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ERIC Number: ED538059
Record Type: Non-Journal
Publication Date: 2011-Oct
Pages: 12
Abstractor: ERIC
Reference Count: N/A
ISBN: N/A
ISSN: N/A
Fiscal Fitness for Non-Profits: Project Puts Chicago After-School Programs and Funders through a Financial Workout. Stories from the Field
Field, Anne
Wallace Foundation
Strengthening after-school programming for city youngsters has long been an objective of The Wallace Foundation, a national philanthropy based in New York City. In its work over the years, Wallace has found that weak financial management of the nonprofits running many high-quality programs hampers their ability to improve and expand. In 2009, Wallace introduced an initiative in one city, Chicago, to see if a combination of financial training and consulting for executives at after-school nonprofits and the introduction of friendlier government reimbursement policies could change that picture. The foundation funded Fiscal Management Associates (FMA) to provide financial management training to the CEO's and CFO's of 25 Chicago-area nonprofits that provide after-school services. Participating organizations were also given financial incentives that varied depending on the training they received: $40,000 or $115,000 for initial financial management improvements, and, for those completing the program, $25,000 for administrative infrastructure or $125,000 for operating reserves. Wallace also supported a forum bringing together representatives of government, advocacy groups, private funders, academics and service providers to recommend new contracting practices. The results of the Strengthening Financial Management initiative thus far suggest that, with sufficient grounding in the basics of financial analysis, nonprofits that run after-school programs can learn to navigate difficult challenges to their organizations more adeptly, even in the face of a troubled economy. The forum (in which several Wallace grantees participate) has led to a closer partnership among government, nonprofits and funders--an achievement in itself given the state's chaotic funding landscape--and early steps toward streamlining contracting practices with nonprofits. (Contains 5 footnotes.)
Wallace Foundation. 5 Penn Plaza 7th Floor, New York, NY 10001. Tel: 212-251-9700; Web site: http://www.wallacefoundation.org
Publication Type: Reports - Descriptive
Education Level: N/A
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: Wallace Foundation
Identifiers - Location: Illinois