SEG reports $57K net income in 2017 in latest impact report

PROVIDENCE – In the Social Enterprise Greenhouse’s 2017 Impact Report, the organization reported net income of $56,700, a $69,297 year-over-year decline from the $125,997 the nonprofit social venture community posted in 2016. The organization also reported that net assets grew 6.4 percent to $469,327 over the year.

The SEG’s goal as an organization is to “incubate and support social enterprise while simultaneously fostering a nurturing social impact ecosystem.”

Revenue for the year increased 8.6 percent to $912,852. The organization derived 33.6 percent of its revenue in 2017 from direct contributions, 25.2 percent from non-government grants, 22.1 percent from government grants and 19.2 percent from program revenue.

The organization’s primary expense was personnel, at 69.8 percent of expenses.

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In 2017, the organization served 297 ventures or entrepreneurs, and provided 916 hours of pro bono support.

The largest sector served by SEG in 2017 was the health sector at 24 percent of all ventures, followed by food and nutrition at 21 percent.

In its report, SEG identified the increase in diversity, inclusion and equity in its program from 2016 to 2017 as a highlight for the year’s operations. The organization experienced an 6 percentage point increase in the portion of SEG-served ventures owned or led by women from 52 percent to 58 percent and a 5 percentage point increase in SEG-served ventures owned or led by minorities from 19 percent to 24 percent.

In its report, the SEG wrote that it learned that it can engage the business community at large with its Best for Rhode Island program and said, “We also learned that we can advance social enterprise values within burgeoning [Rhode Island] industries like Food, Health/Wellness and Environment. These sectors are well-resourced in the state, and the need for social improvement is great.”

The organization said that in 2018, it will “launch a diversity and inclusion task force comprised of members” of its board, staff and from the community with a goal of guiding strategy and to “bridge efforts across all levels of the organization around diversity, inclusion, belonging and equity.”

Chris Bergenheim is the PBN web editor.