501 is not that easy. Sure, getting nonprofit recognition can be fast. But you are now buried in reporting requirements that put a heavy admin burden on you.
Very broad and simple but: You must register in a state and abide by their rules. Then apply for tax exempt status in that state. Then ask the IRS for your 501c3. Boom. Now what?
You need to setup systems to maintain a balance sheet to complete your 990 or 990ez, keep minutes on record, have a board, board manual, whistle lower and harassment policies....it gets paper heavy fast.
Why? States and the Feds trust you to provide a public service or good, and thus determine you shouldn't pay taxes in exchange. They will absolutely bury you if they find you are violating that trust.
A long long time ago I had two serious knee injuries on the same knee. They warned me after injury and surgery 2 that the day would come when running just would became impossible and I should do everything I could to keep my muscles and health good. I was a runner my whole life, the injuries were not running related, but I could go on a 10 mile run like it was nothing and was pushing 60 miles a week for most of my adult life.
I started noticing some pain issues and swelling and had to stop running cold turkey two years ago. I got some training and hired an expert to craft a program to support my leg. Personal best in squats and deadlifts, it was incredible, looked and felt great for two years. But then, just like that, I went down on one knee to do a pallof press and HOLY MOTHER OF ALL THE GODS OLD AND NEW the pain.
I lost what remained of the cartilage. The muscle atrophy as I've gone through the systems to get a treatment plan and learn what's going on has been brutal. I'm looking at major life changes to hold onto the knee until I'm old enough to warrant one replacement I can die with. And it absolutely devastated me. I drove home and saw a jogger and just got so insanely depressed. I want to go and start doing the exercises I know can help me regain some strength, and support that joint, but I also know an f'up will make it way worse. So I wait for PT and am just getting depressed AF.