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5 steps to setting up an educational foundation | Short Article on Educational Foundation

5 steps to setting up an educational foundation | Short Article on Educational Foundation

The start of your educational foundation may seem like a daunting task. It is, however, not as tough as you may believe. Here are 5 steps to setting up an educational foundation up and running quickly.

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Step 1 – Research

Step 1) Find a good location for your educational foundation.

Your board of directors will want to be involved in every decision so you will want them nearby. You could also require access to services that are only available in larger cities.

Step 2) – Write a business plan:

Forming an educational foundation is a big undertaking and having a well-written plan will help smooth out some of your bumps along the way.

Step 3) – Meet with local elected officials:

Local elected officials should be willing to help make sure you have everything you need when it comes time for construction and other various services such as utilities and waste disposal.

Step 4) – Apply for construction permits:

Some permitting agencies do not require plans, but if they do expect them within 60 days after submitting your application. Plan on at least three months for completion of all applications required by federal, state, and county entities.

Step 5) – Obtain financing:

Depending on the type of loan you acquire, it might take anywhere from 30 to 90 days. Working with a commercial lender rather than a standard bank may speed things up as they can often move faster since they deal with financing day in and day out. When going through banks also work through brokers rather than directly contacting their lending division which again speeds things up when trying to obtain funds quickly.

Step 2 – Gather your documents

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A copy of your birth certificate, social security card, and picture ID are required. Many states have different requirements depending on whether you want to set up a private foundation or public charity, so check with your state government website for more information. Financial disclosures may also be required to qualify for some types of funding. Because each state has its laws governing nonprofits, you must contact your state’s charity bureau as soon as possible—usually before beginning fundraising efforts—to determine how they want you to apply for registration.

Step 3 – Register your educational foundation

Depending on where you live, you may need to register your educational foundation with a regulatory body (more on that in Step 4). This step will involve some government forms and organization procedures. The standard structure of an educational foundation includes a board of directors, which will oversee fund-raising activities and make financial decisions.

For example, when deciding what scholarship money goes to which student for what academic year, or how much funding should go towards equipment or supplies. You can also include other roles within your organization. For example solicitors (to fundraise money from donors), treasurers (to manage funds raised by solicitors), publicists (to raise awareness of your organization), and more!

Step 4 – Set up your website

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Setting up a website for your educational foundation is important because it gives you a simple, central location where people can go for information. There are tons of different ways you can set it up—but there are two main types of websites. The first type is called a hub and spoke website. This type of site includes separate sections that visitors can click on—basically creating a menu-like list (the hub) with links (the spokes) that lead to other pages. This type of layout makes sense if you have a lot of resources or information but don’t want it all in one place.

Step 5 – Spread the word

Once you have a title, mission statement and vision mapped out, it’s time to spread the word. Work with your county or state office of education, ask your teachers and principals how they can help promote it and start by getting on their radar. Set up meetings with local schools and their foundations, create partnerships in advance with key organizations that will be helping support you including parent-teacher associations (PTA), businesses, and churches.

The more people who are aware of what you’re doing from day one, at least in theory, will mean more funding down the road when it comes time for grant applications. Ideally set aside a few months before the launch date to get these pieces taken care of so once you do open shop your foundation is set for success from day one. Read more about Education on Wiki.

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