Managing Financial Risk : Key Areas for Consideration

The Nonprofit Risk Management Center devoted their May newsletter to the topic of financial risk management. One of the interviewees was Ed Mulherin CPA, Esq, founder and CEO of eCratchit Nonprofit, an outsourcing resource for non-profits. Ed cited three key areas of risk: access to timely, accurate financial information; liquidity and the size of their operating reserves; adequacy of staffing and salaries. Located in Boston, eCratchit serves 150 non-profit organizations across the country, giving Ed the perspective to help all of us to become better prepared in addressing the risks we face.

Aug 13 2020 – Keeping Safe – Returning to the Office: An NPFM Zoom Meeting

Because information has been changing so rapidly, no summary of the actual discussion is posted.  The conversation, however, covered significant ground & questions from the participants.   

Join us for a facilitated conversation led by Rosemarie Boardman (CFO, Boston BID), to share and learn about what we all are doing about the timing of reopening and developing/implementing policies and procedures to keep employees safe.

Discussion outline Return to Office 2020-08-13

Aug 20, 2020: NPFM Zoom – Employee Dependent Care Issues

Most public school districts in Metropolitan Boston and across the State have submitted their reopening plans for the fall. Some are in-person, some are hybrid, and some are all remote. However, there is still a lot of uncertainty about the reopening options and how to cope with them as a parent and as an employer of those parents.  Parents are left to figure out how they will manage another term of balancing work, caregiving and education.  Employers are left to figure out how to support those parents who work for them and who are affected by the decisions that their local schools have made about reopening.

John Roch, Business Manager of East Boston Social Centers, moderated a pop-up presentation and discussion about how nonprofit employers in the Boston area are navigating this issue and how they are supporting their employees who have to care for their children during their normal work hours.  Justin Pasquariello, Executive Director of East Boston Social Centers and a member of the Executive Committee of MADCA (statewide child care advocacy organization) presented on the current thinking of the daycare industry, the school system, and the Mass. Dept. of Early Education and Care.  Fred Ritzau, President of Northpoint Human Resource Consulting, discussed the Cares Act provisions concerning this issue and shared some solutions that some companies are offering their employees.  The rest of the session was a discussion and sharing by audience members about what they are doing.

2020-08-20-A-human-infrastructure-stimulus-is-needed

2020-08-20 Pods – Inclusion or Exclusion

2020-08-20 CNBC Parents are at a breaking point as they try to cope with getting kids back to school

2020-08-20 NYT- Know Your Pandemic Schooling Options

 

July 23 2020: Five Internal Control Modifications Needed in Response to the ‘New Normal’

Summary:
Because information has been changing so rapidly, no summary of the actual discussion is
posted. The conversation, however, covered significant ground & questions from the
participants.
Robyn Leet, Manager, Business Process & IT Consulting at AAFCPA presented on this topic,
including discussing some pointers on refining our internal controls during the adjustment to
remote working. Also reviewed were the benefits of paperless AP and the different options to
integrate into our organizations, no matter size or budget as well as additional suggestions to
keep us protected in the future.In leading this discussion, Robyn draws on her knowledge as former financial controller for
privately-held businesses and her extensive AAFCPA consulting experience providing clients
with strategies and pragmatic implementation know-how to improve the business processes of
their operations.

2020-07-23 AAFCPA Presentation – 5 Internal Control Modifications Needed

June 11 2020: Strategies to Lead During the Current Dual Crises: Racial and Social Upheavals and Covid-19

Summary: Led by an experienced facilitator, this session provided us with a chance to reflect, discuss and consider together how we can act time in a way that supports our staff, our mission and our organization, as we manage the current trauma and opportunities of dual crises: racial and social upheavals and Covid-19.

Speaker/facilitator:
Dr. Sarah Faude is the Director of Research and Evaluation at YWCA Boston. She has nearly a decade of research, writing, and teaching experience at the intersection of public urban contexts and racial inequality, particularly in education. Sarah received her Ph.D. in sociology from Northeastern University in 2019. Her dissertation research, entitled “The Road to Registration: Bureaucracy, Inequalities, and the Paradox of Compulsory Choice,” examined the role of institutional actors, practices, and processes in the reproduction of raced, classed, gendered, and linguistic inequalities in Boston Public Schools’ intra-district choice process. Her research has been published in the journals Educational Policy and Sociology of Education. Sarah was part of the founding class of inter-group dialogue facilitators, where she co-led a white racial identity dialogue with a cohort of her peers. She also holds an M.S.Ed from the Graduate School of Education at the University of Pennsylvania and had the honor of teaching middle and high school English in two schools in North Philadelphia.

Here is a link to a podcast which is directly related to what we are talking about: https://podcasts.apple.com/us/podcast/the-journal/id1469394914?i=1000476730865

Link to some other YWCA resources on the subject: https://www.ywboston.org/2020/06/how-to-take-action-against-racism-right-now

Because information has been changing so rapidly, no summary of the actual discussion is posted. The conversation, however, covered significant ground & questions from the participants. Some resources presented during the meeting are also noted below.

Summary:   In this is a difficult, chaotic and stressful time for so many people, organizations are grappling with how to navigate this with their employees and their other constituents. Led by Dr. Sarah Faude, an experienced facilitator and Director of Research and Evaluation at YWCA Boston, this session provided us with a chance to reflect, discuss and consider together how we could act time in a way that supports our staff, our mission and our organization, as we manage the current trauma and opportunities of dual crises: racial and social upheavals and Covid-19.

Executive directors/CEO or other members of the senior team in our organizations were also invited to participate.

Many of us filled in this quick survey (below) before the meeting. In addition to giving the presenters (and all of us with the compiled information) a little bit of a sense of what is currently going on at some of our organizations, the tool was useful as a first “thinking” step:

https://forms.office.com/Pages/ResponsePage.aspx?id=gBNdy1hHfUiY3MCYmTn4obkPUTauF3 5KtP3aRFEaQipUQTE4UUVQR0oySzlBTVJGV1JPWkhFTVVaNi4u