Ballet 5:8 is proudly a 501-(c)-3 nonprofit organization. This means that our mission as a service-oriented ballet company is also reflected in our organizational structure.
What makes us different
If you haven’t guessed already, we’re not out to make money. Whereas the goal of any self-respecting business or corporation is to offer a good product or service and sell it at a profit, the goal of a nonprofit organization is primarily to give back to the community. The business and financial aspects of a nonprofit organization must be attended to–any work needs funding, and any building needs water and electricity–but goal in doing so is simply to facilitate the work of the organization in connection with the organization’s mission.
The two primary differences between the actual structure of a nonprofit and a for-profit business are ownership and the manner in which revenue is handled. A nonprofit is managed by a board of directors, just like a for-profit corporation. Unlike a for-profit corporation, however, a nonprofit never distributes profits to shareholders or anyone else within the organization Instead, any surplus funds brought in throughout a fiscal year must be funneled directly back into the organization.
Finally, in the event that a nonprofit were to dissolve or close, laws require that the assets of the organization be donated to another 501-(c)-3 nonprofit. Again, no person related to organization, including founders, managers, and employees, could benefit individually and financially from the dissolution of the organization.
Because of these safeguards, we are able to accept tax-deductible donations from our supporters, and we can all rest assured that Ballet 5:8′s funds are going directly into the work related to our mission.