Monday, 17 May 2010
Ontario Government moves towards recognizing non-profit commercial activity
Over at the Centre for Social Innovation Buzz blog, Tonya Surman reports that:
"At long last, the Not-for Profit Corporations Act has been introduced. The 'magnetic attractor' that galvanized the Ontario Nonprofit Network will, among other important governance issues, "allow not-for-profit corporations to engage in commercial activities where the revenues are reinvested in the corporation’s not-for-profit purposes."
This is huge in light of the original text and in the context of the growing federal concerns around nonprofits generating a planned surplus. A recognition that nonprofits can engage in commercial activities where revenues are reinvested in our social purpose is a huge step and reinforces the sectors efforts to build a stronger and more resilient nonprofit sector."
This is of special interest to us here, as we finalize the paperwork to make TorontoTheBetter a non-profit. Just imagine: we might not have to worry if TTB ever turns a profit, rather than just subsisting on the earnings of Libra Information Co-op's other projects...
For more commentary by Ms. Surman, see Bill 65 - Not-for-Profit Corporations Act, 2010 recognizes commercial activities for nonprofits in Ontario.
"At long last, the Not-for Profit Corporations Act has been introduced. The 'magnetic attractor' that galvanized the Ontario Nonprofit Network will, among other important governance issues, "allow not-for-profit corporations to engage in commercial activities where the revenues are reinvested in the corporation’s not-for-profit purposes."
This is huge in light of the original text and in the context of the growing federal concerns around nonprofits generating a planned surplus. A recognition that nonprofits can engage in commercial activities where revenues are reinvested in our social purpose is a huge step and reinforces the sectors efforts to build a stronger and more resilient nonprofit sector."
This is of special interest to us here, as we finalize the paperwork to make TorontoTheBetter a non-profit. Just imagine: we might not have to worry if TTB ever turns a profit, rather than just subsisting on the earnings of Libra Information Co-op's other projects...
For more commentary by Ms. Surman, see Bill 65 - Not-for-Profit Corporations Act, 2010 recognizes commercial activities for nonprofits in Ontario.
Labels: Not-for-Profit Corporations Act 2010
# posted by W. Greg Taylor @ 10:00 am 
