If you are considering starting an Oklahoma booster club, there are legal requirements even though it is labeled as a “club”. Luckily, creating a booster club in Oklahoma involves a fairly easy to follow legal process. At a few points it can be a bit overwhelming, but if you follow the steps listed below, your club should be up and running in no time!
It is important for every business owner to start with the general information whether it is a nonprofit organization like a booster club or not. On the Oklahoma Secretary of State website, you will get the access of all the legal requirements you have to fulfil in order to start your Oklahoma booster club. Here you will find a complete guideline related to how to structure your Oklahoma booster club. On the SOS site you will also find information on completing the forms and fees associated with starting anew booster club. Once you have familiarized yourself with this process, the next step is to create a name for your booster club.
This part involves a little creativity! You’ll want to choose a name that is both professional and unique. We suggest that you compile a list of several potential names for your booster club to avoid choosing a name that has already been used. Your nonprofit’s name must contain one of the following words: “association,” “company,” “corporation,” “club,” “foundation,” “fund,” “incorporated,” “institute,” “society,” “union,” “syndicate,” “limited,” or one of the abbreviations “co.,” “corp.,” “Inc.,” or “ltd.” Once you have your list of names you will want to use the Oklahoma name search engine to be sure that your particular name has not been used.
When you are building your Oklahoma booster club, it is important to create a clear and meaningful mission statement. This statement communicates the overall purpose of the organization and should define who the organization is, why it exists, and who benefits from the work of the organization. After you have completed your mission statement, you can begin to construct your club’s bylaws.
Before you file your articles of organization, you’ll need to have bylaws that comply with Oklahoma law. Your bylaws contain the rules and procedures your corporation will follow for holding meetings, electing officers and directors, and taking care of other corporate formalities required in Oklahoma. Your bylaws do not need to be filed with the state — they are your internal operating manual.
When selecting the Board of Directors, it is important to choose individuals who are business minded with strong management skills. The board of directors should operate with the club’s best interest in mind and should be a group of extremely trustworthy people. It is important that the board of directors understand the importance of their role in the club and are committed during their time.
It is important to appoint club officers who would take care of the booster club and assure that everything is managed professionally. It is important to assure that the officers are appointed based on their expertise, interaction with parents and kids as well as their focus on the development and growth of the club. A strong group of Directors and Officers will set your club up for success!
The first meeting can be a little overwhelming because there will be a lot to cover, but you’ll be prepared! The items that must be covered during the first meeting are: approving the bylaws, appointing officers, setting an accounting period and tax year, and approving initial transactions of the corporation, such as the opening of a corporate bank account.
Like the Secretary of State Website, the IRS website is a great resource for all of the information you will need regarding starting a booster club. The IRS website provides guidelines, making it much easier to correctly complete the forms necessary for Oklahoma.
A very important item to tackle while in the IRS website is applying for an Employee Identification Number. You will need an EIN In order to open a bank account for your booster club, most states require an EIN. Filing for an EIN is done through the IRS. The steps for the application process are found on the IRS website.
In order for your Wyoming booster club to become a nonprofit organization, you need to jump through a few hoops with the IRS. Simply go to the IRS website and you will be shown all of the information needed in becoming a non-profit in the Federal Government’s eyes. It’s here that you will find all of the forms needed to fill out when establishing a new Wyoming booster club a nonprofit. The IRS also provides tax information for nonprofits, which will probably helpful if you decide to make your booster club a tax exempt organization.
While it is not necessary, we here at Booster highly recommend you go through the extra steps to apply for state tax exemption for your Oklahoma booster club. Becoming tax exempt grants your booster club the opportunity to save money by not collecting and managing sales tax, in book keeping and allows your donors to write their donations off of their taxes. All of the information and paperwork for become tax-exempt is available on the IRS website. The basic step-by-step process listed on the site is as follows:
Now that you have completed all of the legal information and have created a solid foundation for your Oklahoma booster club, it is time to complete this process by opening a bank account. Creating a bank account for you booster club is essential in managing the club’s finances. There are transaction reports, making it easier to track money. With a bank account your club can collect donations both online and offline. Having a bank account also makes it much easier to pass off to new management. Creating a bank account is the last step in creating your new Oklahoma booster club!
Now that your booster club is up and running, there are a few things to keep in mind. Be sure that your booster club stays up to date on South Carolina law, regarding booster club management. Also know that there are yearly fees and dues that need to be paid to the state to keep your organization in good standing. If you need further help managing or marketing or fundraising for your booster club, be sure to check out the articles and toolsets available on booostr.co. Happy Fundraising!