“SIS” accreditation (Social Impact Company) : Day-to-day

Notoriety
The advantage for people setting up as a SIS right now is that we have more insight into the bill. Funders too have a better understanding of the law and the legal framework of SIS companies… so all of the stakeholders are already initiated. They’re walking onto a field that might not be perfectly mowed but let’s say it’s cut and cleared.

Advantages
In my framework, I haven’t given it a second’s thought because as a SIS with 100% social shares, it lets me avoid several taxes, I can go looking for funding from sponsors that believe in my project and can support me with tax-deductible donations the same as for non-profit organizations. I see it as a competitive tool just like buying fair-trade or organic, that type of thing.

What about your audit?
I put everything at their disposal. It was all in binders because I do my own accounting, so that’s how I gave it to them. Of course they had questions about certain documents or other things they wanted to see. But it went very well! We tend to demonize the process… but you live through it!

The downside
The approval really gives credit to the Social Impact Company accreditation. The audit does have that advantage. But having to go through an audit when you’re just starting out, that’s pretty tough… Especially without someone walking you through the steps.