How To Start a Foundation for Hospital Patients

If you want to help other people, setting up a foundation could be a smart move. However, not many people know exactly how to start a foundation to help others here in Quincy, IL, and good intentions only go so far.

The Blessing Foundation has been helping people and taking donations since 1983. The key to setting up our successful foundation was clearly defining our goals, who we would work with, and what we could do for patients. Carefully thinking about all of these things before you proceed is a necessity if you want your foundation for hospital patients in Quincy, IL to be a success.

What is the Goal of Your Foundation?

Establishing the goal of your foundation has to be a top priority. This doesn't just help you define your mission. It's a necessary step before you register your foundation with the Internal Revenue Service.

A foundation can have a narrow focus or it can offer grants to a wide range of organizations and causes. We often have donors set up their funds when they work with our foundation, and their funds can be used broadly or in more specific ways.

Choosing a Name

You also want to make sure that you pick out a memorable name, one that people will recall when they go to make their charitable donations. People who set up foundations to help patients with a particular disease often name the foundation after someone they knew who suffered from the disease, but there are no hard and fast rules for what you can name your foundation.

Setting Up Your Foundation

Once you have a name and a goal in mind, it's time to do the formal work of setting up your foundation. That means registering with the IRS and receiving an EIN, or employer identification number. This is necessary even if you don't plan to hire employees for your foundation. The EIN helps the IRS keep track of your foundation and hold you accountable for any taxes that need to be paid.

You can also choose between setting up your foundation as a charitable trust or a nonprofit corporation. Both have their pros and cons. A charitable trust is often less complicated when it comes to day-to-day operations, but offers less legal protection to trustees. A nonprofit often have strict operating requirements, but it can be quite flexible with their donated funds. It's wise to meet with legal or tax professionals before finalizing how your foundation for hospital patients in Quincy, IL is set up.

Once your foundation is established, the real work begins. You can decide whether to solicit donations from others or if this is a foundation that is going to be something that your family will use to give back to worthy causes. No matter how you proceed, all of us at the Blessing Foundation can speak to how rewarding this type of work can be after our decades of experience helping patients in Quincy, IL, and beyond. We wish you the best of luck in your endeavors!