COLLEGE & CAREER ACADEMIES AS NONPROFITS DON’T LET RUNNING A 501 (C) (3) SCARE YOU!!

IRS LINKS TO SUCCESS Organizations/Exemption-Requirements-Section-501(c)(3)- Organizations 2

RULES To be tax-exempt under section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for exempt purposes set forth in section 501(c)(3), and none of its earnings may inure to any private shareholder or individual. In addition, it may not be an action organization, i.e., it may not attempt to influence legislation as a substantial part of its activities and it may not participate in any campaign activity for or against political candidates. 3

IRS & GA SECRETARY OF STATE DOCUMENTS IRS Tax Exempt Letter Keep it & file it Will need for documentation purposes a few times a year EIN GA Secretary of State Letter Keep it & file it Will need for documentation purposes a few times a year Annual registration and renewal 4

WHAT DO YOU DO ONCE ESTABLISHED Mission Vision Values Investment Opportunities Performance Goals Other 5

STRATEGIC PLAN FOR YOUR 501 (C) (3) Develop Strategic Plan for your 501 (c) (3) It’s not a foundation but that is what everyone will call it Do you need a DBA We did….our official name is Golden Isles Technical and Career Learning Inc.-----our DBA is Career Academy Foundation Helps with recognition Create a budget Create an elevator speech Create and learn what a logic model is Sample Finance Meeting Agenda included 6

SUPPORT AND PREP Identify Board of Directors who are willing to help with the fundraising efforts Rare responsibility of “governance” & “fundraising” Identify Key businesses, individuals or agencies that will give you seed money 7

SUPPORT AND PREP CON’T Develop relationship with Chamber and Development Authority Identify and develop volunteers that will help with fundraisers Add page/link to website for your foundation Create brochure and/or flyer to describe your foundation, beliefs and what you are in business for Find and distribute any research base articles that support any initiatives such as service learning Know Career Academy Data (i.e. cost per student, economic impact on community…) 8

NONPROFIT SUPPORT & PARTNERS Our foundation is a United Way Agency Receive funds for service learning & co-curricular competitions Service Organizations Currently receive funds from Kiwanis Nonprofit Partners Community in Schools, Boys and Girls Club, Safe Harbor, Goodwill, Red Cross…… Received free services, goods for a fundraiser, & additional names of people who donate time and/or money in the community 9

FUNDRAISERS Establish fundraising committee Volunteers, parents, teachers, students, Board of Directors… Select fundraisers that you can pull off Dinner, Silent Auction & Music Event Golf Tournament Car Donation Program Future Endeavors Partners program such as Rockdale’s Developing tier structure End of year capital campaign 10

MARKETING & COMMUNITY EVENTS Scholarship Luncheon Try to find a sponsor for lunch (if not, it’s still worth it) Free to community Invites businesses and families of scholarship recipients Speakers thus far Jack Kingston, Mayor, & popular radio host Chamber Luncheon or Breakfast (Chamber benefits $$) GP, Gulfstream, Pinova, United Way, Realtors,,,, Training held on site GPEE Bus Stop & Tour location Fall 2015 Lt. Governor’s Business Summit 11

TAX RETURN AND COMPILATION AUDIT You must file a return You should have your books audited annually for your benefit also because of grants and certain agency requirements such as United Way Your foundation bank account should be at a different bank than where the school banks at Don’t mix the money 12

TAX RETURN AND COMPILATION AUDIT CON’T Receive financial advice and procedures from a professional (i.e. system CFO or independent accountant) We have an independent accountant that volunteers We pay someone to file our tax return We pay a different accountant to complete a compilation audit usually washes out because of their contributions or their support of our fundraisers 13

REVIEW OF RESOURCE HANDOUTS -Life Cycle of a Public Charity -Starting a Non Profit Organization in Georgia 14

Rick Townsend CEO Golden Isles Career Academy 4404 Glynco Parkway Brunswick, GA Dr. Barbara Prosser CEO Effingham College & Career Academy 2940 Highway 21 South Rincon, GA QUESTIONS