Published Dec. 18, 2013
The biggest difference between a benefit corporation and a nonprofit organization is that the benefit corporation is a for-profit corporation and the nonprofit is a not-for-profit corporation. What this means is that no individual within a nonprofit is legally allowed to profit from dividends and additional money left over at the end of the fiscal year after all expenses have been covered. At the end of a fiscal year, if a corporation had dividends or additional leftover profits after all expenses have been taken care of, it can be distributed among shareholders as a profit. This is not an option for nonprofits, who do not have shareholders, and whose profit must go towards the purpose for which the organization was formed. Also, a benefit corporation can declare that total shareholder profit is not their primary goal. They can declare certain profit sacrifices in order to instead benefit the environment or society in some way.
Defining a benefit corporation
The primary difference here is in the fact that a benefit corporation has a charitable or socially conscious purpose that it makes provision for in its budget. So a benefit corporation was formed and exists to make a profit for its shareholders, and operate in the way that a regular corporation does. They do, however, follow a few additional guidelines:
Benefit corporations issue annual transparency reports.
Benefit corporation commit to operating in a sustainable fashion.
The Tivoli Theatre is owned and operated by Owen County Preservations, Inc. a not-for-profit, 501(c)3 corporation governed by a seven member Board of Directors. OCP is dedicated to preserving and increasing the awareness of Owen County’s rich architectural and historical heritage. The organization’s motto, Linking the Past With the Future, refers to our county’s history as seen in the architectural style, craftsmanship, and material used in earlier times by those who settled the county.
Formed in 1991, OCP strives to save and maintain these important and often endangered structures in Owen County by encouraging the preservation of our heritage while planning for the future growth of the communities in Owen County. We value the older buildings and items of historical significance throughout the county and have made it our endeavor to promote their preservation and restoration. We also see the importance of planning for the future through educating and involving the entire community.
The restoration of the Tivoli Theatre embodies the spirit of OCP and has become our largest undertaking to date. Through the presentation of films, performing arts and entertainment events, the Tivoli Theatre’s mission is to provide quality, affordable programming and serve as a gathering place for residents of Spencer and the surrounding area. As a celebrated historic landmark working toward a sustainable future, the Tivoli aims to inspire downtown revitalization and enhance pride in the community.
24 N. Washington St
How SCORE Helped
Very early in the Tivoli Project, OCP began developing a business plan that would ensure the successful operation of the theater after the renovation was complete. While it was recognized that the theater would be the primary source of revenue, it would be necessary to augment that revenue from other sources. A key factor in doing so would be to maximize the utility of the building by incorporating spaces that could be rented independently from the theater, per se, or used to bolster the functionality of the theater. It was also recognized that we would require an experienced theater director since none of the OCP directors nor it's membership had such experience. The theater director would need to be a paid employee of OCP with a staff of volunteers under his or her direction. A business plan was developed accordingly and reviewed by SCORE members Mike Spinks and Tad Wilson. They provided several essential recommendations that were incorporated into the plan along with a few other changes that resulted from additional research suggested by the SCORE members. A revised version of the plan was put together and again reviewed by Mike and Tad. They recommended a few more minor changes that were incorporated into the third version, which they reviewed and "blessed". They advised that the business plan is a "living document" and will need to be changed as situations develop, but provided us with the confidence that we needed to proceed. As they predicted, two more minor changes were made before the business plan was "published". Owen County Preservations is very grateful for the invaluable assistance provided by SCORE, and in particular Mike Spinks and Tad Wilson. The Tivoli business plan allowed us to attain the confidence of the Cook Group as a viable custodian of their investment, capable of operating the Tivoli Theatre as a successful business. It also provided the confidence needed by Owen County State Bank to provide us with an unsecured line of credit to use for start-up capital that was required to hire a director, purchase supplies, and meet other financial requirements necessary to start the operation. Our business plan was key to our success, and SCORE participation in its development was key to the success of the business plan.
Owen County Preservations, Inc.
At times, an organization dedicated to helping others may require some help of its own. Union Gospel Mission of Tarrant County (UGM-TC) is a united Christian organization and ministry dedicated to providing support and rehabilitation for the homeless in the Fort Worth community and has been committed to doing so since 1888. UGM-TC is no small operation – it is a six-acre campus with many buildings and 60+ employees who served 880 clients last year. In 2012, a few UGM-TC staff members sought the help of SCORE Fort Worth for guidance in tackling low-level managerial issues and a new undertaking for the organization: a major capital campaign to build a 60 bed women and family facility. But after a few months of collaboration, the SCORE Fort Worth mentors realized that there were more pressing issues that needed addressing – namely Human Resource management from the top. They were on-hand to help.
As of June 2013, Tarrant County’s homeless population had grown 10 percent since 2011 to 2,390, and the number of people living unsheltered more than doubled to 281, according to results of a January count by the Tarrant County Homeless Coalition. The count found 338 homeless families with children, up from 292 in 2011. To address the needs of this family population, UGM-TC announced plans to build the Scott Walker Women and Families Services Building, named for a commercial real estate developer and mission volunteer. The 39,707-square-foot building will have five rooms where two-parent families can stay with their children while getting back on their feet, five rooms for single men who are caring for their children and 28 rooms for single women who are participating in the long-term program. A 12-bed overnight dormitory will be for single women who walk in on a daily basis. That brings the capacity for single women at the Union Gospel Mission to 68 beds. It is scheduled to open in September 2014.
While living at the mission, homeless clients work with the staff to acquire the tools, education and support they need to become self-sufficient. Residents work with case managers to address factors that led to homelessness, including domestic violence, physical and mental health issues, and substance abuse. Clients stay an average of six months.
