Ownership of IT consulting firm given to two nonprofits
Ownership of the Richmond-based IT consulting firm Impact Makers has been given to two nonprofit organizations, The Community Foundation Serving Richmond and Central Virginia and Virginia Community Capital.
The company, founded in 2006, said it is taking this step to preserve and enhance its philanthropic mission. The gift is expected to help the nonprofits create funds supporting charities and invest in companies with a social mission. The Community Foundation now owns 70 percent of Impact Makers and Virginia Community Capital has a 30 percent interest.
“In just nine years, Impact Makers has become a leader and model for success among social-venture corporations in the Richmond region. Now, Impact Makers is breaking new ground in Virginia by having the confidence to fully commit to its mission by engaging with long-term partners in The Community Foundation and Virginia Community Capital,” Darcy Oman, president and CEO of The Community Foundation, said in a statement. “We are honored to play a part in ensuring that the company’s already impressive philanthropic legacy will continue in perpetuity.”
Impact Makers, a for-profit firm, has made Inc. magazine’s list of the 500 fastest growing companies list for three consecutive years.
Bart Houlihan, the co-founder of Wayne, Pa,-based B Lab, said in a statement the Impact Makers’ decision marked the first time that ownership of a B-corporation or social enterprise firm has been given to nonprofits. B Lab awards B -corporation certification to for-profit organizations. B-corporations are a corporate entities that include making positive impact on society, in addition to profit, as one of their legally defined goals.
Impact Makers also announced on Tuesday that it had achieved a $1 million milestone in its cumulative community impact of financial contributions and pro-bono support since the company’s founding.
The Michael Pirron, the company’s CEO and founder, said the company’s goal is to have $100 million in cumulative impact by 2024.
Impact Makers’ business model requires it to donate all of its profits over the life of the company as well as pro-bono consulting services to charities.
The company’s volunteer board of directors will retain governance of the company and will continue to select the company’s charity partners.
The Community Foundation Serving Richmond & Central Virginia, founded in 1968, provides stewardship for permanent endowments designed to enhance the lives of citizens in the region. The foundation is the largest of Virginia’s 27 community foundations.
Virginia Community Capital offers funding, expertise and leadership vital to successful community projects, small businesses, and mission investments. It has offices in Richmond, Christiansburg and Springfield.