Send us a textUnderstanding 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

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