Like any successful business, it’s important to build an organization on the right foot. In addition to determination, quality employees, and working capital, there are some tips your clients should know about starting a new nonprofit. While a clear-cut mission is likely to drive a nonprofit, it’s still crucial to understand that in order for it to succeed, it must be treated as a business. Furthermore, Nonprofit Insurance Coverages is essential to thriving.
The following is a brief rundown of the steps you can provide your prospects and clients with when beginning a nonprofit. This checklist is an abridged version from the Nonprofit Coordinating Committee of New York, but its contents relevant throughout the country.
- Create a brand and identify the mission statement.
- Establish a Board Committee.
- Select the board of directors and officers for the nonprofit.
- Create an operation plan that identifies the location, the mission, the budget, the fundraising plan, activities, and any funding.
- Hire an accountant to manage the books and keep the financial records orderly in the event of an audit.
In addition to this brief checklist, other steps include establishing a system for preparing and filing Form W-2s for employees and 1099s on behalf of independent contractors, and establishing a system to meet both mandatory and recommended insurance requirements. This includes, but is not limited to securing the nonprofit with the best General Liability, Cyber Liability, D&O Coverage, Crime Insurance, and more.
At Domenick & Associates, we have a unique understanding of the nonprofit sector and how to properly secure your clients’ operation. From personal and advertising protection to volunteer coverage, we offer a range of products that are necessary for their success and longevity. For more information about our products, contact our experts today at (855) 745-3636.