Archive for the ‘sponsorship’ Category

Filing 501c3 Now Made Easier

Yeah!!!

There might finally be some relief in the backlog of 60,000+ applications the IRS has on hold as they attempt to review and process new applications for tax- exempt status under Section 501(c)3 codes. Their site indicates they are just processing applications submitted in October 2013 – a 9 month gap in a process that should take 6 to 8 weeks.

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In a July 1,2014 Internal Revenue Service press release they introduced a new, shorter application form, Form 1023-EZ, to help small charities apply for 501(c)(3) tax-exempt status more easily. Most organizations with annual gross receipts of $50,000 or less and assets of $250,000 or less are eligible.

Over 4 years ago IRS indicated on their website that a new online application process was to be released soon. Then that announcement disappeared until now. The change will allow the IRS to speed the approval process for smaller groups and free up resources to review applications from larger, more complex organizations while reducing the application backlog.

None of the basic eligibility requirements have been altered and the instructions include an eligibility checklist that organizations must complete before filing the form. What has changed is the former option of filing as an organization with less than $10,000 gross earning and completing a 26-page application form. Now would-be nonprofits with gross revenue of $50,000 or less and assets of $250,000 or less are now eligible to file a three-page online application.

Some nonprofits, such as hospitals, colleges, and universities, would not be eligible to use the new form, but the IRS predicts, about 70 percent of new applicants,  will be eligible for the short form.

What Does This Mean?

Even though an easier process has been launched, individuals should still first assess whether or not a new organization is needed.  Does an organization already exist that serves your passion, can you devote time and resources to support them? There are thousands of organizations in competition for similar funding resources and it is hard work.

However if creating a new one is the best solution, to move forward understand the process of starting an organization, and more important what it takes to run and create one that is sustainable for the long term. Are you knowledgeable and prepared for the actual cost to launch a solid organizational foundation? Is there a support system in place and consistently developing?

Great News! There is help available!

Make your passion a reality. Fortunately you do not have to embark on this process alone. For more information and/or support to launch your nonprofit, Dr. Victoria Boyd can assemble and submit all of the required documentation . Plus guide you through the process of setting up operational systems, website launch, program development, funding strategies, board development, and much more. At www.theGalaxyGrouplv.com get your free copy of 10 Tips for Effective Nonprofit Management.

Dr. Victoria Boyd has worked in the nonprofit sector for over 35 years internally and externally. Currently an instructor Nonprofit Management at UNLV, she also launched The Philantrepreneur which offers a digital journal, radio show and interactive website.

GALAXY GroupThe Philantrepreneur

 

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What it all means… for YOU

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Imagine being in a forest covered with haze. As the old saying goes, one can’t see the forest for the trees and ironically it applies in my situation. This vision had been brewing and looking back, it took a lifetime to evolve. It’s like the puzzle pieces finally started making sense and came together. The elements were all there, just not in focus and aligned on the right path. 

What evolved? I found my What’s next? First for some context, I was an early retiree with years of experience, training and supporting others realize their potential and capitalizing on their skills…. I was a teacher. My story is at the core of what emerged. Writing the book, The Wealthy Teacher: Answering the question, What’s next? became an exercise of self discovery and started me on a path to alignment. All of the pieces of my life were placed on a tablet before me as I discovered my needs.

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So, what does it all mean and how does it have any impact for you? There are many people, consciously or unconsciously, looking for what’s next? However, many don’t realize that it is not the what that is important but actually the why. The secret is grounded in your core – your passion – your purpose. That is the element that ties everything together and creates lasting satisfaction. It also is at the core of what came next on my path to serve you.

Finding alignment, internally and externally was important. This alignment was the vision behind the launch of new services that connect with existing brands.  Externally, they may seem unrelated, however there is a strong thread that transcends and connects them – Passion for community service. Utilizing my story, experience and expertise as a trainer, nonprofit specialist, believer in social enterprise and corporate social responsibility, became the foundation.

Your needs –  Help you find meaning, purpose and be profitable too.

