Hello! If you follow our Instagram page then you might’ve heard that we’ve been working on figuring out how to acquire money so we can pay our contributors (woohoo!). Seems like a simple goal, right? Set up a bank account, be available to receive donations, apply for grants—then use this money to first pay contributors (the ones who took a chance on us for issue no. 1 and the contributors going forward) and second to cover printing costs and other expenses associated with running the magazine. But turns out, that’s the problem: we anticipate running a deficit (or, best case scenario, breaking even). Once money is involved, the systems in our Western world are all geared toward people who want to make money, not people who want to use money to facilitate sharing art. We digress…
We spent several hours researching how to incorporate as a non-profit, and the implications of doing so, which included being on the phone with: two branches of the CRA, the federal government that deals with the incorporation of all companies, the bank, CCA, AFA, and SAB. As you can imagine, each of these phone calls involved being on-hold for a tremendous amount of time. Suffice it to say, it was a long week.
But, it was not for naught… we are officially registered with the federal government as a non-profit corporation and we have our own bank account (which is currently empty, but will hopefully accumulate some funds for paying our authors)!
So, why did we bother going through all this effort? Two reasons: 1) (as you can guess) we believe in paying artists for their work and want to back this belief with money, and 2) we’re hemorrhaging money on this endeavour, and we want to stay afloat (even though incorporating was another expense, it enables us to receive donations as a legitimate publisher instead of as two cool people doing a thing). And we’re really going to need donations, because we have to exists as a corporation for at least a year (among other expectations) before we can qualify for most provincial funding (but don’t fret—we’ll start shamelessly begging for help soon).
Thanks to everyone who has supported us this far (from sending us your submissions, to joining us at our launches, to sharing/ liking our social media posts)—you all rock, and we couldn’t have made it to this milestone without you!