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There is a lot of anxiety around the current economic climate. Demand for
services continues to grow, while the cost of delivery and other expenses can
make it difficult to keep pace. Nonprofit budgets, already tight, are beginning
to strain.
We cannot predict the future, but there are ways to assess your
organization's risks and readiness to weather this economic downturn.
Managing and adapting in a time of uncertainty
Because of the sources of nonprofit income, the nonprofit economy typically
lags the general economy. As a result, we are just beginning to feel the full
impact of the current downturn. This also means that our economy will begin to
rebound about a year after the rest of the country. We need to be prepared to
face a challenging financial period.
Complicating matters, nonprofit leaders are being challenged by all of their
funding sources to develop new ways of operating to maximize efficiency,
effectiveness, and economic sustainability. According to Jodi Sandfort,
associate professor at the Humphrey Institute and senior fellow at the Minnesota
Council of Nonprofits, "We are in a fundamental sea change. This isn't a
temporary shift."
It is clear that nonprofits are being asked to do more with less. How do you
go about working smarter? Nonprofits Assistance Fund has resources to help
nonprofits make informed decisions. Managing
and Adapting in a Time of Uncertainty is a guide that you can use to
understand your situation, set priorities with your mission in mind, and develop
strategies for a sustainable future. In addition, we are available to conduct a
free Financial
Needs Assessment to help you better understand your financial circumstances
and offer strategic guidance to help you move forward.
Upcoming Workshops
Presenting Financial Reports to the Board
Tuesday, August 5, 9:00 a.m. - 12:00 p.m.
Help your board reach their full effectiveness by providing them with useful
reports. Staff can support the board's oversight role through the format,
content, and presentation of financial information. This workshop will teach
nonprofit managers and treasurers board responsibilities, what the board needs
to know, effective report formats, and how to train boards to use them
effectively.
Register
today and begin implementing healthier financial practices at your
organization.
Finance Fundamentals
Finance Fundamentals I and II are now Fundamentals
of Budgeting and Fundamentals
of Financial Management. The content has been modified to better meet the
needs of Minnesota's nonprofit community, including the option of taking the
workshops separately or as a series. When taken together, they offer our most
comprehensive introduction to nonprofit finance. These workshops are perfect for
those new to nonprofits or for board members, program managers, administrative
staff, and executive directors looking for a financial refresher.
- Fundamentals of Budgeting - September 23
- Fundamentals of Financial Management - October 7
And don’t forget to participate in our monthly lunch series
for nonprofit leaders, the Financial
Management Network. Join us at noon on Wednesday, August 27, to share
thoughts and ideas with your peers on this month’s topic, Investment and
Endowment Policies. Just bring your lunch, your business cards, and your
ideas.
Learn
more about our workshops and other upcoming events.
More than a Loan
A loan is a tool that provides working capital and flexible financing for your
organization. At Nonprofits Assistance Fund, it's more than a loan; it's a
strategic financial collaboration for stabilization, growth, and transformation.
We work with all types of nonprofits, with a range of budgets, staff sizes,
and missions. Financing from $5,000 to $450,000 is available for a variety of
purposes, including stabilizing
cash flow and improving
your infrastructure.
Through these strategic financial partnerships, we support nonprofits that make
a positive impact throughout the state. For example, in the past year we made
loans to 19 human service organizations that serve 76,317 people. Flexible and
available capital helps nonprofits as they deliver services and meet the needs
of Minnesotans. At Nonprofits Assistance Fund, we will work with you to find the
right solutions for your immediate and long-term needs.
For more information about how a loan could help your organization, including
some basic guidelines on how to use
borrowed funds wisely, please visit Loans.
About Us
- New Grants Will Support Enhanced Training Program
- Financial Management for Everyone
New Grants Will Support Enhanced Training
Program
Nonprofits Assistance Fund is pleased to announce program grants from The Jay and Rose Phillips Family Foundation and the Patrick and Aimee Butler Family Foundation. These grants will
allow us to expand our training program, resources, and other services that help
nonprofit staff and boards increase their financial management capacity.
The Jay and Rose Phillips Family Foundation grant of $15,000 will allow
Nonprofits Assistance Fund to expand our Financial
Management Networks and offer a greater number of Financial
Needs Assessments. During these uncertain economic times, this grant will
allow us to better meet the training and technical assistance needs of the
nonprofit community.
The two-year grant of $15,000 from the Patrick and Aimee Butler Family
Foundation will allow Nonprofits Assistance Fund to enhance our board training
program. Since 2007, with the generous support of the Butler Family Foundation,
we have offered Financial
Clarity for Nonprofit Boards. Their continued support will allow us to
expand this program and develop accompanying online resources.
With additional resources and an expanded training program, we will be able
to help nonprofit staff and boards continue to enhance their financial acumen.
Financial Management for Everyone
At Nonprofits Assistance Fund, we believe that everyone has a role in
financial leadership. Whether or not you have a financial management position or
responsibilities, you can influence your organization's financial health and
future. Becoming comfortable with key terms and concepts will enhance your
effectiveness in any role, build the capacity of your organization, and position
you for future success.
This summer, we led two discussions, "Financial Issues for Emerging Leaders"
and "Financial Management for Everyone," specifically for nonprofit staff who do
not have traditional financial responsibilities. These sessions were designed to
help participants converse with financial managers and board members, build
understanding, and gain confidence as financial leaders. When everyone
participates in organizational planning, prudently manages budgets and
resources, and is empowered to ask questions nonprofit organizations are more
sustainable and our sector is healthier.
In June, the Minnesota Council of Nonprofits held the Nonprofit Leadership Summit: The Future of Leadership. As part
of the conference, Kate Barr presented Financial Issues for Emerging Leaders.
During this session, we reviewed, and sometimes debunked, twelve "golden rules"
of financial management - including proven practices, nonprofit myths, and
innovative ideas.
At the July Emerging
Nonprofit Leaders Network Michael Anderson facilitated a discussion called
Financial Management for Everyone. During this hour-long conversation,
development officers, program staff, and other emerging leaders asked questions
and offered some of their experiences around nonprofit financial management.
Topics included hallmarks of a good budget, the importance of cost allocations,
descriptions of different financial documents, and strategies for continuing to
develop as a financial leader.
Materials from both of these discussions are available in our Resources
section under Nonprofit Finance 101.
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