If you’re starting a not-for-profit organisation, there are a few things you need to take care of before you can get started. In this blog post, we will go over some of the most important things you need to arrange in order to get your organisation up and running. Keep in mind that this is not an exhaustive list – please consult an attorney or financial advisor for more specific advice.
Take out insurance
What is not-for-profit local community insurance? It’s a type of insurance that helps protect your organisation in the event that someone is injured on your property or if your organisation is sued. This type of insurance is typically very affordable and can give you peace of mind knowing that you are protected in the event of an accident or lawsuit.
You can purchase liability insurance through a variety of different insurers. Be sure to shop around and get quotes from multiple companies before making a decision.
File for tax exempt status
If you want your not-for-profit organisation to be exempt from paying taxes, you will need to file for tax exempt status with the ATO. This process can be fairly complicated, so it is best to consult with an accountant or tax attorney before beginning.
In order to file for tax exempt status, you will need to fill out and submit a number of forms, including an application and supporting documentation. Once your application is approved, you will be able to enjoy the benefits of being a tax-exempt organisation.
Set up bank accounts and credit cards
Once you have your tax exempt status, you will need to set up a bank account and credit card for your organisation. This will allow you to start accepting donations and paying expenses. There are a few things to keep in mind when setting up your banking accounts in Australia.
First, you’ll need to choose a bank that offers favourable terms for not-for-profit organisations. You may also want to consider setting up a separate account for your organisation’s operating expenses and another for its donations.
Create a mission statement
Your not-for-profit organisation should have a mission statement that clearly states its purpose. This statement should be short, concise, easy to understand, and aligned with your organisation’s values. This mission statement serves as a guiding force for your organisation. It will help you make decisions about what programs to pursue and what types of activities to avoid.
Appoint a board of directors
The board of directors is responsible for the overall governance of your not-for-profit organisation. They will make decisions about the direction of the organisation and ensure that it is compliant with all applicable laws and regulations.
The size of your board will depend on the size and scope of your organisation. You can appoint anywhere from three to seven directors, and you may want to consider appointing a mix of board members with different backgrounds and expertise.
We hope this helps
Hopefully this information helps you get started on the process of setting up your not-for-profit organisation.