Navigating Nonprofit Success

Understanding the realities of nonprofits is crucial for current and future leaders in the sector. In this episode, Spring Richardson Perry and Shawntinique Shepherd discuss key distinctions between non-profit and for-profit organizations. They tackle misconceptions about ownership and emphasize the importance of compliance and financial transparency. 

Key Takeaways: 

• Differences between nonprofits and for-profits in governance and purpose 
• Misbelief about ownership and the true nature of nonprofit profits 
• Importance of internal controls and financial compliance 
• New regulations introduced under Uniform Grants Guidance 
• Insights on indirect costs related to federal grants 
• Need for collaboration with existing nonprofits in the community 
• Challenges in obtaining funding and maintaining nonprofit viability 
• Overview of audit requirements and financial transparency for nonprofits