Are you asking what’s next as I did? Where does your passion lead you? Want to start a nonprofit, envision a business or combine the two? Supporting your needs has been central to our services and here’s how they work together.

  • Are you a Philanthropist by nature? the Galaxy group provides guidance and support to the nonprofit community.  From conception, to launch, to developing the systems, we assists building strong foundations with an entrepreneurial spirit.
  • Are you an Entrepreneur by nature? The Wealthy Teacher provides guidance to reignite and rejuvenate core values and passion. Then using that as the foundation create an entrepreneurial venture based on a social enterprise model. 

The Philantrepreneur        Where we are today….

Merging philanthropy and entrepreneurs under one umbrella The Philantrepreneur suite of services was launched. Providing support via consulting, coaching, training and multi-functional website we can deliver resources, strategies and insight to for profit and nonprofit entities. A new website gathers together in one location and allows access to the broad suite of services. Explore the Hub, Radio Show, Journal, Institute and interactive forum. Coming soon will be the Learning Library to round out our goal to create a community of passion driven individuals and social enterprises. Join the movement and excitement! Explore and register to become a member of the forum to add your voice.  You can have it all as a Philantrepreneur!  

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To celebrate our launch please accept this complimentary copy of the Premier Edition of The Philantrepreneur Journal!!

http://thephilantrepreneur.com/journal-editions/

Why Philantrepreneur

Why Philantrepreneur?

I recently realized the concept has always been a part of me. I did not strive to be one, and had not even put a name to it, it was just who I was. There are many Philantrepreneurs out there, maybe it’s you, and until now recognizing and utilizing it’s strength and value had not hit the mainstream business strategies. It has now arrived. Let’s define what it means generically to give context to what it could mean to you  and your business or nonprofit efforts.

First, the root foundation, something as simple as the definitions and interpretation of the two words, Philanthropy and Entrepreneur. Not surprisingly there are several different definitions of Philanthropy and Philanthropist – the noun, and Entrepreneur.

Philanthropy etymologically means “love of humanity”.  Merriam-Webster, defines it “as a wealthy person who gives money and time to help make life better for other people”. Interesting, that Merriam-Webster would actually make the distinction of ‘a wealthy’ person as a part of the definition. I will speak to that at another time. Other combinations include:

  • a person who seeks to promote the welfare of others
  • generous donation of money to good causes
  • inclination to increase the well-being of humankind
  • love of mankind in general

Looking at the term entrepreneur, in an article by Brett Nelson a regular contributor to Forbes, listed Merriam-Webster’s definition as “one who organizes, manages and assumes the risks of a business or enterprise” and Dictionary.com’s definition as “a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk.” The difference is subtle, but fundamentally it’s the word “any.” Dictionary.com has it right: Entrepreneurs, in the purest sense, are those who identify a need, any need, and fill it. It’s a primordial urge, independent of product, service, industry or market. Richard Branson states, being an entrepreneur simply means being someone who wants to make a difference to other people’s lives. Looking at it from that perspective, wouldn’t anyone that starts a nonprofit be an entrepreneur, a Philantrepreneur? My answer is Yes – it only makes sense.

Examining the perspective from the business sector, companies have long recognized the value of aligning with a cause. It became their corporate social responsibility (CRS) level and a component used to increase the company image. However the approach has had to shift dramatically due to concerns with allocation of funds. Corporations, focused on profits had to look at measurable outcomes. So evolved the concept of meaningful marketing. Business with a heart.7653509-heart-shaped-collage-of-words-relating-to-business

Where do we go from here? Become connected! Join the movement that will benefit your bottom line.

The Philantrepreneur resources support a full circle approach which uses strategies and relationships to benefit both nonprofits and entrepreneurs as they work together.  To develop win-win relationships that result in community and bottom line impact – social enterprises. This social enterprise approach combines social impact and business practice by contributing a blend of financial and social value. By measuring and valuing the impact created by social enterprise, organizations can demonstrate the impact and importance of shifting business practices. This will become increasingly important as more investors contemplate impact investing and look for investment opportunities that offer a social return.

