For-profit ventures help nonprofits shore up the funding they need to maintain and expand their programs

By Abny Santicola

And in a time when dwindling government and foundation support, decreased corporate giving, and unsteady individual giving are causing budget shortfalls throughout the nonprofit sector, a fresh, viable revenue source isn’t something to turn your back on.

“Right now in our current economy, I think it’s imperative that charitable organizations look at other avenues to generate money,” Schwartz says. “And the beauty of it is that once you get the venture up and running, you can count on it on a regular basis — as opposed to fundraising, where in a poor economy like today, donations wither and foundation and government funds get tighter and tighter. If you’re only relying on those avenues for funding, you could be in big trouble.”