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Not-for-profit organizations that own or operate community hubs where both community health and social services are located together are now eligible for the loan program:
•    Community health organizations include Community Health Centres, Aboriginal Health Access Centres, Community Mental Health & Addictions Centres, Boards of Health/public health units and Supportive Housing;
•    Social service organizations include community agencies that are funded by the Ministry of Children and Youth Services or the Ministry of Community and Social Services, and newcomer settlement agencies; and
•    Not-for-profit sports and recreational organizations providing sports and recreational facilities to communities throughout Ontario are also now eligible. These include sports organizations that promote amateur sports, training, fitness, wellness and sporting competitions and events.
Additional information about criteria, eligibility and the application process is expected to become available from Infrastructure Ontario in the coming period.

ONN is pleased with the announced expansion of eligibility criteria to the Infrastructure Ontario (IO) Loan program. It is an important step forward as many nonprofit organizations, directly or through the ONN, have been seeking access through expanded eligibility criteria to IO loans for the benefit of Ontario communities they serve. Under this expansion, it is anticipated that an increasing number of organizations in the sector will be able to access Infrastructure loans at an affordable, long term fixed rate (up to 40 years). As a result, IO eligible organizations interested in capital expansion projects will be able to acquire the capital they have such difficulty accessing and secure favourable borrowing terms allowing them to redirect these savings to mission and community programs. ONN will continue to seek further expansion of IO loan program eligibility criteria for arts and culture groups, social enterprises and other health and community services (e.g. employment services) not included in this announcement.

ONN would like to thank the United Way, and the Ontario Social Economy Roundtable (OSER) constellation for its visionary work, which contributed enormously to the announced IO loan program expansion of eligible NFP organizations. ONN is fully committed to working closely with the sector to expand IO loan program access further to organizations not yet covered by the recent expansion. The ONN will continue to work collaboratively with the Partnership Project Office, as it did for the IO announcement made this July 11th, to help achieve this important step forward for the sector.

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This report’s all-new data on Social Ventures in Ontario lays the foundation to better identify some trends in the nonprofit sector. For example, of the 196 nonprofits surveyed, ninety – almost half – are currently engaged in social enterprise, and of those not engaged, 32% are thinking about starting a social enterprise in the next two years. This information speaks to many of the changes and challenges facing the nonprofit sector as we look towards 2011.

The Executive Summary gives an overview of these issues, and the full Social Finance Census Report 2010 details the data. ONN will also be releasing follow-up summary reports on key findings, for use by the sector as we build relations with stakeholders, move to diversify our funding bases, and plan to meet and expand mission in the coming years.

“While social enterprise activities will likely never be able to fully replace the need for government grants and charitable dollars to fund certain core activities of a nonprofit, such strategies can allow organizations to provide employment, training, and products and/or services directly to the constituency they seek to serve, resulting in a more dynamic and inclusive social change strategy for the entire organization.”

Learn more about the Social Finance Census results.

For making this report possible, thanks to ONN sponsors: the Law Foundation of Ontario and the Centre for Social Innovation (CSI); and SVX sponsors: Social Innovation Generation (SiG) at MaRS, the TMX Group Inc., Causeway Social Finance, and the Government of Ontario.

Interested in becoming involved?

Whether you are a nonprofit leader, social entrepreneur, policy maker, impact investor, researcher, or student, if you are interested in greater involvement in the Social Finance Census project, we look forward to hearing from you at research@theonn.ca

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This survey only takes 10 minutes to fill out and is vitally important if we are to influence procurement policies under Bill 122. With this data, we’ll be able to ensure that the BPS procurement policies with the Ontario Ministry of Finance meet the needs of our sector. Confidentiality is guaranteed.

Go to the Survey

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Article by Esther S.J. Oh

The opportunity to comment on the exposure drafts of the new accounting standards closed on July 15, 2010. The Accounting Standard Board for Private Enterprises (“ASPE”) and the Public Sector Accounting Board (“PSAB”), that encouraged all involved in the public and private not-for-profit sector to provide comments, continues to project the final versions of the accounting standards to be in place by late 2010. The effective date is still likely January 1, 2012 with earlier application permitted.

As background, there are two accounting boards of Canada, ASPE and PSAB, who together on March 10, 2010 released exposure drafts of new accounting standards for comment. ASPE proposes that not-for-profit organizations (“NPOs”) and other private enterprises use the accounting standards, International Financial Reporting Standards (“IFRS”) or the new ASPE for Private Enterprises supplemented by certain unique standards for NPOs. PSAB proposes that government not-for-profit organizations (“GNPOs”) follow the PSA Handbook supplemented by the same unique standards for NPOs. The supplementary standards are similar to material that was developed in the 1990s, colloquially referred to as the 4400 series standards. Moving towards adoption of the international standards is seen as an opportunity for Canadian businesses to increase access to international capital markets. The exposure drafts are available online at: http://www.acsbcanada.org/documents-for-comment/item35455.pdf and http://www.psab-ccsp.ca/documents-for-comment/item35463.pdf.

On June 22, 2010 KPMG, a Canadian accounting firm, offered a webcast to clarify the accounting changes and the differences between a NPO and a GNPO, a distinction that was previously unnecessary. A GNPO is differentiated from a NPO because the government controls the organization’s policies and finances. The webcast is available for replay online at: http://www.kpmg.com/Ca/en/IssuesAndInsights/ArticlesPublications/Pages/Accounting-Standards-for-Not-for-Profit-Oganizations.aspx.

For further details about the impact the new accounting standards will have on not-for-profit and charity organizations see Carters.ca for Accounting Standards Board Adopts New Standard and Proposes Changes to Another: The Effect on Not-for-Profit and Charitable Organizations, online at http://www.carters.ca/pub/bulletin/charity/2008/chylb132.pdf.

Article originally appears in Carters Charity Law Update – July/August 2010

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Standing Committee Agenda (Aug 23 2010)

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