The Board of Peterborough’s Community Opportunity and Innovation Network (COIN) has made the difficult decision to suspend operations and dissolve as an organization effective June 6, 2017. This decision was made as a result of the growing number of financial challenges facing the organization.
With this new development, COIN has joined the growing list of small and vulnerable not-for-profits who are no longer able to cope in such precarious times.
Today's not-for-profit sector faces unprecedented challenges, with the growing demand for community support services vastly surpassing the available resources. COIN’s challenges are representative of systemic issues in the not-for-profit sector, where not-for-profit community support service providers are being tasked with filling gaps left by government cutbacks.
This precarious situation made it all the more difficult for COIN to weather other recent setbacks, such as the closure of one of its social enterprise start-ups and an unexpected funding clawback. A new strategic plan had recently been developed, and the board is currently looking for ways that some of its ideas could be executed by other local organizations.
Founded in 1993, COIN has successfully supported our local community for over two decades by developing and managing a diverse range of social enterprises and programs geared to developing the personal assets and employment skills of marginalized and vulnerable citizens. An analysis undertaken by local university students estimated that the value of COIN supported CED initiatives has been estimated at $30 million in leveraged resources, new investment and partnerships. With the support of Ontario Works and the City of Peterborough, COIN developed and delivered its successful CARROT food service training program and will work with other community agencies to ensure that program lives on.
Our supporters are planning a celebration of COIN’s long time contribution to the community.
- The COIN Board of Directors
Contact: board@coin-ced.org