Posts Tagged by finances
|February 14, 2015||Posted by M. P. under Management, Research|
Would you give your board an A plus in performance? If yes, then you are in the minority according to Leading with Intent: A National Index of Nonprofit Board Practices, a report that indicates both nonprofit executives and board chairs consider their board performance only slightly above average, with an overall grade of B minus. Survey respondents from across the country rated their boards in various areas of responsibilities with average grades ranging from an A minus in mission to a C in fundraising.
The study, conducted by BoardSource, found that boards excel at tasks of a technical nature, such as compliance and fiscal oversight, while lagging in community outreach and acting as an “ambassador” for the organization. Other areas of improvement noted:
- Diversity. Inclusiveness in board composition – not as a numbers issue but as a valid representation of people involved in the organization – is an area in need of attention with 35 percent of the CEOs surveyed giving their board a B or above in this area.
- Showing up. Board attendance is declining, with less than half (37 percent) of boards surveyed reporting 90 percent or better attendance in 2014.
- Raising money. While board giving is up, fundraising is a sensitive issue. Less than ¼ of boards reported even being comfortable with providing donor contact information, and just 12 percent were comfortable meeting donors face to face.
- Information and strategy. 35% of the boards received a C or below in the area of strategic planning.
This was a national study, but board report cards are also a great tool at the organizational level. These kind of self-evaluations help gauge board members’ perceptions of their own levels of knowledge and confidence, as well as measure overall board performance. This information assists the board in identifying and discussing areas of strengths and limitations and prioritizing governance actions for the upcoming year.
Report Citation: BoardSource, Leading with Intent: A National Index of Nonprofit Board Practices (Washington, D.C.: BoardSource, 2015)
|August 7, 2014||Posted by M. P. under Education, News||
For many families, the month of August is all about shopping for and packing with their college-bound offspring, many of whom are living away from home for the first time. Parents and students are likely also discussing topics related to this exciting transition – living with roommates, choosing a major, time management, student-parent communication boundaries, and staying healthy. In all of this activity, the issue of personal financial management may be overlooked; or is assumed to be understood by the student, even though knowing what a budget is and living by one are two very different things. Some level of skill around money management is a critical aspect of living independently and should accompany every incoming freshman.
The National Foundation for Credit Counseling (NFCC), the country’s largest financial counseling nonprofit organization, released a checklist that covers the basic knowledge a young person should have in order to develop good fiscal habits. Some highlights:
- Before they leave for college, plan and document a realistic monthly budget with your child. They should be responsible for tracking their own spending (there are apps for that!) as well as recording or monitoring all bank (including prepaid debit card) transactions.
- Explain the real-life impacts of accruing credit card debt, especially on top of any student loan debt, from paying interest on a monthly basis when charges are not paid off to a poor credit report following them long after graduation.
- Discuss the risk of identity theft and its fiscal implications, particularly related to information posted on social media, sharing passwords, and security issues with the use of public computers or unsecured Wi-Fi for financial transactions.
The Personal Finance 101 checklist and other resources are available at the NFCC’s website.