It’s not just Girl Scout cookies anymore. Even before the recession, non-profits were looking at earned income ventures in new and creative ways. Now, with public funding in steep decline, the drive to diversify revenues has become even more urgent. For-profit subsidiaries, social enterprises, “L3C” -- these new ventures are full of promise – and peril. As the lines blur and non-profits compete in the marketplace, their exposure ramps up – especially if not handled properly from the outset. What are the safest and most efficient ways to structure and govern such ventures? We will survey the tax, accounting and management considerations involved in these enterprises.