March 4, 2014
A New Way To Operate As A Social Enterprise In BC
One of the challenges of any charity or not-for-profit organization is to maintain a sustainable level of funding in order to fulfill its mandate. This can often prove difficult as many organizations will be dependent upon philanthropy, government funding or earned income to meet their needs. During the great recession of 2008, many charities and not-for-profits soon discovered that philanthropists can easily become paupers and government funding can dry up as government departments slash their budgets. Earned income however can offer some form of funding stability and potential long-term growth.
The Province of British Columbia appears to have been listening to the challenges of the not-for-profit world. On July 29, 2013 amendments to the Business Corporations Act were enacted, thus bringing about a new business model. Without much fanfare, British Columbia became the first jurisdiction in Canada to make available the Community Contribution Company.