Nonprofit vs. For-Profit: Dr. Sharon Elefant's Expert Take
The Journey with Morgan DeBaun
Release Date: 01/07/2025
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info_outlinePre-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/
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Produced by MicMoguls.