the arts, and defending human and civil rights secured by law.
If you’re going to put up a nonprofit organization yourself, there are many things that you need to keep in mind. First, you have to determine what specific cause you intend to do. Find something that’s close to your heart and start on that. For example, if you’ve always wanted to help homeless children or out-of-school youth, you can put up an organization that will help these kids.
You should plan the organization very well in order to achieve success in putting it up. You have to devise financial and marketing strategies, develop donation and fund-raising opportunities, and think of ways as to how the public will be more aware of the current problems and issues surrounding your specific cause. All these are necessary to make your organization successful in helping the society.