Here's some thoughts from George Wein, the guy who started the Newport Jazz Festival and Folks Festivals and why he has taken the festivals, which have had very rocky finanical roads, to nonprofit status (as reported in the Wall Street Journal).
- To shield the festivals from the financial ups and downs of corporate funding
- The only way to perpetuate the festivals was to go nonprofit
- Nonprofit status will allow the board that oversees the events to accept tax-deductible contributions from music lovers and corporate sponsors.
Do I think Mr. Wein correct? Does nonprofit status shield from the financial ups and downs of corporate funding (ok, I know the answer to that). And can nonprofit status ensure the lifelong status of an organization (possibly). And can nonprofit status allow the board (assuming they do) go after more than corporate money (sure).
My question -- is nonprofit status more than just money?
What's your thought?
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