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ERIC Number: ED509450
Record Type: Non-Journal
Publication Date: 2010-Mar
Pages: 28
Abstractor: ERIC
Reference Count: 0
ISBN: N/A
ISSN: N/A
Cutting Costs, Keeping Quality: Financing Strategies for Youth-Serving Organizations in a Difficult Economy
Keller, Eric
Finance Project
This research brief highlights three effective financing strategies that successful youth-serving organizations are using to maintain quality services despite difficult economic times. The brief provides examples of how organizations have implemented these strategies and offers tips to help leaders consider how best to adapt these strategies to their unique context. The brief begins by summarizing the effects of the recession on youth-serving organizations thus far. The first strategy, aggressively managing costs, highlights how organizations can focus on what they do best and cut costs in ways least likely to damage the quality of their services. The second strategy, creatively generating new revenues, examines how organizations can look beyond their traditional sources of support to generate new funding despite the troubled economy. The third strategy, forming partnerships, discusses how organizations can create partnerships and support networks to help mitigate the effects of funding cuts. A key finding of this research is that many organizations began implementing these strategies well before times got tough. Aggressively managing costs, creatively generating revenues, and forming partnerships were integral aspects of their daily operations, rather than reactions to a weak economy. Leaders report that once the recession began, these strategies significantly improved their program's ability to continue delivering high-quality services to youth. In this sense, these strategies not only can help youth-serving organizations weather the storm, but also help ensure they are better prepared to manage any financial shocks in the future. This research was informed by interviews with leaders of 17 youth programs and organizations from across the country that experts identify as using effective financial management strategies. Research Interview Participants is appended. (Contains 11 footnotes.) [Funding for this paper was provided by the Underage Tobacco Prevention Program: Philip Morris, USA.]
Finance Project. 1401 New York Avenue NW Suite 800, Washington, DC 20005. Tel: 202-628-4200; Fax: 202-628-1293; e-mail: info@financeproject.org; Web site: http://www.financeproject.org
Publication Type: Reports - Evaluative
Education Level: Adult Education
Audience: N/A
Language: English
Sponsor: Philip Morris USA
Authoring Institution: Finance Project