Friday, 21 August 2015

Be Philanthropic by Starting a Foundation

Donating to charity is a highly admirable act worthy of nothing less than respect. Many charities all over the world are responsible for promoting humanitarian ideals and improving the quality of life of so many people. Each charity is instrumental to creating change, and assisting in the progress of society as a whole. That said, perhaps the only thing that can be greater than donating to charity is starting one yourself and helping more of those in need achieve better lives.

Unfortunately, starting a charity is not as simple as declaring your intent and allocating the needed funds. There are documents to complete, processes to follow, people to hire, etc. You will also have to worry about filing tax exempts and managing receipts—an investment account will also have to be opened under the organization’s name. You must never use your personal accounts, or direct donors towards your account—records of the foundation’s transactions must also be properly recorded, for tax purposes.

If you want these responsibilities managed efficiently, you don’t have to go at it alone—there are groups that can help you set up your own foundation, and even support your funding. This will not only benefit you, but all the beneficiaries of your intended foundation as well.

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