How to Get Multiple Grants, Avoid Pitfalls & Build Wealth with Stormi Banks

0:00This is an iHeart Podcast. Guaranteed Human. Earners, what's up? Look, building wealth isn't just about making money. It's about knowing where your money is working for you. That's why we partnered with Empower. Empower is all about helping you invest well so you can go out and live a little. Their free Empower personal dashboard gives you a complete view of your financial life in one place. Track your net worth, monitor your budget, analyze your investments, set retirement goals, and more. You worked hard for your money. Now make sure it's working hard for you. Download the Empower personal dashboard or visit Empower.com.

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1:24know doing science playlist on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. For years, the Unhoused has been presented as a monolith in mainstream media. Weedie Unhoused is a podcast that's changing the narrative. I'm Theo Henderson, and I created the show while I was unhoused on the streets of Los Angeles. We've grown into a two-time Webby Award winning podcast. the only podcast that shares unhoused stories and news from the unhoused perspective. Listen to We The Unhoused on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. Can superstars even exist the way they used to?

2:052016 was sort of that last era of monoculture where we still consume things in community. Everybody wanted to be Beyonce at that point. I don't think we'll ever see another Rihanna. What does it mean to be Black and eat in America? You will never make me feel bad for being a Black girl, for being a Black American girl, ever. From music to food to the conversations shaping Black culture right now, Therapy for Black Girls is bringing it all to the mic. Listen to Therapy for Black Girls on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. Is there a thing that you can have but so many grants at one time?

2:42Like, can you have 10 grants running simultaneously? Yep, you can. But this is what I also tell people is don't get grant happy, right? Because grants are debt free, but they're not tax free. So grants goes on your taxes as additional income. And so you have to be able to uphold the standard of how to utilize the actual grant. So if you're like, OK, cool. Stormy said one grant a day. We balling. Now, are you reporting back? Are you, you know, handling the funds how you said you would on the application? It takes a really organized, you know, operation to be able to handle that many grants at a time.

3:15Is there any oversight to see, okay, you act for a grant because you said you needed a truck. Do they check to see if you actually purchased a truck? Depends on the funding source. Of course, you should always do what you said you're going to do on a grant opportunity. But federal, state, local grants, yeah, they're going to be checking. Now, let's just say that you budgeted$30 ,000 and a truck ended up being$25 ,000. You can talk to them, let them know, hey, we have this overage of$5 ,000. We're going to reallocate it to these areas. is that money taxed at the is it taxed as additional income right if i made 100 000 i got a grant for 100 000 i've made 200 correct okay good to know yeah so that's interesting because i wouldn't even think about the tax implication definitely have a cpa oh yeah involved in this let's see this this is when you're doing on a high level this is when the real strategy really comes into play right because a now you have a 200 000 business right on a for-profit side so one thing that i always tell my clients is like every every for-profit have a non-profit foundation right because now we can be able to take 30 of what our for-profit is making and put it over into our for-profit side and now we're creating that tax-free money that we could you know that we got from that from that um grant funding so it's really important to just i'm not i'm not a cpa but it's really important to understand the implications of grants and it's important to be able to have strategy when you're going for grants because you can get in trouble.

4:44And I've seen a client, you know, get tax dollars taken back because they didn't do what they were supposed to do with the funding. They didn't report on time. They told them that they were going to do, you know, help 500 people. And at the deadline mark, they helped 50. Right. So there are definitely times where they can be like, oh, taking that back. Are you in a database of like grants? So it's like, OK, this person already has three open grants, so they might not need the money like if somebody else is going to give you a grant they see how many grants you already have or were given in the past and that might make the decision like okay they might not be in dire need because they already have a grant yeah the departments are pretty separated but what they will do is they'll make you um you know tell them yeah they'll make you say like what funding sources have you gotten all year but sometimes that can also be a help right especially on the non-profit side of grant opportunities non-profits give their money to um people that can showcase they have other ways of funding like they don't want to be the only funder on the non-profit side they're like do you have anybody else willing to help do you have anything else going on so they'll make you tell them on the application in terms of you from a personal standpoint pink print is the brand yeah congratulations thank you um i guess we should get the origin story of the name and all that but when you're building this team do they all have to go through the certification process talk to us about how how pink print was formed and where it stands internally?

