Putting Profit into Nonprofit

If I start calling names like Goodwill, YMCA, Boys & Girls Club of America, everyone is familiar with these names, and agrees that these nonprofit organizations are great resources for the community. But have you ever seen their financial reports? Millions of dollars are generated as profits for large nonprofit organization, because they realized that everything should not be free! They created streams of income to help with the cost of free services.

Habitat for Humanity started building homes for families with donated building materials, and now you see Habitat Resale Stores popping up everywhere. Notice I said “resale store”, instead of giving everything away, why not open your own resale shop. If you can’t afford the space right now, start by having yard sales, some nonprofits generate $5,000 in one day with yard sales of donated items.

I personally know of a nonprofit organization that asked me to help them find extra storage space because they nonprofit need more storage for all the donation of clothes, shoes, you name it! Instead of a storage space, they needed a resale shop. One local nonprofit has a 5,000 sq ft space used as a resale shop, and for the first year, the nonprofit did not pay a single penny for rent. Why? Because they ask that landlord if they could have the space rent-free for one year since they were a nonprofit- he said YES, and the rest is history. You have not because you ask not!

Just because the nonprofit has three letters “NON”in front of it, don’t forget the words after non -“PROFIT”. Nonprofit doesn’t mean you can’t make a profit, and even charge a fee for services. I know it feels rewarding to do good, but it’s much more than that. It’s how you take the fundamental concept of doing good using your vision, talents, knowledge, and money – and apply them to make a difference in your community.

How does the IRS feel about nonprofits making a profit? It’s perfectly legal for nonprofit organizations to sell products and services to generate income as long the income benefits the nonprofit’s tax income purposes. In others words, when you setup your nonprofit organization as a transition home for women, and five years later, you open a re-sale/thrift store. After you pay expenses (rent, salary. etc.) all the money that is left must benefit the nonprofit organization.

So what ideas do you have to put some profit into your nonprofit? Write down your ideas and make sure they are feasible, and can be accomplish on the budget you create. I personally believe, every nonprofit should have a for-profit business. Your nonprofit and for-profit business will be two separate businesses; however, the for-profit business can support the nonprofit business when its needed, but you cannot take funds from your nonprofit business to support your for-profit business. This type of transaction would be considered a conflict of interest. Need ideas or have questions- email me and I will answer your questions in an upcoming article.

 

 

Tools For Success At Grant Writing

Grant writing tools are  necessary components that all non-profits need to have when grant writing. Many organizations set out on the process of writing grants without all the proper tools for success. Many times this will leave you feeling frustrated or annoyed, and who has time for that, literally? When you take the time out of your already busy schedule to do a task not completing it due to lack of information can be agitating to anyone. Acquiring this knowledge can be easy and stress free. In my new book Grant Writing Tools, I outline all the information that you will need to aid you in successful grant writing. View my website at www.mutiplyingtalents.com to receive my contact information and order my line of product.

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Thanks to Bishop TD Jakes

Aretha had an opportunity to  speak at the 2014 International Pastors & Leaders Conference in Orlando, FL March 6-8, 2014.  Her session title was “You DO need a 501c3: Grants to fund your Mission”, A copy of the session will be available soon, but Thanks is in order to The Potter’s House Conference Team for a job well done, and for Bishop TD Jakes for bringing us all together.

 

Nonprofit Standard Report for 2013 is here!

For those in the Nonprofit World here is the latest Nonprofit Standard, a publication by BDO’s Institute for Nonprofit Excellence, which provides financial information for tax-exempt organizations. The newsletter can be downloaded at http://www.bdo.com/download/2702
and covers the following topics:
Higher Education – Mid-year Update
*Institute Professional Profile
*IRS Final Report on Colleges and Universities
*Nonprofit Facts – Did you know?
*Don’t Let This Happen to You: Disallowed Losses on Form 990-T
*IRS Colleges & Universities Compliance Project
*501(c)(4) Organizations and the IRS: A Little Background on the Controversy
*The Importance and Struggles of Nonprofit News Organizations – Nonprofit Media Group Releases Findings
*New GASB Pronouncements
*BDO Professionals in the News
*Other Items To Note

Don’t forget our upcoming workshops and like us on fb at https://www.facebook.com/pages/Multiplying-Talents-Certified-Nonprofit-Consultants/151657244902041

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Go Get That Money- Two Easy Grants You Can Win

It’s summer time, and funders are starting to release Request for Proposals (RFP’s) so that they can get rid of the funds by December 31st. Grant writing is not an easy task, but if have written one grant for your organization then you should have a good start on writing other grants. Most grant applications are completed online, so you can copy and paste your already typed information into the online application and WAL-LAH you’re done. Below are links to two easy grants that are due in the next four to eight weeks.
Happy Grant Writing.

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Multiplying Talents Certified Nonprofit Consultants

Avon Foundation for Women Domestic Violence Survivor Empowerment Grant
Deadline: July 12, 2013 up to $65,000 given
Here is the link http://www.avonfoundation.org/assets/2014-dv-rfp-grant-guidelines.pdf

Walmart grants ranging from $25,000 to $250,000 to nonprofit 501(c)(3) organizations is NOW OPEN.

www.foundation.walmart.com

IRS wants to set the record straight- hmmmm!

Everytime you turn on your computer or tevelision, there is news of the recent (still developing) IRS scandal against nonprofit tax-exempt organizations. We have some recent updates from the IRS.
If you have filed for 501c3 status and it has taken longer than six months to receive your 501c3, please contact our office at 407-575-0685 or 214-699-7636.

Follow this link to be directed to the IRS website concerning 501(c)’s.
http://www.irs.gov/uac/Newsroom/Questions-and-Answers-on-501(c)-Organizations

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“Clients nationwide”

IRS take away over 250,000 nonprofit’s tax-exempt status

The IRS has published a list of nonprofits who have lost their tax-exempt 501(c)(3) status for not filing their Form 990 for three consecutive years.  If you are not sure if you are on the list please give us a call, and we will check for you.  As of March 2013, the list is current, and also list nonprofits who are within one month of losing their 501(c)(3) status.

If you feel you were on the list erroneously, we can also help you get your 501(c)(3) status back.  Please have your Employer Identification Number (EIN) available when you call our offices in Orlando, FL 407-575-0685  or Dallas, TX 214-699-7636.

Aretha Olivarez speaks at 2013 International Pastors & Leaders Conference

Dallas, TX was the place to be on April 27-30, 2013. Not only did a historical event take place in the city, where five living United States Presidents convened (President’s Obama, Clinton, Bush I and II, and Carter) but leaders from around the world gathered to learn, grow, and empower their communities at the 2013 International Pastors & Leaders Conference. Olivarez was there to share tips on where to find grants, obtaining a separate 501c3 so that Pastors & Leaders can do more in the community and obtain grants.

Thousands of people attending multiple workshops. During Olivarez’s workshops, leaders were able to ask questions about 501c3 status, grants, and other community resources that might be available to faith based organizations. Since the themr was “No Church Left Behind” Olivarez hopes Pastors & Leaders will use the tools, information and products she shared during the conference. Bishop TD Jake announce that the 2014 conference will be held in Orlando, FL

If you missed the 2013 conference, you can order copies of the conference at http://pastorsandleaders.org/