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

**SPEAKER_1** (0:00)
Is there a thing that you could have but so many grants at one time? Like can you have 10 grants running simultaneously?

**Stormi Banks** (0:07)
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, okay, cool, Stormy said one grant a day, we ballin, now are you reporting back? Are you handling the funds how you said you were doing on the application? It takes a really organized operation to be able to handle that many grants at a time.

**SPEAKER_1** (0:36)
Is there any oversight to see, okay, you asked for a grant because you said you needed a truck. Do they check to see if you actually purchased the truck?

**Stormi Banks** (0:45)
Depends on the funding source. Of course, you should always do what you said you're gonna do on a grant opportunity. But federal, state, local grants, yeah, they're gonna be checking. Now, let's just say that you budgeted 30,000 in a truck and to be in 25, you can talk to them, let them know, hey, we have this overage of 5,000, we're gonna reallocate it to these areas.

**SPEAKER_3** (1:04)
Is that money taxed as additional income, right? If I made 100,000, I got a grant for 100,000, I've made 200?

**Stormi Banks** (1:12)
Correct.

**SPEAKER_3** (1:13)
Okay, good to know. Yeah, so that's interesting because I wouldn't even think about the tax implication. Definitely have a CPA involved in this.

**Stormi Banks** (1:21)
Let's see, this is when you're doing it on a high level, this is when the real strategy really comes into play, because A, now you have a $200,000 business on a for-profit side. So one thing that I always tell my clients is like, every for-profit should have a non-profit foundation, 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'll be creating that tax-free money that we got from that grant funding. So it's really important to just, 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. And I've seen a client 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, help 500 people, and at the deadline mark, they helped 50, right? So there are definitely times where they can be like, oh, mm-mm, taking that back.

**SPEAKER_1** (2:22)
Are you in a database of like grants? So it's like, okay, 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.

**Stormi Banks** (2:39)
Yeah, the departments are pretty separated, but what they will do is they'll make you 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 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.

**SPEAKER_3** (3:07)
In terms of you, from a personal standpoint, Pinkprint is the brand.

**Stormi Banks** (3:10)
Yeah.

**SPEAKER_3** (3:11)
Congratulations.

**Stormi Banks** (3:12)
Thank you.

**SPEAKER_3** (3:13)
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 Pinkprint was formed and where it stands internally.

**Stormi Banks** (3:26)
Yeah, so absolutely. We all go through the same certification process, for sure. But then we also have our internal 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 they can get it done in like three, four weeks.