The Love Tea Company is a Washington State Social Purpose Organization. A form of incorporation that allows our company management to focus on more than just the bottom line. It allows our management the lattitude to make decisions that not only maximize profit but also support economic, social and environmental impact as well. Similar to a non-profit social purpose companies make a commitment to transparency, so even though we are a privately held company we are still required to file public annual reports documenting our objectives and progress.
The Flagg Foundation for Mental Wellness is a non-profit organization dedicated to using the endowment from Love Tea in the most effective ways possible. The Flagg Foundation is our promise to YOU that your buying choice will make a difference. Your purchase matters and our combined purchases have great power.
The Flagg Foundation is a privately held non-profit organization that was started (to be incorporated in early 2017) by the founders of The Love Tea Company through an initial donation from the Margaret B. Flagg Trust. As a private foundation The Flagg Foundation will have the ability and latitude to develop bold ideas for this big challenge. Instead of awarding grant proposals and handing out checks we will use a 10 point critera to select partners who share our vision and can provide the capabilities and leadership to help affect social change. You can learn more about the future of The Flagg Foundation here.
The Love Tea Company has submitted an application to obtain Certified B-Corp status and we will begin the process in January of 2017 to join this elite group of forward thinking organizations that are using the power of business as a force for good. Our commitment to becoming a Certified B-Corp is just another promise to YOU that we are committed to not just leading our movement but also participating in the movement in a way that allows us to redefine success in business by voluntarily meeting higher standards of transparency, accountability, and performance.
In order to become B-certified, companies must:
1) Meet the Performance Requirement: Complete the B Impact Assessment—a comprehensive 200 point audit of a company’s practices and policies that asses their commitment to the triple bottom line - People, Profit, Planet.
2) Meet the Legal Requirement: Adopt the B Corporation Legal Framework (check! We are are already a Washington State Social Purpose Organization) which builds the mission of the company into its legal DNA.
3) Make it Official: Once you become offically B-certified, all companies sign the Declaration of Interpendence.
To learn more about the important work being done by B-Labs please visit their site here.