Starting a Nonprofit: How to Pay Yourself

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Boss on a Budget - Build a Strong Nonprofit

3 жыл бұрын

If you are starting a nonprofit organization, you may be wondering how to pay yourself. You may be confused about how a nonprofit founder can transition into a paid position. In this video, I am sharing four things to do/consider when transitioning to become a staff. Starting a nonprofit is hard enough to do, and you need the funding to pay yourself and staff to make sure the organization will be around for years to come.
Watch the end of the video at 15:55 where I share a few ideas about revenue strategies to cover your salary/to pay yourself.
Here's IRS info on differences between employees and independent contractors: www.irs.gov/newsroom/understa...
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Пікірлер: 122

@garyholness207 2 жыл бұрын

Thank you queen. I'm starting a non profit with every intention to make change at a global scale.

@Ms.ladytosha Жыл бұрын

It's been a year, how's it going?

@krazyspartanodst Жыл бұрын

@@Ms.ladytosha it takes time bb

@Widow2Widow Жыл бұрын

❤️💪🏾👑 Same here 💚💙💜

@bobbisuescott6710 Жыл бұрын

I’m doing the same thing. Congratulations 🎉🎉🎉🎉

@Ms.ladytosha 7 ай бұрын

@@krazyspartanodstupdates?

@Kendra.Cook. 9 ай бұрын

Thank you, Boss on a Budget!

@charminggoddess9710 2 жыл бұрын

Thank you! very valuable information and straight to the point❤️

@BossonaBudget 2 жыл бұрын

You’re welcome, thank you for watching!

@BCAICulturalArtsHumanities 2 жыл бұрын

This is phenomenal information, simply broke down. Thank you for your time and energy with this!!!

@BossonaBudget 2 жыл бұрын

You're welcome, thank you for watching!

@annettehennekens154 8 ай бұрын

Hello! Thank you for sharing your expertise and experience in this video! So appreciated. ❤❤❤

@BossonaBudget 8 ай бұрын

Thank you so much for watching!!

@professorb7054 2 жыл бұрын

Thank you so much for this valuable info

@BossonaBudget 2 жыл бұрын

No problem!

@SyndariusFoster Жыл бұрын

Thank you. This was amazing.

@BossonaBudget Жыл бұрын

Thanks so much for watching!

@jasminebooth8668 Жыл бұрын

Incredibly helpful.. Thank you so much for all the information. I took notes.

@dewaynebrooks7646 9 ай бұрын

Thank you for this video. Gonna start me a non profit and needed more insight on all aspects and thanks again

@BossonaBudget 9 ай бұрын

Thanks for watching!

@F.X.Techniq 2 жыл бұрын

Really great info thank you very much.

@BossonaBudget 2 жыл бұрын

Thank you for watching!

@jeanetteshoemakerpriest9008 2 жыл бұрын

Your content. Has. Been a. Big. Help

@BossonaBudget 2 жыл бұрын

I’m so glad! Thank you for watching 🤗

@ifs3 Жыл бұрын

Great info👍🏾

@MsGnette 2 жыл бұрын

This channel is amazing

@BossonaBudget 2 жыл бұрын

Thank you for watching!

@adambertholet14 2 жыл бұрын

Thank you

@amberm3607 7 ай бұрын

I love your videos, new listener !!

@BossonaBudget 7 ай бұрын

Thanks so much for watching!!!

@valerievaultz2833 Жыл бұрын

I'm on my way thanks to you. You have provided me with valuable and thought provoking information.

@BossonaBudget Жыл бұрын

That warms my heart to hear!!! I'm glad I can help. Are there any other topics you're interested in?

@thachosenone78 Жыл бұрын

Can you do a topic on where to get all the contracts/agreements needed?

@BossonaBudget Жыл бұрын

Hi, can you clarify which contracts or agreements you’re referencing?

@RemyyyyDuhhh Ай бұрын

So much information I think I’m in wayyyy over my head with my nonprofit

@BossonaBudget Ай бұрын

It is a lot, but if you pace yourself and get a strong team, it's doable!

@WolfPuppi Жыл бұрын

Thank you thank you thank you!

@WithFlyingColors 11 ай бұрын

I watched a few of your videos today and I am now a subscriber!!! You are a blessing! May you continue to be blessed and successful for giving away such great information for FREE! 🙏🏾🙏🏾

@BossonaBudget 11 ай бұрын

Thank you so much for subscribing! It really helps

@shellymatlock4888 Жыл бұрын

Thank you for sharing

@BossonaBudget Жыл бұрын

Thank you for watching!

@ReginaldPriceSkillions Жыл бұрын

Such a God send thank you

@BossonaBudget Жыл бұрын

Thanks so much for watching!

@kel2700 7 ай бұрын

This vid is fantastic!

@BossonaBudget 7 ай бұрын

Thanks for watching!

@randallbishop9930 8 ай бұрын

Great info. thank you

@BossonaBudget 8 ай бұрын

Thanks for watching! Have you started your nonprofit yet?

@lisamowms9325 3 жыл бұрын

Thank you.

