Questions

My business partner and I want to start a not for profit called AssureMom.com I need to know where to start looking for funding. AssureMom.com was formed to assist the elderly and their families with the services they need independent of what Medicare and Medicaid provide.

The funding of a non-profit can be a bit more complicated than banging on the doors of a bank. First, you will need to set up the corporation, next file for non-profit status with the IRS (1023), and lastly receive tax-exempt status from your state of incorporation. At the point of submission to IRS, you have a window of roughly 2 years to fundraise while you receive your approvals. However, many foundations will not fund you during that time. That leaves you to grass roots funding.
Your success will be based on a solid business plan, and a board that is experienced in oversight. Focus on the income and expenses when you write your business plan.

Good luck in your endeavor, you may find the reward in helping people gets overshadowed by the daunting task of running the company. Keep your mission statement handy!


Answered 5 years ago

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