Our neighbourhood supports our businesses, our businesses support our neighbourhood
Social Development and Social Innovation Minister Don McRae showcased social enterprises on the legislature lawn today as part of Social Enterprise Month, including Habitat for Humanity Victoria and Fernwood Neighbourhood Resource Group Society.
Social enterprises differ from most traditional businesses in that profits are reinvested to achieve, sustain and further a social or environmental purpose. Based on a 2011 survey, B.C. social enterprises provided services to nearly 700,000 people and generated at least $60 million in revenues.
Today’s event was an opportunity to raise awareness of the growing social enterprise sector and its contribution to the strength and resiliency of communities like Fernwood. The Government of British Columbia has proclaimed April 2014 as Social Enterprise Month.
Lee Herrin, our executive director, spoke about how operating social enterprises works for our organization. Here is his speech:
Fernwood NRG is an enterprising non-profit. Legally, we are a not-for-profit with charitable status. Our purpose is to operate a community centre, provide childcare, provide affordable housing to low income families, and to provide recreational programs. We publish a neighbourhood newspaper (the Village Vibe), and have recently taken on delivery of the Good Food Box program. We also host a great neighbourhood festival every summer solstice called FernFest (now in its nineteenth year).
So what makes us enterprising?
In addition to our charitable good works, we also own a company which operates two neighbourhood businesses in Fernwood: the Cornerstone Café and Studio 1313 Hair Design. We are structured this way to comply with Canada Revenue Agency policy around charities and unrelated businesses. However, it is important to understand that our Charity wholly owns the company, and as such the Charity has the first and only claim on the profits of our company. When people in Fernwood support our businesses, our businesses support Fernwood, because our business donates its profits back to our charity.
So what does being enterprising give Fernwood NRG?
It gives us increasing control over our own destiny. In 2003, we were 69% dependent on grants to fund our operations; for the current fiscal year, our consolidated organization will be approaching only 20% grant dependent. And we are achieving that while making plans to expand our both our affordable housing and childcare operations.
Our organization is lucky to have a successful and generous corporate sponsor. We are even luckier to 100% OWN and CONTROL that corporate sponsor.
Our social enterprise is the cornerstone of all we have achieved in the past ten years, and it will be the foundation of all we will achieve in the next ten years, and beyond.
I invite you to come and visit us in Fernwood during Social Enterprise Month and see what we’re all about.
To learn more about Social Enterprise Month, visit hubcapbc.ca.
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