Word: nonprofitability
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...enthusiasm. Last year, when a University of Washington administrator went outside to tell Cecka to stop climbing on her office building, she was impressed by his passion for the obscure sport and encouraged him to apply for a $4,500 leadership scholarship, which he is using to create a nonprofit to spread the word about parkour. As he quietly trains on campus, Cecka is preparing the paperwork for an urban-reclamation club to spruce up the school and build goodwill to one day get university officials to sanction parkour. "Hopefully, they'll listen to me then and won't immediately...
...owner of a $4 million company that trains yoga fitness instructors worldwide, Shaw used her knowledge of the market to launch Visionary Women in Fitness, which provides scholarships to underprivileged women so they can train to become instructors. With a budget of just $30,000, the nonprofit, based in Hermosa Beach, Calif., is able to help 15 to 20 women a year learn a skill that can get them an entry-level...
Back in 2000, inspired by a desire to help those in need, Megan and Dennis Doyle of Minneapolis decided they wanted to do more than just volunteer or write a check. Instead, they took $30,000 of their own money and started a nonprofit called Hope for the City. The organization collects corporate overstock and distributes it to nonprofits in the Twin Cities, nationwide, and internationally to 26 developing countries. Today the nonprofit has a $900,000 operating budget and a 25,000-sq.-ft. warehouse to store the donated items and has distributed nearly $380 million of in-kind...
Fueling this growth are several factors: baby boomers with a social-entrepreneurship mind-set and added time in their lives to give back to their communities, such tragic events as Sept. 11 and Hurricane Katrina, and greater numbers of wealthy individuals with the funds to launch their own nonprofits. But starting a nonprofit is a Herculean effort, requiring patience and determination...
...take at least six months to a year and as much as 30 to 40 hours a week to get an organization off the ground, McGrath says. Hiring an attorney experienced with nonprofits to handle statewide and federal applications is key. The 501(c)(3) designation comes from the IRS, and nonprofits are expected to provide the government with such information as a mission statement, an idea of who will be assisted and by what methods, anticipated budget and board of directors, says Andrew Grumet, a lawyer representing nonprofits with the Manhattan firm Herrick, Feinstein, LLP. Accountants familiar with nonprofits...