Tag Archives: business

Should you start a nonprofit or a foundation?

Hey Socialife Tribe!

If you’ve ever considered starting a foundation or a nonprofit but aren’t sure which one you should start.  This is the video for you!

One thing to keep in mind is that all charities are nonprofits even foundations but all nonprofits are not charities. The reason this is important is because some nonprofits are not created for public benefit but all charities (in order to be deemed a charity) must be for public benefit.

Often times if your for purpose organization does not qualify as public benefit some organizations will go the foundation route.

If you are considering some of the main differences or just to get a better understanding of what a foundation is and whether or not you should list yourself as one or even use it in the name, here you go! If you’re considering starting your own nonprofit check out my 7 steps here.

The main points

  1. Foundations are typically funded by individuals or corporations.
  2. Foundations are required to pay out 5% of their net assets from the previous year.
  3. Foundations can run charitable programs w/o setting up a nonprofit.
  4. Foundations can set up scholarships and award programs and choose the recipients.
  5. Foundations provide funds to for profit companies as long as they are used for charitable purposes.
  6. Foundations and nonprofits must go through the same process to get started.
  7. The word foundation has no legal meaning

There are two types of Foundations: Operating and Non-operating.

  1. Private Non-Operating Foundations: 
  • most common foundations (Bill and Melinda Gates, Large corporations)
  • do not directly perform services or programs
  • provides grants to other nonprofits

2. Private Operating Foundations

  • distinguishes its funds to its own programs or services for charitable purposes
  • can provide grants to other nonprofits
  • can be run very similar to a nonprofit

Requirements

  • All Foundations are required to distribute about 5% of their net assets from the previous year.
  • Cannot do business with major contributors

 

 

Sources: https://cullinanelaw.com/difference-between-public-charity-and-private-foundation/

Can I make a salary as a nonprofit?

First off, lets address the time on this video. It’s longer than normal. I went on a bit of a rant when it comes to salaries and nonprofits but I can assure you that there is some good information if you’ve been questioning this decision.

Be sure to sign up for the Socialife Diaries: http://bit.ly/2BDsQgR to get all of the upcoming times for my next live trainings, email me directly and receive weekly advice or join other entrepreneurs with a purpose in our Socialife Tribe FB group. Or just connect with me on social, you can find me at @ashleelaunches!!

Thanks so much for watching! Let’s Unleash YOU!

Live Training on Profitable Partnerships

It’s done! My first live training in the books! So fun!

Don’t judge me though, it sort of became a fun coaching session for the few that attended but you may still get a few good nuggets for yourself as we totally went off the presentation! LOL

For future live trainings we will likely do them in our FB group but I hope to do many more Youtube live videos as well! If there is a good time or date that works best for everyone to attend, please let me know as I start planning the next live training!

Also, any subjects you’d like to know more about!

One business mistake that is stunting your growth!

“If you’re trying to speak to everyone, you’re speaking to no one!”

I’m sure you’ve heard this ad nauseam but it’s SO true! Stop trying to capture everyone and nurture who you have!

In my video today, which is sort of a rant style, I decided to show you how to discover if your message is clear enough for your audience to know exactly what you do right away.

Never underestimate the power of your message. People have to know what it is and whether its for them or not. If they aren’t getting this then you’re missing them altogether!

How do you test your message? Leave it in the comments below!

If you haven’t already, come join The Socialife Tribe!