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NONPROFIT * Organized for public welfare provide service to the community (non commercial, has charitable . Educational component) * You can make $$ as nonprofit (you must make $) But can not give bonuses. Money is invested back into organization * Mission Driven less quantifiable - how do you know w/o numbers? * Research and development Function (Theater ex: if it sells here, take it to Broadway) Take a risk — Lots of risks fall flat on face * Must have board of directors (at least 3 people in Minn.) Totally volunteers Legally responsible for organization * Philanthrophy (contributed income) donors have little control over how organization spend the money they give * Form 990 - tax exempt (property, sales, income, and $ received) - great postal rates - tax write off to donors - checks and balances every year (Assurances to public) -where # came from - how spent (healthy balance 70% programs - 30% mang/ fundraising) - and mission of organization * Board as steward for public CHALLENGES: articulate clear mission ID and involve community add value to for profits risk taking focus on education objective Whine Line You've got money to buy shows and outbid us. Unfair to comete - - no advertising budget. Feel used and taken advantage of |
FOR PROFIT * #1 reason TO MAKE MONEY helps economy too Broadway shows bring people to the cities * Investor put $ in and expect some kind of return they will get more $$ back * Earned income (investors have some control) * Takes risks for financial benefit, not artistic benefit * Must pay taxes * Usually have larger audiences Usually have larger investments Usually have larger marketing budget *More efficient on how to get things done More broadly accepted by public Whine Line Come on - you're doing same thing and getting tax breaks and grants - it's not fair |
