Pre-order Rewrite Your Rules: https://worksmartprogram.com/book/ This week on The Journey, Morgan DeBaun sits down with Dr. Sharon Elefant, founder of The Nonprofit Plug, to explore the complex world of nonprofits. Together, they examine the nuances of choosing between a nonprofit or for-profit model, offering actionable insights for entrepreneurs and change-makers alike. In this episode: 00:00 Welcome to the Journey Podcast 00:30 Introducing Dr. Sharon Elefant and Nonprofit Insights 01:55 The Birth of Blavity and Social Impact Investing 06:24 Navigating Nonprofit Challenges and Compliance 08:28 Dr. Sharon's Journey into Nonprofit Work 15:00 Deciding Between Nonprofit and For-Profit 18:30 Understanding Nonprofit Ownership and Board Dynamics 21:28 Fiscal Sponsorship vs. 501c3 23:57 Family Foundations and Tax Benefits 27:00 Private Foundations vs. Public Charities 29:45 The Importance of Legal Structure 30:53 Nonprofit vs. For-Profit: Choosing the Right Path 32:24 Funding Your Nonprofit 33:50 Donor Cultivation: Building Sustainable Support 39:08 Restricted vs. Unrestricted Funds 41:34 Financial Stability for Nonprofit Founders 43:19 Leveraging Nonprofit Status for Personal and Community Gain 51:21 Connecting with The Nonprofit Plug 52:26 Final Thoughts and Book Updates In the episode, Dr. Sharon Elefant shares her expertise on nonprofits, covering everything from compliance, board dynamics, and funding. The conversation highlights critical considerations like fiscal sponsorship versus 501(c)(3) structures and why nonprofits are not the best option when intellectual property is involved. Morgan stresses the importance of not self-sacrificing for the good of the organization, and they discuss how members of nonprofits can be paid. If you're considering how you can have the greatest impact with your organization, this episode offers the guidance you need to make informed decisions on whether a nonprofit is the right fit for you! Have more questions? Don't forget to leave a comment! More from Dr. Sharon Elefant: https://thenonprofitplug.com/ https://www.instagram.com/drsharonelefant/ Join the Newsletter for More Exclusive Content: https://worksmartprogram.ac-page.com/thejourneypodcast Make sure you are following Morgan's journey on TikTok: https://www.tiktok.com/@morgandebaun?_ Visit Mormatcha.com to make a purchase. Follow us on Instagram: https://instagram.com/thejourneybymdb Produced by MicMoguls.