New Capital Campaign; Volunteer Nominees Sought; New Loan Fund
March 5, 2018 Mansfield Music and Arts Society launches $3.8M capital campaign... Nonprofits invited to nominate candidates for volunteer awards... New loan fund aims to keep nonprofits 'on track'.
Mansfield Music and Arts Society Launches $3.8M Capital Campaign
The Mansfield Music and Arts Society
(MMAS), a nonprofit based in Mansfield that produces live theatrical productions and educational programs, recently announced a $3.8 million capital campaign to purchase and renovate a building to be its new home.
The effort has already generated $350,000 in pledges, according to a report in The Sun Chronicle, which also reported that former White House Chief of Staff Andrew Card Jr. has been named honorary campaign chairman.
MMAS plans to renovate the two-story building, at 888 South Main St., to include a 264-seat theater and art gallery, rehearsal space, and a gift shop, according to the report. The new facility is due to open next year. MMAS currently is based at 377 South Main St.
MMAS, founded in 1995, has an annual operating budget of just under $300,000 and attracts about 10,000 audience members, patrons, and performers. MMAS is also home to the Morini Art Gallery, which offers exhibitions of works by local and regional artists.
Nonprofits Invited to Nominate Candidates for Volunteer Awards
Massachusetts nonprofits are being invited to nominate volunteers for Myra Kraft Community MVP Awards, which will award 26 grants totaling $200,000 to the organizations they support. The awards will be made to organizations in New England.
One nonprofit will be named the grand prize winner and will receive a $25,000 grant. There will also be 10 second prize winners of $10,000 and 15 third prize winners of $5,000.
New England residents who are 13 years of age or older and provide volunteer services for nonprofit 501(c)(3) organizations are eligible for nomination. Only one nominee will be considered from each organization. Strongest consideration will be given to nominees who are hands-on volunteers who do not receive any compensation.
Deadline to nominate: March 30. Details
New Loan Fund Aims to Keep Nonprofits 'On Track'
Open Road Alliance, a philanthropic initiative that seeks to preserve impact in the social sector, recently announced the launch of Open Road Ventures, a new fund that over the next five years will disburse at least $50 million in loans to nonprofits and social enterprises, to keep impact on track in the social sector.
Last year, Open Road piloted ORVs loan fund with an initial investment of $5 million to test demand for one-time working capital and bridge loans in the social sector. Based on the funds early success, ORV is expanding its efforts to help nonprofits and social enterprises overcome unexpected obstacles.
Loans are available to organizations of any size and offered at below market-rates, ranging from 0-7%, to serve as a bridge or working capital. The average loan term is 12 months, with a range of 45 days to two years. Any income generated from interest will be used as reserves to absorb future losses.
There is a huge need for working capital in the social sector, and unfortunately social enterprises dont typically have access to the financial services traditional businesses do, said Caroline Bressan, director of social investments at Open Road Ventures. By showing there is great demand for short-term bridge and working capital loans in the social sector, Open Road Ventures is highlighting a market gap and creating a roadmap for other social investors.
More information is available at www.openroadalliance.org