challenges for nonprofits
DESCRIPTION
Nonprofits face special challenges when it comes to funding, revenue generation and accounting. Tammy Craig looks at a few of them from a CFO's perspective.TRANSCRIPT
- 1. CHALLENGES FOR NONPROFITS Presented by Tammy Craig, CFOOctober 2010
2. 7 Challenges
- Money vs. Mission
- Funding
- Human Resources
- Evaluation
- Board Development
- Information Management
- Collaboration
3. Money vs. Mission
- Melding of business and mission
- Group decisions and opinions
- Traps to avoid
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- Money for mission vs. mission for money
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- More time looking for funding and accounting for task performance
- Fiduciary responsibility
- No money, no mission
4. Funding
- Responsive to changes
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- Economic environment
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- Political environment
- Diversity of funding
- Fundraising/donor fatigue/recruit-and-retain/enhance donor loyalty
- Recapture of indirect costs
5. Human Resources
- Attracting and retaining skilled staff
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- Salaries
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- Time to train and develop
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- Different motive
- Developing leadership and succession planning
- Managing multiple functions and roles
6. Evaluation
- Evaluating our worth and accessing human lives and conditions
- Measurable proof and impact
- Impact on communities and populations
- Reporting outcomes vs. outputs
7. Board Development
- Recruiting high impact board members
- Recruiting highly skilled board members
- No $ incentive to be on board
- Busy successful people
8. Information Management
- Efficiency
- Reporting
- Data collection/analysis
- Communication
9. Collaboration
- Integration of strategic partnerships
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- Public policy
- Conflict of interest
10. Financial Reporting
- Revenue recognition
- Budgeting revenue/cost
- UBIT
- Functional expenses
- Accountability pressures
- Grant reporting
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- Restricted funds/tracking net assets
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11. Financial Analysis 12. Nonprofit recipe for success
- Fill three pots with water.
- Place each pot on a high fire.
- Bring to a boil.
- In the first pot, place carrots.
- In the second pot, place an egg.
- In the last pot, place coffee beans.
- Boil for 15 minutes.
13.
- The carrot went into the water hard and came out soft.
- The egg went into the water soft and came out hard.
- The coffee beans remained the same, but changed the water into coffee.
Nonprofit recipe for success 14. Nonprofit recipe for success 15.
- Be the coffee bean.
Nonprofit recipe for success 16. Lets make coffee! 17. www.ParentsAsTeachers.org