How do you start a charity?

Question

Last week my colleagues and I each pitched in some money to play the lottery. we were asking each other whatwe'd do with the money if we won. I said I'd keep a fourth for myself and use the other 3/4s to start 3 charities. Although I didn't win the lottery I kinda still want to start the 3 charities. One is a scholarship, the other is a research fund, the other is a pediatric charity. The problem is I need $10 million to start each charity. I was going to put the money in a high yield savings account or buy bonds and whatever interest is received will be the money that goes to the cause. that way I can still give even after I'm long dead. Since no one is going to write such a huge check without proof how do you start a charity? I know there's some registration you have to do to make it tax exemptable. what do I have to do?

Answer 1

My View on this is to use the phone and ring around to other Chair ties. Ask questions,Do surveys on what people want and need.
Good Luck

Answer 2

Hello!
It is really nice to know that you would like to start a charity!
There are a lot of websites that you should check out for important information.. Here is a list:

1. WIKI HOW TO START A CHARITY:
www.wikihow.com/Start-a-Charity

2. IRS CHARITY EXEMPTIONS:
www.charity.com/irscharityexemptions.shtml

3. HOW TO START YOUR OWN CHARITY:
www.fool.com/news/2006/09/28/start-your-own-charity.aspx

HOPE THIS HELPS AND GOOD LUCK!!