Word: nonprofitable
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Dates: during 2000-2009
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...percentage of M.B.A.s going straight into the nonprofit sector remains in the single digits--after all, student loans are much easier to pay off with a for-profit salary. And, says Greg Dees, faculty director of Duke University's Center for the Advancement of Social Entrepreneurship, "many students, if they heard 'nonprofit management,' would be thinking about running a museum, a hospital. That's not what excites them. What excites them is finding innovative entrepreneurial solutions to social problems...
Enter a different breed of M.B.A.: social entrepreneurs like Priya Haji, 35, Siddharth Sanghvi, 30, and David Guendelman, 28, who last year founded the giftware company World of Good. A for-profit, socially responsible start-up that makes grants to a nonprofit sister organization, World of Good has impressed venture capitalists who usually put their money into the latest technological innovation. But the business plan put forward by the Berkeley M.B.A.s--which won this year's Global Social Venture Competition--has VCs convinced that there's also money to be made from handmade silk scarves, woven bags, beaded jewelry and "nonviolent...
...remuneration as CEO of the Nature Conservancy, the world's largest environmental charity--at $275,000 plus health and retirement benefits--might even have seemed inadequate. With operations in 28 countries and claims of having nearly a million members, the Conservancy that McCormick was running was, after all, the nonprofit equivalent of a multinational. But it turned out that McCormick had also received a $75,000 sign-on bonus, $75,000 to cover living expenses, a $1.7 million loan to buy a new house and a no-strings-attached discretionary fund to use toward finishing pet projects...
After an exposé by the Washington Post in May 2003 revealed his benefits package and other irregularities, Congress launched an inquiry, and the Conservancy has spent the past two years overhauling its accountability practices. The nonprofit has instituted mandatory ethics training for its staff and voluntarily implemented sections of the strict new governance guidelines in the Sarbanes-Oxley Act, which does not apply to charities. McCormick took a 5% pay cut, discontinued the discretionary fund and immediately paid back the loan. "The management has taken this situation very seriously," says Stephanie Meeks, the Conservancy's chief administrative officer. "We have...
McCormick and the Conservancy learned the hard way that charity is no longer beyond reproach. Corporate America has been penned in by new regulations imposed by the Sarbanes-Oxley Act, but the nonprofit sector faces few rules for disclosing financial health, paying executives or explaining spending. But in the postscandal era, state and federal lawmakers are pushing for stricter standards of governance for nonprofits...