'A thousand tonnes of bricks come down': inside social enterprise growth



  • Source: The Age - - Read: 0

    Summary:

     

    It highlighted that the company posted a $1.4 million profit off more than $30 million in revenue in 2017-18, but gave $698,000 to the trust company that holds its giving proceeds.

    The report also pointed to the spending of more than $4.5 million on staffing and $820,000 on "office expenses" across two years.

    In a detailed blog post, Thankyou defended its position and business model, explaining to its customers its structure and finances line by line.

    The company said it does donate every cent of extra funds to its causes, though it holds back some cash from its gross profit line for future operational expenses, in order to pay its bills and invest for growth.

    "We’re required by law to ensure we can meet our costs as and when they fall due, so we need to cover costs for today and tomorrow ...

     

     

    Read Full News: https://www.theage.com.au/business/small-business/a-thousand-tonnes-of-bricks-come-down-inside-social-enterprise-growth-20191107-p5386h.html


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