Broadway Market shops for new funding

[steven]

The Broadway Market hopes a change in its legal designation to a certified nonprofit organization will help lead to new funding sources.

The agency, now known as the Broadway Market Management Corp., received approval from the Internal Revenue Service, moving from a 501(c)(4) to a 501(c)(6).

Nonprofit organizations certified as 501(c)(4) rely on public funding for programs and services. The new designation gives the market the ability to apply for grant funding from foundations and other sources.
Paul Cleary, board president, called the change integral to the future viability of the market.

"Those dollars were dwindling," he said. "It was never anticipated the funding would come from any sources other than public when the organization was formed, but obviously in the 21st century, the availability o public funds is very limited."

http://www.bizjournals.com/buffalo/s...l?surround=lfn

[ghosthunter]

I think the Broadway Market is on it's last legs - at least the Broadway Market we all know and love.

Heck, I was in Tops yesterday and I noticed Polish music blaring. Much to my surprise, there was a refrigerated display cart with a big Broadway Market sign over it. Stocked with sausage, butter lambs and pierogis. I think I'll skip the Easter pilgrimage to the shooting gallery and do the Broadway Market via Tops.

[NoCtUrNaL]

The Broadway Market hopes a change in its legal designation to a certified nonprofit organization will help lead to new funding sources.

The agency, now known as the Broadway Market Management Corp., received approval from the Internal Revenue Service, moving from a 501(c)(4) to a 501(c)(6).

Nonprofit organizations certified as 501(c)(4) rely on public funding for programs and services. The new designation gives the market the ability to apply for grant funding from foundations and other sources.
Paul Cleary, board president, called the change integral to the future viability of the market.

"Those dollars were dwindling," he said. "It was never anticipated the funding would come from any sources other than public when the organization was formed, but obviously in the 21st century, the availability o public funds is very limited."

http://www.bizjournals.com/buffalo/s...l?surround=lfn

I'll never understand "not-for-profit" status and who it's given to. I have a friend who works for a "not-for-profit" company and when they have any "extra money” lying around they hand out bonuses. Must be nice to have tax exempt status and hide any "extra money" as bonuses.