6:05Yeah, so absolutely. We all go through the same certification process for sure. But then we also have our internal, you know, methodology that we utilize in our own internal formula. So then of course they're trained on what we do that makes us different in our information, more proprietary. So it's a couple of weeks of training. Typically didn't get it done in like three, four weeks. How many people on the team? 17 right now. 17? 17. Okay. And those are all reps that work with people individually? So there's different departments. So you have your grant writing department you have your grant application specialist department and then we have just our like operations and stuff so how have you been able to market your company market it through our get grant ready summits so our summits are really where a lot of people find us because at the basis of being a grant writer i think we're it started off as education first right and that's kind of where we keep it for the most part it's like hey even if you don't hire us we want you to know that this is possible we want you to know that you're eligible and how it works and we want you to go and do it and be excellent regardless whether it's us or not so when we educate people we do like three-day five-day virtual summits to educate people on literally the full process of like the mindset you need the the where to find grants how to write the proposal how to apply to it and then also how to scale with the tax code because that's a really important part of it too yeah how liberating is this process for you i know a lot of times we run into people and they're like you changed my life you changed my life i wonder as you're going through this journey yourself how has that been when people understand this is something that that can really elevate their business number one but also from a personal standpoint help them in in their journey when it comes to financial education and debt at first it was really scary because like when it comes to money it's like people really look at you like they lifeline and at first i was like hold on now hold on now and i you know as time has gone on hold on now You're still from Brooklyn.

7:57But that was Georgia. Come on. Hold on now. You're still from Brooklyn.

8:03You know, as I've built my confidence and, like, really seen that, A, proof of concept more and more over the years, of course, I've just gotten more comfortable with understanding, like, we can change people's lives. Like, we really do have access, information, and skill set to do that. 13 of you guys' vendors were there because they won pink print grants, you know, working with us. And I was going around, I was like, oh my God, it was like, yeah, the grant that we won the 15 ,000 we got, we paid for our booth, we here, we rebranded, like selling out. You know what I'm saying? So it's like seeing it in real life, like real business owners staying debt free, building their business, expanding, getting these different opportunities because of grant funding.

8:41Whether they came to a class or whether they work with us for their grant writing, it's just, it is, it's surreal. It really is. It's humbling. That's crazy. We got to get that number up. Ernest, what's up? Look, building wealth isn't just about making money. It's about knowing where your money is working for you. That's why we partnered with Empower. Empower is all about helping you invest well so you can go out and live a little. Their free Empower Personal Dashboard gives you a complete view of your financial life in one place. Track your net worth, monitor your budget, analyze your investments, set retirement goals, and more.

9:14You've worked hard for your money. Now make sure it's working hard for you. Download the Empower Personal Dashboard or visit Empower.com. not an Empower client paid or sponsored. For years, the Unhoused has been presented as a monolith in mainstream media. Weedie Unhoused is a podcast that's changing the narrative. I'm Theo Henderson, and I created this show while I was unhoused on the streets of Los Angeles. We've grown into a two-time Webby Award winning podcast, the only podcast that shares unhoused stories and news from the Unhoused perspective. Listen to Weezy and Howl's on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.

9:58Hey, this is Chuck from Stuff You Should Know, and we're submitting our most science-y episodes for your peer review with our new Stuff You Should Know Doing Science playlist. Out now. You want to know about Occam's Razor? The simplest explanation is usually the right one. We got you covered. Wondered what chaos theory is ever since the first time you saw Jurassic Park? Well, come on down. So, distill a nice pot of tea, everybody. Turn down the gas on your Bunsen burner and slip into your most comfortable lab coat and listen to the Stuff You Should Know Doing Science playlist on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.

10:32Can superstars even exist the way they used to? 2016 was sort of that last era of monoculture where we still consumed things in community. Everybody wanted to be Beyonce at that point. I don't think we'll ever see another Rihanna. What does it mean to be Black and eat in America? You will never make me feel bad for being a Black girl, for being a Black American girl, ever. From music to food to the conversations shaping Black culture right now, Therapy for Black Girls is bringing it all to the mic. Listen to Therapy for Black Girls on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.

11:08I've been hearing for decades that the markets can solve climate change. Today, we have more incentives for market solutions than ever, and emissions are rising. on this season of Drilled Carbon Cowboys, the story of three market solutions colliding in one multinational boondoggle. You gotta give Bruce and the guys credit. They're Republican. They don't give a shit about any of this now. Listen on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. This is an iHeart Podcast. Guaranteed human.