How can I make a living off of running my own dog sanctuary?
I want to run, open, and own my own non-profit dog sanctuary. I've decided that I want to dedicate my life to saving and helping dogs, therefore I want to run a sanctuary. The problem is that I want my organization to be non-profit, but I also need an income! So, how can I make a living off of running one? Help please! I don't want to do anything else with my life.6 months ago - 3 answers
The Raven is right, but only partially.
I've worked with a small 501(c)3 non-profit organization, and YES you CAN make money with it. I also have my own business, which is currently an LLC but I will be desolving that and creating a corporation.
So while i am not an EXPERT on the ins and outs of these things, I do know something....
Now, with a non-profit, it's a long process to register and get approved, but of course it can be done.
Now, the thing with a non profit is that the COMPANY itself cannot make a profit, but all EMPLOYEES of the company, must - actually- be compensated for their work, in accordance to labor laws. The nonprofit I worked with, we all made money because we were employees. Even the founder of the non profit made money because she herself was compensated as her work role of president of the company.
In a company - ANY COMPANY - the money that you pay an employee is the company EXPENSE. That means that if the company gets $100,000 in revenue a year, but they have to pay 2 employees at $50,000 a piece, the company's PROFIT is actually at ZERO.
So, you have a non-profit organization, and you get $100,000 in revenues a year. You spend $50,000 on saving dogs, transportation costs, food, shelter, medical care, etc. As an employee, you CAN LEGALLY and MORALLY pay yourself - although it has to be a fair price. You can't just pay yourself $95,000 and only give $5000 to the dogs. But yes, you can pay yourself as an employee of your non-profit, BUT becuase you will be a non-profit your paperwork has to be SPOTLESS because you will monitored a lot more closely than if you were a for profit. Again, I don't know all the ins and outs, so defintely speak to an accountant or someone who deals with tax or corporate law but i DO know that you CAN earn an income with a non profit. It's all about having a dream and not giving up and working hard and seeing opportunities that other people dont! This is a really good resource: www.millionairemba.com/?hop=mmglaca (if that link doesn't work, go here and then just click the link under the video --- thats how I found it, it really changed the way I thought about money and starting my business www.youtube.com/watch?v=NlREvHjjFkc...
who in the world is going to pay for this?
i'm not. i'm lucky if I manage to save $100 a month.
The only way to get paid is if you work for one.
Otherwise, no one is going to donate anything, including money, to a dog sanctuary if it's not 501c3 NON PROFIT. You won't make a dime.
We had a "non profit" rescue here in town that got caught fudging the books and actually making a profit. They got their 501c3 status revoked and had to pay a $25,000 fine plus back taxes.