Utah is one of only a handful of states with a law that promotes social entrepreneurship - the Low-profit Limited Liability Company (or L3C), is intended for companies that put their missions before profits. Our new law will let L3cs qualify for "program-related investments" from foundations-loans or investments that further a foundation's goals and also may yield financial returns. Read full text.
The economic crisis requires a reengineering of the way we approach funding and solving long standing social issues. Our foundation began by asking: What if we could engage Utah's entrepreneurs to address Utah's complex problems? How can we provide nonprofit organizations the strategic resources they need to create sustainable positive change?
To help answer that question we held a series of meetings with entrepreneurs and nonprofit leaders. We found a disconnection between these important sectors: entrepreneurs know little about the role of the nonprofit sector, and nonprofit leaders are yearning for a way to effectively tap their resources. Yet each do, and will, rely on each other. A growing economy needs a healthy community, and the organizations that support the public good need the intellectual and financial capital of entrepreneurs.
We believe, and our research confirms, that Utah needs a catalyst so that nonprofits and entrepreneurs benefit from each other's expertise. We invite you to be a part of this effort. Share your thoughts!
The two reports are posted here:
The Case Foundation - who know what they are doing - share what they have learned about on line giving in this report. Here is how they summarize their experiment:
"In December 2007, our team launched our first online Giving Challenge..... As the 50 days of the Challenge went by, we would periodically gather around the computer in my office to watch the leaderboard. Would we see the large national nonprofits trump the little guys ‐‐ or would the smaller, more nimble organizations do a better job mobilizing their online networks? How were people using social media tools such as blogs and videos to spread the word and reach new audiences? Were the prize levels right, and would they provide enough incentive to drive people to action? In the end, we couldn't have predicted a more fulfilling outcome.
Perhaps this is something the Community Foundation can spearhead in Utah?
Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 The new book Supercorp by Rosabeth Moss Kanter demonstrates that companies that have a social return are more profitable. She lays out a model for "21st-century companies that care as much about about creating value for society as they do value for shareholders and employees". Key elements of these 'vanguard' companies?
- They have a very strong sense of purpose and use it to guide and speed up innovation.
- All the vanguard companies studied, save one, outperformed their peers during the recession.
- Their leaders engage employees about how principles apply to their business.
- They are dynamic places to work, with employees having a say on when and where they work
If you run one of these companies we'd love to meet you! Come to a crowd pitch sponsored by Funding Universe on November 4th. You can register here.
Throughout history, entrepreneurs have made their communities stronger, more vibrant places to life. From early industrialists like Andrew Carnegie, who built the nation’s system of public libraries, to Bill Gates, who is revolutionizing the delivery of health care in impoverished nations, entrepreneurs have been at the front line of solving complex social problems. And Utah is no different. Many of our most successful entrepreneurs grew their businesses as they strengthened their communities.
We don’t think you need to have the bank account of a Carnegie or Gates to change the world. Donations alone seldom permanently addresses complex social problems – real progress is only made when we bring our best thinking to the issues facing our community.
Some of Utah’s best known entrepreneurs are leading an effort to build a community of ‘enlightened entrepreneurs’ committed to enhancing the quality of life in Utah through community engagement, while building their networks. How?
- Serve as a mentor to a social enterprise - Utah's nonprofits need your help to build revenue generating businesses that will employ the people they serve and reduce their dependence on annual donations. Serve as a speed mentor - Give 90 minutes of your time to help nonprofits think in new ways about the challenges facing their businesses
- Fund the Social Enterprise Investment Fund - Help create a revolving pool of assets to invest in for profit and not for profit businesses that are getting at the root causes of social issues.
- Donate options in your company - Donating options is a tax-smart way to create a tradition of philanthropy right from the start.
- Start a Corporate Advised Fund - Most corporate philanthropy programs have two primary goals. First, to impact the community or communities the company serves. Second, to raise awareness and provide important exposure for the company. We can help you meet these objectives through highly individualized philanthropic support services.
Becoming an 'Enlightened Entrepreneur' is easy and it is a powerful way to give back to the state that is helping you build your business.
Thought this looked interesting - an online forum for nonprofits and foundations to "chart a vibrant 2020". There are some big names behind this effort - Amazon, Anne E Casey, Kresge, Skoll, Rockefeller, etc.
FutureLab is an forum to "share big ideas". The founders are looking for people and organizations willing to share and get feedback on their ideas and contribute to the sector's collective thinking.
Do let us know if you join and what you think of this effort. We'd like to do something similar right here at home with our social entrepreneurship fund..
You can sign on here:
Since the beginning of 2009 the Community Foundation of Utah has been asking nonprofit organizations to share how the recession has impacted their operations and services. Our two previous studies have been used by nonprofits and their boards, corporations and foundations and have been featured in national and local press.
We greatly appreciate your participation, and hope you will take ten minutes to complete this survey for the third quarter. It focuses on a few areas that will be especially helpful for those seeking to understand and support the needs of your agency and how the nonprofit sector is approaching collaboration.
We are also delighted to report that the Utah Economic Dashboard Study has been officially adopted - and sponsored - by Wells Fargo.
PLEASE COMPLETE THIS SURVEY BY MONDAY NOVEMBER 9th.
To review the results, log on to our web site, www.utahcf.org. The Board and staff of the Community Foundation of Utah and Wells Fargo are grateful for your participation, and for the work you do.
Ii suggest you check out this organization if you are not already familiar with their work. VPP is a group of venture philanthropists who focus their giving in a specific region (Washington DC) and issue (childhood poverty and education). They have a monthly newsletter I enjoy. You can learn more about their work here -- including news that they just made $4.5 million to a very cool program called "Year Up". This investment will allow Year Up to scale its programs to reach more youth in Washington, D.C., change workplace hiring practices locally and nationally, and influence how governments support workforce development initiatives. VPP uses very detailed metrics to measure impact an can be a real model for the Community Foundation of Utah's social entrepreneurship field of interest fund, seeded by Skull Candy!
Since the beginning of 2009, the Community Foundation of Utah has been asking nonprofit organizations to share how the recession has impacted their operations and services. Our two previous dashboard studies have been used by nonprofits and their boards, corporations, and foundations, and have been featured in national and local press.
This third dashboard focused on two areas highly impacted by the recession: the nonprofit sector’s financial ability to withstand a declining economy through endowments and reserve funds, and trends in interagency collaborations.
We find :
- Utah nonprofit organizations lack reserve funds
- Very few Utah organizations have an endowment
- A movement toward deeper collaborations, and that these
- Collaborations benefit agencies and the populations they serve
- Mergers are increasing
- The demand for services has continued to climb, and consumer confidence remains low
You can read the full report here DashboardNovember09.pdf
Nine interesting ' rules' from Peter Haas' piece In Social Enterprise. (1) Don't start a new organization. (2) Clearly define what you do and stick with it. (3) Clearly define your budgets and cash flow, and track your variance. (4) It costs more than you expect. Get more than you need. (5) Get legal and stay legal. (6) Pay yourself and your staff from the beginning. (7) Communicate openly with your staff and board and have clear roles and responsibilities. (8) Treat both constituents and donors as customers. (9) Play nice with others.
Read the full article here: