The Cook County Commission on Social Innovation and the Social Enterprise Alliance, Chicago Chapter, teamed up to host a technical assistance session at the Sankofa House in North Lawndale. Michael Hyzy, Creative Director with Nutricio, was the moderator.
The session opened up with a presentation of the Social Innovator Award to Valerie F. Leonard by Cook County Commissioner Jesus Garcia, Chairman of the Cook County Commission on Social Innovation and Attorney Marc J. Lane, Vice Chairman.
Mark Mulroe, Vice President of A Safe Haven Foundation, stressed that nonprofits must diversify their resources and begin to generate income other than grants. He shared insights on how nonprofits can start social enterprises and used examples from his organization, which operates a number of for-profit businesses, including landscaping and property management.
Marc J. Lane, Founder of the Marc J. Lane Wealth Group, shared various legal structures for social enterprises, with an emphasis on the L3C, while explaining the pros, cons and tax implications. Click here to view an excerpt from Attorney Lane’s discussion.