Navigating Nonprofit Success
- Navigating Nonprofit Success Spring Richardson-Perry 44:56
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.Â
Key Takeaways:Â
• Differences between nonprofits and for-profits in governance and purposeÂ
• Misbelief about ownership and the true nature of nonprofit profitsÂ
• Importance of internal controls and financial complianceÂ
• New regulations introduced under Uniform Grants GuidanceÂ
• Insights on indirect costs related to federal grantsÂ
• Need for collaboration with existing nonprofits in the communityÂ
• Challenges in obtaining funding and maintaining nonprofit viabilityÂ
• Overview of audit requirements and financial transparency for nonprofits