So the easy part of setting up the nonprofit is the setting up of the nonprofit. What I mean by that is setting up the legal entities using an online company, getting a federal tax ID and appointing a small three member board. The board is required by my home state of Illinois. While each of those is a pain, in time it shouldn’t take long.
I’ve already gotten a yes from my other potential board members so I’m good there. How long should that take? To be very careful I will start the process around March 15.
What else do I need to do? I should probably hold a board meeting to discuss second quarter plans before launch.
How can I accept PayPal on my website? What are the requirements?
Opening a checking account might have to wait until I have at least a few donations.
I should also document what my ongoing regulatory and financial commitments are.
Do I want to include a biography section on the website for startup city?
I have to finalize donation tiers so I can run it by board.
Create a pre- launch budget as well as a second quarter budget.
That’s what I have for now. I’m sure other things will pop up. The above items are actually a bit more than I realized. Better get busy.