Resources availableThe Philantrepreneur LOGO-1

www.ThePhilantrepreneur.com: Explore the site for resources and access to training, communicating and adding your voice.

The Philantrepreneur Radio Show: 1st and 3rd Wednesday on www.BlogTalkRadio.com/philantrepreneur

The Philantrepreneur Journal: Premier Edition December 15, 2013!! Leading experts from across the country share their insights and strategies to building strong alliances.

For more information contact: Dr. Victoria Boyd, victoriaboyd@thegalaxygrouplv.com

Why do you have to choose?

In a recent Entrepreneur Magazine article ( http://www.entrepreneur.com/article/229648 ) they asked the question, “As a social entrepreneur – What comes first the business or mission?” As noted in the article, over the last five years social enterprise  has increasingly been the motivation behind many start-up business plans. So my question is “Why do you have to choose?”

My belief and work centers on building relationships between entrepreneurs and nonprofits as a business model which I call, Philantrepreneur. I interact with them on a daily basis and find their passion and drive, to do ‘good’, both in business and having social impact – as the central motivator. They are cut from the same cloth. Think of the cute commercial currently running – Do you want ‘nuts and bolts’… or ‘nuts or bolts’…. that really isn’t an option – they work together.

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It is understanding the ‘operations’, how to make it work simultaneously that is the key. In any economic society – shifts happen and the model will change. As mentioned in my previous blog, cause marketing has matured into meaningful marketing or impact investing. In today’s market nonprofits have to develop an entrepreneurial spirit and many  entrepreneurs want to be supportive but must look at their business needs. Designing their systems that work together, the ‘and’ model is the way of the future.

I’d like your feedback. Do you use social enterprise as your model? Are you trying to figure it out?

Visit: http://ThePhilantrepreneur.com for more resources. 

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Cause Marketing Grows Up

Cause Marketing is maturing into Meaningful Marketing and that is a good thing.

The concept of cause marketing as noted on The Philantrepreneur Radio Show in September has been around since 1974 when John Carr and The Foundation for Charitable Giving as a way of “giving back” engaged Charities and Businesses to support each other. We’re now witnessing the first major change in almost four decades–a shift referred to as “meaningful marketing.” This shift was initiated by corporate partners need to decrease cause based philanthropy but to developing purpose-based brands, sustainability and require nonprofits to fundamentally shift their approach to working with businesses if they wished to secure significant support.

It is a great concept because meaningful marketing unites and integrates businesses’ and organizations’ efforts behind a singular and truly meaningful idea that can achieve significant impact. Equipped with that big idea, corporations then need to identify the cause or causes that can deliver the brand value and marketing assets needed to live up to the idea’s promise, spread its message, and achieve the desired results.

Meaningful marketing hit its stride, with a handful of pioneering companies taking the lead and many more poised to adopt it as their central approach to partnering with nonprofits. Among those at the forefront: Coca Cola: Live Positively; Liberty Mutual: Responsibility Project; Kohl’s: Kohl’s Cares; and Dove’s Unstoppable Project.

Philantrepreneur-Sample-CoverMeaningful marketing can also work for small to midsize of entrepreneurs and nonprofits. The strategies are the same: demonstrate  marketing strategies that have community impact. The Philantrepreneur’ Ads for A Cause marketing platform provides the opportunity to implement meaningful marketing immediately in ongoing strategies.

To find out more about Ads For A Cause visit: http://thephilantrepreneur.com/marketing-ads/

Resources:

http://mythologymarketing.com/pillars/

http://www.cmo.com/articles/2012/11/1/cause-marketing-matures-into-meaningful-marketing.html

Business vs Hobby

Business versus Hobby. It seems that there would be a clear enough distinction between the two right? Not necessarily. I have run into many ‘budding entrepreneurs’ that indicated they were ‘building’ there business yet in fact they were supporting their hobby.  So what separates the two categories?

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First, let me preface this with there is no right or wrong. The choice of business or hobby and which path to follow lies within you and only you can decide. Both have their merits and outcomes. It centers on what outcome do you want? So, you have a passion to share your skills, knowledge or product with the world. Many businesses started out as a hobby. What are the elements that cross the line to be firming planted on the business side of the spectrum?

