Corporate Philanthropy Partners met for the first time on July 24 to discuss aspirations for their participation in the Corporate Philanthropy Partnership. Together we learned about the emerging forms of Social Benefit and Social Impact Business including B Corporations, from Jonathan Liebert, CEO of the Better Business Bureau of Southern Colorado and the Colorado Institute for Social Impact and Stacey Burns VP, Social Innovation.
Liebert discussed the interesting development of B Corporations.
Simply said, the social impact economy combines purpose with profit. In many states, including Nevada, a new corporate entity structure for this type of business has been defined, a “B for Benefit” Corporation. The purpose of a benefit corporation is to create general public benefit, which is defined as a material positive impact on society and the environment, and minimum negative impact. A benefit corporation’s directors and officers operate the business with the same authority as in a traditional corporation but are required to consider the impact of their decisions not only on shareholders but also on society and the environment. This unique approach, typically used by existing corporations as part of their business plan and strategies, is driven by consumers. Customers want to know how a business they value is positively impacting the community. In appearance and practice, businesses, as they recognize the value of doing good, incorporate elements of nonprofits and for-profit enterprises.
Ginny Harding-Davis presented an inspirational example of Expedia’s partnership with St. Jude’s Hospital as Corporate Philanthropy in the Nation, and Lauren Renda, Program Officer talked about NV Energy’s Powerful Partners Scholarship as an example in our region.
Partners shared their company’s charitable focus areas and identified issues that currently need attention in Reno and Sparks. Identified needs are listed by priority in the page illustration.
Next Meeting: Wednesday, November 29, 11:30 AM to 1:30 PM
Community Foundation of Western Nevada Founders Room
50 Washington Street, Suite 300, Reno, NV 89503