Have you ever considered starting your own charitable foundation to give back to your community? Charitable foundations are a great way to contribute lasting and meaningful social change in a community, and can be a much-needed resource to those in need. Creating and running a charity is very similar to creating and running a business, except for a couple differences. It requires much more financial support to keep a non-profit organization going, because most, if not all, of the proceeds are naturally not retained by the organization. There are also different laws that founders must be aware of when starting their own foundation, which can often be quite complex.

Here are 8 steps to take that will get you on your way to creating your own charitable foundation:

1. Make (and keep) your commitment to the foundation.

2. Get advice from an experienced attorney who is familiar with non-profit laws and regulations.

3. Create bylaws to govern your organization.

4. Develop criteria to determine which organizations or programs you will support with your funding.

5. Find an experienced group of people for your organization’s board.

6. Create a plan to keep your foundation alive as long as possible, which includes how you will fund the organization’s day-to-day needs and pay salaries, as well as how you will raise money for the programs you support.

7. Avoid conflicts that could turn your charitable foundation into a profitable business.

8. Know how to manage your funds and be sure that the money you use to run your organization is not the money you receive from donors.

– Katie Brockman

Source Entrepreneur