 

 

1. Perception:

  1. How you view yourself and your business.
  2. How you present yourself and your business to others.
  3. How others perceive you and your business.

It is the mindset you bring to the process. Are you serious about making a profit?

Moving from hobby to business.

So how do you shift that perception from one of hobbyist to one of business owner? Many struggle with the perception of what you do as a glorified hobby. So what do you need to do to go from hobby to business?

You need to get serious.

And I don’t mean serious and never have fun. I believe an entrepreneur’s business is  grounded in passion so the enjoyment is ingrained in the process. I want you to enjoy what you’re doing.  What I mean by get serious is that you need to make a commitment to doing those things that make your business into – a business.

  • You need to get serious about the numbers.
  • You need to get serious about your time.
  • You need to get serious about the realities of running a business.

Get serious about the numbers

If you truly want to run a successful business, get serious about the numbers.  Numbers give you so much information – your income versus expenses tells you profit, sales data tells you what’s working and cash flow projections tell you if you’re going to have any money in the bank next month. If you are not tracking your numbers or paying attention to the number of sales or the number in your bank account, it’s probably for one of two reasons:

The first is that you legitimately don’t know how.  That’s an easy fix. Check out Quick Books or services like outright.com

The second reason, you think ignorance is bliss. While you may be able to get away with this in the short term, especially if you have a ‘pillow’ – income from another job or partner. This lack of strategy will eventually be the downfall of your business. Declaring independence from external support, will impact how you delegate your time and energy.

Businesses track their profits and at least a few other numbers. Until you do, you really aren’t running a business.

Get serious about your time.

Adopt this mantra. Stop saying “I didn’t have time for something,” and switch to “I didn’t make it a priority.”  Because often, lack of time is really lack of prioritization. To run a successful business, you need to carve out time to run your business.  And if that means you need to set a schedule for business hours, then by all means do so.

Running a successful business takes either time or money.  If you have one, you can make do without the other.  But you can’t run a successful business without investing significant amounts of one of those two things.

The next time you find yourself bemoaning your lack of time to run your business, ask yourself how you can reorder priorities to have time for your business.  If you never carve out some serious time for your business, you’ll find it hard to convince others (and eventually yourself) that you’re actually running a business.

Get serious about the realities of running a business.

Running a business is hard.  Sometimes you lose money.  Sometimes clients don’t pay on time.  Sometimes you want to bang your head against the wall.  Sometimes you’re filled with an overwhelming sense of panic about how you’ll pay your bills this month.  Sometimes you’ll stress over whether or not you’re making the right choices or heading in the right direction.

And in order to run a business, you have to understand and accept that some days it might not be fun or you’ll have to do tasks you don’t really want to do. Yes, it would be great to pretend all that stuff doesn’t exist.  To just try and sell your products.  But ignoring the fact that running a business is hard doesn’t make that reality go away.  It just means that you aren’t really running a business.

Wait, there is an upside to all this.  Once you accept the realities of running a business and that is not the same as a pursuing a hobby, you open up to the possibility to something really, really great.  You have a chance to create something bigger than yourself.  Something that can provide a great life for you and your family. 

Dr. Victoria Boyd, author of The Wealthy Teacher: Answering the question, What’s next?Boyd-WealthyTeacher CVR (2)

http://www.drvictoriaboyd.com 

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It’s about Improving Life

In my book The Wealthy Teacher: Answering the question What’s next? there is a section on distinguishing between ‘selling’ and ‘serving’ in a business setting. It is the basis for creating your message. You are there to solve a problem or improve someone’s life.

Richard Branson, the consummate entrepreneur, wrote a dynamic article on this exact topic so I would to share it with you – Richard Branson on Social Entrepreneurship 

 

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Follow your Passion and Success will follow you….

Dr. Victoria Boyd, Author of: The Wealthy Teacher: Answering the question, What’s next?

Pre-sales available at all major online outlets: Amazon, Barnes & Noble and Brick and Mortar Powell’s + many more

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