Here at ASPIRE Barbados, we often refer to the “Third Sector” or “Third Sector Organisations”, but what does that really mean? We’ve put together this very brief guide on what the Third Sector is about, how this ties in with the work that we do at ASPIRE Barbados, as well as some resources for more in-depth reading.
The ‘Third Sector’ is an umbrella term used to describe the range of organisations that are neither public sector nor private sector.
You may have heard other terms used to describe such organisations:
- The voluntary sector
- Non-governmental organisations
- Non-profit organisations
Third Sector Organisations (TSOs) raise funds and generate financial surpluses in order to invest in social, environmental, or cultural objectives. They do not seek to make profits as an end in their own right.
Third Sector Organisations generally:
- Are ‘value-driven’. This means they are motivated by the desire to achieve social goals rather than the desire to distribute profit;
- Reinvest any surpluses generated in the pursuit of their goals. For this reason TSOs are sometimes called ‘not-for-profit organisations’. A better term is ‘not-for-personal-profit’. In many cases, TSOs need to make surpluses (or ‘profits’) to be financially sustainable.
Third Sector Organisations include:
- Charities
- Voluntary and community organisations
- Social enterprises and cooperatives
- Non profit companies
- Associations
At ASPIRE Barbados we believe that Third Sector Organisations:
- Are playing an increasingly important role in Barbadian society
- Have a responsibility to the communities we serve
- Can help Barbadians of today and tomorrow live more fulfilling, healthy lives.
- Can step in where Government’s resources are limited and unable to address the scope of major social needs.
Sources and further reading:
- The Public Policy Engagement Toolkit – Northern Bridge Doctoral Training Partnership.
- Building the capacity of the Third Sector – National Audit Office, United Kingdom
- Barbados Charity Act – Corporate Affairs and Intellectual Office, a division of the Ministry of International Business and Industry, Barbados
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