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Old 11-01-2017, 02:23 PM
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biglou biglou is offline
Sunburst Daycare
 
Join Date: May 2012
Location: New York, NY
Posts: 63
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Well the first thing to remember is non for profit is a tax designation. Meet with your accountant to discuss the difference between your current S Corp status and a 501c3 NFP .

Now the important part. You still must run a viable business with enough revenue to cover your costs, so you have to continue to seek out customers. If not them, then grants, contributions, fund raising events, etc...

So if your business revenue is down 50% you need to consider ways to increase it regardless of how you choose to designate your business. The energy to seek out new customers is the same as seeking out donors and chasing grants. NFP status is not a solution to solve your immediate issue. More revenue is. Your business plan if you have one will need a complete revision. Do you or other key people have knowledge and or experience operating an NFP? One of many questions you will need to consider.

Best of luck.

Big Lou
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