A capital campaign for the $8.2 million project is underway. The mission raised $5.9 million, and the Oklahoma-based Mabee Foundation has pledged to donate the last $1 million when the mission raises $7.2 million.
How SCORE Helped
SCORE Fort Worth embarked on a comprehensive study of UGM's staffing, management practices and general administrative functions with the goal of helping to improve the organization. From there, the team of mentors and UGM-TC staff met once a month to complete the organizational analysis.
As time wore on, it became clear that upper level management of UGM-TC had far larger workloads than could be managed. The SCORE mentors’ job became helping the small group at the top find ways to let go of some of the day-to-day tasks and allocating responsibility to other staff members. With these newly defined goals in mind the mentors spent increasing amounts of time looking at the staffing situation and reworking job descriptions.
At the beginning of the meetings together the need for high-level HR staff was mentioned but it was put to the side because of limited funding. For many months it was put off, but by spring 2013, UGM-TC’s Board of Directors approved a staff position for an HR director. It started as a part-time position, but in just a few months developed into a full time position. Special meetings were also held to work on a clear and usable organization chart.
Published Dec. 5, 2013
I recently purchased a children’s daycare center. The previous owner did not treat the staff well, and my top priority is to correct that situation. How do you suggest I accomplish that?
Current City: Baltimore, MD
Currently Federal government employee managing marketing campaigns which involve traditional elements (paid ads, news, public relations, grassroots work) and new media/digital (websites, mobile, social media). Focus in strategy creation and management of ad agency/public relations firms/ internal creative resources to execute the campaign. Focus also on new tactics and technology utilized by marketers in digital realm. Additional Background: marketing, sales, agency work, and general business improvement through analyzing and managing projects.
BA from Salisbury University- concentration English/ Creative Writing</p>
Grad work towards MBA in Marketing at Towson University/ UB</p>
Published Nov. 4, 2013
I own a software development company. While I wouldn’t consider myself disorganized,
at the end of most days I can’t help feeling I haven’t accomplished what I set out to do that day.
What can I do to better manage my time?
Current City: Sun Lakes, AZ
I am a expert is sales and marketing, especially for high tech products. I also have heavy management, HR and hiring and training skills. My primary career focus was the sale of computers, software other high tech products to a wide range of businesses, especially the financial industry. I worked my way up to the Vice President level by proving that I could develop staff and produce exceptional levels of performance.
I believe my success with customers was due to two primary elements: showing the customer how my product would affect his profit and effective, timely follow-up.
My expertise is in sales, trade shows,, marketing, selection and training of sales personnel, prospecting, pricing. compensation plans, sales expense control, proposal writing and government bidding. I also also quite experienced in a variety of effective forecasting methods.
I heavy industry experience in banking, security, postal, unemployment tax cost control, government, retail, manufacturing,non-profit, etc.
<p> Master of Business Administration, University of Phoenix Bachelor of Business Administration, University of Texas, Arlington Various Formal Corporate Training Programs such as: Sales Sales Management Computer Programming EEOC and HIPPA</p>
Published Oct. 24, 2013
I’ve been approached by a lead generation service. Do they really work, and if not, what other means of generating leads can you suggest?
Cornelius E Cobb
Current City: Hamden, CT
Cornelius E. Cobb, Founder and Principal of C. Cobb Accounts, LLC
Cornelius ( Sonny) Cobb has extensive experience in financial management, finance, accounting and taxes. As vice president and branch manager for Bank of America he was loan out to the University of New Haven to assist in their minority and small business development program. He was comptroller for Global Specialties, Inc a electronic manufacturing company in New Haven, CT. Chief Financial Officer for the Sagamore Group, Inc, a Construction Consultant company, specializing in Department of Transportation construction. As Business Support Administrator For Comcast, New Haven, CT, he assisted the Business Manger in the Accounts payable department. He was Accountant for The Elderly Nutrition Program, for the New Haven area in CT. He was Chief Financial Officer for The Highville Mustard Seed Development Corp, A Charter School in Hamden, CT.
Serviced on the board of Police Commissioners in the town of Hamden, Serviced as Chairman of the Board and President and Tax Consultant for the Connecticut Police Commissioners of Connecticut, President, Vice President, and Treasurer of The Connecticut Chapter of The National Association of Tax professionals. Pro-Bono Tax Preparer for AARP in Hamden, CT. SCORE - Mentor Volunteer, New Haven Chapter.
Cornelius Cobb, RTRP started C. Cobb Accounts, LLC, A twenty year old business to assist small businesses in their need to respond. to instant financial information at an affordable cost for accounting services by using accounting software training and to understand the value of maintaining financial records that are accurate, accessible and relate to growth and improvement of their business. In addition, by offering training in bookkeeping services, and tax preparation services, tax planning and reach with an inference is on proficient and convenience and offering a quick turn around time service to our clients.
Williams College, MA ---School of Banking
University of New Haven, CT Accounting
Current City: Waterford, MI
Retired from Valenite Corporation, a division of Cincinnati Milacron in 1994 as Vice President and Chief Information Officer. Purchased an American Speedy Printing Center in Royal Oak, Michigan in August 1994. Converted to Allegra Print and Imaging in 2001. Sold business to Allegra of Wixom in May 2003. Prepared 2004 individual and small business Tax Returns for Jackson-Hewitt. Officially retired in April 2005. Part time activities: Test Driving for Automotive Testing Development Services from October 2010 Through July 2011. Test Scorer for Measurement, Inc. from May 2013 through present.
<p> Bachelor of Science - Business - Finance, Lawrence Technological University Associates in Computer Technology - Macomb County Community College</p></p>