@BossonaBudget 3 жыл бұрын

No problem, thank you for watching!

@mackaroni7730 3 жыл бұрын

Ms.Tiffany is so kind. I really enjoyed the work book. I felt so much more confident after talking to her.

@BossonaBudget 3 жыл бұрын

You’re so sweet, thank you for your support!

@kimberlinalea1644 Жыл бұрын

@@BossonaBudget How do I buy your book?

@BossonaBudget Жыл бұрын

Hi, it’s a digital workbook and it’s here: rebrand.ly/npstartupworkbook

@ilovemycultureusa Жыл бұрын

It's amazing how many people beat-around-the-bush when it comes to this topic. Thank you so much!

@BossonaBudget Жыл бұрын

You’re very welcome!

@frenchadobo 2 жыл бұрын

thank you 💕 girl

@BossonaBudget 2 жыл бұрын

You're welcome 😊

@tihpromotions 10 ай бұрын

You videos are so great. I just started following you 2 days ago and listening to your videos. I have a question. Do you have to have a certain amount of people on the board?

@BossonaBudget 10 ай бұрын

Hi there! Thanks so much for watching and following me. Your state will likely have a required minimum and the IRS likes to see at least 3

@ashleynicolemiller7082 2 жыл бұрын

This was great! Thank you! Question.. how much do you put to the side for reserves or savings? For each sale or donation.

@BossonaBudget 2 жыл бұрын

It depends on the nonprofit. Some may set aside a set amount each mont, like 10%. It also depends on how much you’re trying to save and timing. It’s probably less labor intensive if you save a lump sum (percentage of total income in the month) than per donation. Also it gets tricky if certain donations are restricted so make sure it aligns with your accounting, if that makes sense.

@89mok1 Жыл бұрын

Can the whole board transfer over to be employees to get paid if it's a small board? Or is that not allowed

@BossonaBudget Жыл бұрын

That’s a complicated question- but I will say….follow the right processes for hiring like you would any employee. When it comes to the chief executive officer, you also need to have a process for selecting and compensating that person.

@kayloveism Жыл бұрын

Does the process also go for nonprofits that are just now being built? When I declare that im on the board will I have to either not be on the board of my own business to make money? I'm not sure how that works because from your example it seems as if you're talking about a non-profit that has already been in business for a while.

@BossonaBudget Жыл бұрын

I’m not sure exactly what you mean by the process but generally it’s the same. The difference with an established nonprofit is that you have the financial resources to pay someone in the Executive Director position. If you’re a startup Exec Director you’re more than likely a volunteer starting out, but that separation between staff and board can still be modeled even from the very beginning

@darkbionic1044 3 жыл бұрын

Hi 👋 new sub here a question board of directors (are these the ones on the board ?) or the officers? Like u have to have directors and officers?

@BossonaBudget 3 жыл бұрын

HI! I don't know how I missed this comment :) The officers are the special roles like President, Treasurer, Secretary, etc. Everyone on the board is a director, but keep in mind that every state may have different terminology. They may be called a board of trustees, board members, etc.

@HealthandBeautyAP Жыл бұрын

I have wanted to start a non profit for years. I have 2 questions: 1. Why do cpas and others told me that having a for profit business. (I currently have some for profit businesses, looks sketchy to the IRS if you then start a non profit organization? They worry about mis use of money between a for profit and non profit and said it may make me a target for audits. I can't find any information about this. 2. I had a meeting with my new CPA for my business taxes. I asked him about starting a non profit. He told me that I will have a very hard time finding a CPA who will file a non profit and if I do find one they will charge me thousands even if it's a 0.00 tax return. This was discouraging.

@BossonaBudget Жыл бұрын

Hi, I’m not a CPA and without knowing the details it’s hard to respond but it sounds like they’re worried about conflict of interest. However, there are scenarios where you can involve your business with the nonprofit as long as your business isn’t benefiting from the relationship and your business isn’t the sole donor (if you’re a public charity). There are consultants who will charge less than a CPA and also if you’re knowledgeable enough you can do it yourself- but I would still have a professional review your application before you submit it.

@capricemcclinton8967 4 сағат бұрын

Wait so if I start this organization imma still have ppl above me? Can I be my own board?

@rahshaadthegod3486 2 жыл бұрын

Can you be listed on the board and as staff?

@BossonaBudget 2 жыл бұрын

Generally, no but every nonprofit is different. I would need to know the specifics to give a definitive answer.

@mikoxbigs7961 Жыл бұрын

What is the minimum % of what the business makes has to go to the non profit?

@BossonaBudget Жыл бұрын

Hi, I don’t understand. Are you talking about a separate business?

@cefoutreachinc.5987 Жыл бұрын

We are a homeless non-profit and love this video but need some help

@aniyahyoung1971 Жыл бұрын

Is it possible to be the founder of the nonprofit AND LLC-Can the nonprofit pay the LLC Because the LLC is proving a service?

