Nonprofit VS Corporate Pay: Who Wins

So you're interested in working in the nonprofit sector, but you're not quite sure if you can live off of charitable paychecks. The question is do you really know what a nonprofit is willing to pay for your skills and experience. The answer may, or may not, surprise you.

Baby boomers are retiring (about 67% by 2016) and numerous charities will be in search of a great replacement for them. Your for-profit skills can be a tremendous asset to organizations who are constantly looking for ways to fund their causes and daily operation expenses. Creativity is the key, not just to a nonprofit job, but to their bank as well.

Organizations now have to offer a more competitive pay in order to entice better candidates. The increase in pay is often accompanied with a boost in rank. Be mindful that nonprofits are restricted by the IRS when it comes to how high of a salary they can pay an individual.

So, is pay just part of the picture, but not the complete frame? Well take into account the other benefits that come with working for a charitable organization. You may receive better medical benefits, flexible hours, and work-life balance amongst other things. The best gift of all is the personal satisfaction that comes from you doing your job...helping the community. What more can you ask for?

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Winehouse Family Plans Charity

 

The family of Amy Winehouse has plans to set up a charity in her name to assist children, drug addicts and horses (her favorite animal). The charity may also aid in entering addicts into rehabilitation centers, which are said to have two year waiting lists.

Amy Winehouse's home

The headquarters will be located in Winehouse's old home. Her family thought it would be best not to put the house on the market, fearing the type of buyers it might attract.

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Non-Profit Treasurer Steals Money

The former Treasurer of Mother of Multiples, a nonprofit based in Charlotte, recently confessed to stealing funds. She states that she wrote at least 11 checks to herself totaling up to over $50,000. As of right now, no charges are being pressed.

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Loans for Health Insurance

Federal officials released loans in the amount of $3.8 billion dollars to aid nonprofits in providing more feasible health insurance, which would be sold through exchanges and to small businesses. The exchanges are set to launch in 2014, so the government hopes to motivate nonprofit cooperatives to expedite the operation of their business so that they will be functioning by that time. The goal is to be able to provide cheaper insurance than what private companies are able to offer.

Any profits that are made through this process are to be reinvested into the insurance plan. By reinvesting these funds, members' premiums will be lowered and the benefits or quality of the insurance would improve.

There are those who don't agree with having the co-ops set up as a nonprofit. Others feel as though no incentives exist to get the process started. The year 2014 will reveal who is correct in theory if anyone is correct at all.


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