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Tuesday, February 25 • 12:15pm - 1:30pm

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Nonprofit corporations, by definition, exist not to make money but to fulfill one of the purposes recognized by federal law: charitable, educational, scientific or literary. Under state and federal tax laws, however, as long as a nonprofit corporation is organized and operated for a recognized nonprofit purpose and has secured the proper tax exemptions, it can take in more money than it spends to conduct its activities. In other words, it can make a profit. Whether a nonprofit’s income is taxable depends on whether the activities are related to the nonprofit’s purpose.

However, this is not the Nigerian understanding of a nonprofit. There is a myth that nonprofits can only rely on grants and good will donations to implement its activities. This has greatly impacted sustainability of nonprofits as there is a recorded statistics that 80% of nonprofits and social innovations will die between the first 3 years.

If we continue at this rate, the race to achieve the 2030 agenda will definitely not be achieved as many of the solutions being implemented will die off before they make the required impact in helping communities live above the $2 a day.

This session will educate participants on the legal requirements guiding generating profits, effective ways to operate and build a sustainable organization including acceptable income generating activities.

avatar for Chidi Koldsweat

Chidi Koldsweat

Founder, Donors for Africa Foundation
Chidi Koldsweat is the founder and CEO, Donors for Africa Foundation, where she works to break cycles of poverty by strengthening the capacity of African Governments, philanthropy organizations, social innovators, NGOs, impact led businesses and social enterprises to access funds... Read More →
avatar for Ikwo Oka

Ikwo Oka

Founder/ Executive Director,, Centre for Community Empowerment & Sustainable Development (CESDEV)
Born in Lagos, Nigeria to John and Grace Udoh in a household of four female children and one male child, I grew up refusing to recognize inequalities.I hold a Bachelor of Science (B.Sc) degree in Biochemistry from the University of Calabar, a Masters in Health Planning and Management... Read More →
avatar for Ndifreke Okwuegbunam

Ndifreke Okwuegbunam

I am a social sector development expert, with an interest in supporting the growth of SMEs, social enterprises as well as non profits to build sustainable business models to ensure impact. I believe businesses should not only focus on their profitability but also on the long term... Read More →

Tuesday February 25, 2020 12:15pm - 1:30pm WAT
NXT Workshop