The public demands more sophistication of nonprofits than in the past. As business models stress results, results are also expected in the nonprofit arena.
Earned income for nonprofits is an area of opportunity that can supplement other financial resources. Determining the viability of such ventures is one of the responsibilities of the board. “Social Enterprise” is often the title given to a strategy undertaken by a nonprofit to generate revenue. In the best cases, it is congruent with the organization’s mission and capacity. This results in ROI (return on investment), which is the financial profitability but also the SROI (social return on investment) or non-financial returns such as jobs created or people served.
Visit the Social Enterprise Institute for more information.
Posted by Myrna Meadows, NRS, International Falls
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