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We need to encourage program managers to “ask for what they need”. This comment came from the mouth of a nonprofit Executive Director who was part of a financial strategies panel which took place at New York Nonprofit Media’s 3rd Annual Nonprofit OpCon, held on June 15. The event is a convening of New York’s leaders in nonprofits to share information and educate one another on best practices for operational and financial success. During this particular panel, nonprofit leaders shared....
Two reports published in 2016 after the demise of FEGS in 2015 established a kick off point for organizations to improve upon financial health and risk management. These reports expressed concerns that because many nonprofits are financially unstable, there is little cushion for absorbing emerging risks. Spindell Consulting designed a workshop- Financial Risk Assessment, presented on May 11, 2017 at the Federation of Protestant Welfare Agencies, to introduce participants to practical methods and tools for evaluating and managing organizational financial health and financial risks.
Did you know that when it comes to governance, the primary risk facing all nonprofits is the failure of directors and senior leadership to be sufficiently active and informed?
That was the takeaway from a panel discussion during a conference of the National Association of Attorneys General (NAAG) and National Association of State Charity Officials (NASCO).
Lack of board and senior leadership financial literacy exposes organizations to risk.
Board education directed toward financial oversight and financial risk detection goes a long way toward preventing ..
A report entitled, The 2016 National Arts Index, An Annual Measure of the Vitality of Arts and Culture in the United States: 2002-2013, was recently released by Americans for the Arts. As I read the report I was not surprised but I was disheartened by the financial challenges faced by this sector, especially after reading another earlier report (Oliver Wyman and SeaChange Capital Partners) about the entire nonprofit sector’s need to improve financial risk management procedures and policies.
It’s not looking good for the Wounded Warrior Project (WWP). If you haven’t read the news, The New York Times published an article on January 27th about how the largest and fasted growing nonprofit “spends lavishly on itself” in light of evidence of over the top salaries paid to its top executives as well as allegedly unusually high travel, lodging, conference, dining and other ...
In order to understand the incidence and success of formal nonprofit collaborations, The Bridgespan Group and The Lodestar Foundation collaborated in a 2014 research study . Among the many findings, the study revealed that the number one barrier to collaborations (defined as associations, joint programs, shared support functions and mergers) expressed by CEOs was “identifying potential partners.”
On November 9th, I had the pleasure of leading a full day workshop on Financial Literacy for the Performing Arts at the New York Foundation for the Arts’ Boot Camp. In attendance were music, dance, performance and theater artists. We discussed financial literacy topics including managing your art like a business and adopting sound financial management practices and tools.
As a consultant, I often find that when it comes to helping smaller sized nonprofits, there is much discussion over challenges with organizational effectiveness. “It’s difficult to adapt, grow and thrive with limited resources.” So true… however not impossible, I say.
Organizations that can improve upon or establish specific practices that can facilitate capacity building are more likely to have greater success with growing and thriving. What are the practices?
Catch this slideshare for a tutorial in financial basics.
The somewhat bleak forecast for arts organizations painted by long-time arts manager Michael M. Kaiser in his recent book Curtains? The Future of the Arts in America comes as no surprise.
The sector as a whole is coming to terms with the need for data collection and interpretation to fuel strategic decision making that can bring about sustainability.
How do you increase your chances of PROGRAM SUSTAINABILITY? A clear ANALYTICAL PROCESS should be followed BEFORE jumping into any new business venture. Make sure you ANSWER THE FOLLOWING questions:(SPOILER ALERT: Your answers should be YES!).