If you work in the not-for-profit sector, chances are that your organization performs some sort of community service, quite possibly helping disadvantaged persons or designated groups, such as visible minorities, Aboriginals, persons with disabilities or addictions, or women. For this reason alone, not-for-profit organizations are essential to the well-being of our communities and cities. But you already knew that.
It’s also likely that you rely on grants from private donors and public programs to keep the organization running. Ontario’s government recognizes the limits of this model. A recent press release notes that:
Non-profit organizations currently receive funding for operating expenditures from various sources including government, philanthropic and private sector donors. However, they have inadequate access to funding for capital projects.
To ameliorate the situation, the province is introducing a program to help certain non-profits fund infrastructure projects, namely those that serve “cultural communities”.
The new Community Capital Fund will support infrastructure projects that help Ontario’s non-profit organizations deliver important public services to diverse cultural communities. … These include newcomer settlement services, multi-service community centres, performance venues, and cultural activity centres.
The fund, administered by the Ontario Trillium Foundation, will cover up to 50 percent of a project’s costs, from $20,000 to $500,000. The program will start in September 2010 and run through 2012. Stay tuned for more information.
The Ontario government announced earlier this year that it would be working on closer partnerships with the province’s not-for-profit organizations. Visit the Partnership Project‘s website to find out more and offer input on it.
Not-for-Profit PolicyPro from First Reference looks at financing your organization in Chapter 4 — Financial Management, with sections like a Financial management primer, Revenues, Assets, Budgets, forecasts and reporting and more. And regardless of your financial status, you’ll want to know about the new harmonized taxes in Ontario and British Columbia. We’ve updated section 4.03 – Expenses to cover the changes.
Adam Gorley
First Reference Human Resources and Internal Controls Compliance Editor