@BossonaBudget Жыл бұрын

If you are the founder of a nonprofit and the LLC and you're using the nonprofit to pay yourself under the LLC that's a conflict and your board needs to handle that and you shouldn't be part of that decision. But this is general information -consult a lawyer for help with conflicts of interest

@evol311ve3 Ай бұрын

How can I start a non-profit and become the first recipient? I am trying to get to Envita for cancer treatment and once I have raised what I need, I will keep the charity running, of course, and help others in my similar situation. Thank you

@BossonaBudget Ай бұрын

Hi, if you are collecting donations for a nonprofit, then you arent supposed to conduct activities for your personal benefit. It might be better to do a campaign for yourself (make sure you understand the tax implications).

@SERENITYTHERAPY23 7 ай бұрын

Hello and good afternoon I hope you are well. I have started a charity in England uk where we aim to offer counselling to people on benefits/low incomes. Is there anyway that might fund this ? Thank you

@BossonaBudget 6 ай бұрын

Hi, are you asking is it a viable idea for funding?

@rahshaadthegod3486 2 жыл бұрын

Can you be a board member on more than one 501c3?

@BossonaBudget 2 жыл бұрын

Yes, you can. Some orgs may have stipulations against it in their bylaws or board member agreements, but generally, yes.

@kayloveism Жыл бұрын

What happens when the nonprofit is brand new and the board and everything have not been made yet?

@BossonaBudget Жыл бұрын

I think I answered this in the last comment

@Muvacreatrix 2 ай бұрын

Are there cases where the executive director can be fired or removed? I'd hate to work that hard just to get kicked off my own organization.

@BossonaBudget 2 ай бұрын

Hi, yes that’s possible. I did a video about it: Can You Vote Out a Nonprofit Founder? kzfaq.info/get/bejne/jqiKi6hl2s3ViZs.html

@krazyspartanodst Жыл бұрын

If I’m the founder could I become a board member and pay myself from the earnings? I have 3 people Total who want to become members I assume we can all be paid from What we sell?

@katbaubo Жыл бұрын

Did you find out the answer to this

@BossonaBudget Жыл бұрын

Hi, the video breaks this down. Board is not the same as staff. Staff earn their income based on their work. Board members are usually volunteers. You should be careful about compensating board members and some states will not allow it.

@BossonaBudget Жыл бұрын

FYI- I just responded.

@robertosmmjlist 2 ай бұрын

Thank you for this great content! It is super helpful as we get our non profit startup!

@BossonaBudget 2 ай бұрын

I’m glad it was helpful!

@CrownMarie11 2 жыл бұрын

do you offer mentor services

@BossonaBudget 2 жыл бұрын

I have a private community that opens 4 times a year that helps people with fundraising. It's closing on May 25th. Here's the link: rebrand.ly/moneyonamission

@raysislands Ай бұрын

Can you unionized in a nonprofit structure?

@BossonaBudget Ай бұрын

Hi, that's not my area of expertise but I'm sure you can. There are nonprofits that have unions but they tend to be the bigger ones.

@angelajones1070 Жыл бұрын

where do I find your books

@BossonaBudget Жыл бұрын

Here you go: rebrand.ly/bossproducts

@lokmatpratishthan363 27 күн бұрын

please help to the Destitute children

@zackbog Жыл бұрын

so pretty much it would be better to start a for profit subsidiary to handle the money in pay your self through that instead

@BossonaBudget Жыл бұрын

I can’t say what would be better for you but there are options whether you’re paid by a nonprofit or another business structure.

@amethystroberson1228 Жыл бұрын

How do I set up a meeting with you?

@BossonaBudget Жыл бұрын

My apologies just seeing this. Here's a link to my calendar: calendly.com/bossonabudget/30min

@bianca.ux.design 7 күн бұрын

So what forms do I need to file where to actually do this legally??

@BossonaBudget 6 күн бұрын

Forms for which process? Starting a nonprofit?

@bianca.ux.design 6 күн бұрын

@@BossonaBudget For hiring myself. For example, the W-2 (or W-4?) as an employer, and the 1040 as an employee? I'm not even sure what is needed to the SSA and IRS. And as a 501(c)3 there's some exemptions that we have the right to as employers? Honestly, there's so much contradicting information out there it's scary.

@bossladii9046 2 жыл бұрын

Is it possible to speak to you personally?

@BossonaBudget 2 жыл бұрын

Yes, here's my calendar link: calendly.com/bossonabudget/30min

@HeartsGlobal 2 ай бұрын

❤❤❤❤❤❤❤❤❤❤❤

@tonymorgan9240 Жыл бұрын

OWNERS OF A COMPANY SHOULD BE EXEMPT AS LONG AS THEY PAY TAXES ????>

@BossonaBudget Жыл бұрын

Hi, I don’t understand your question.

@lamborghini835 Жыл бұрын

Thank you.

@BossonaBudget Жыл бұрын

Thanks for watching!

@Tessa-Morgan 5 ай бұрын

What happens when the nonprofit is brand new and the board and everything have not been made yet?

@BossonaBudget 5 ай бұрын

One of the first steps is compiling a board, so you would need one before you proceed with paying yourself. Getting to that point to be paid takes time anyway.