Love this short article by Cathryn Mattson and Tod Cowen. Highlights:
The Bridgespan survey we have been using as a comparison with ours (100 nonprofit ED from around the country) 93 % reported they were feeling the effects of the downturn. Wonder who wasn't?
Here are what they have identififed as the "key strategies organizations are employing to weather the storm"
Defining your organization's core: Identify which activities are or are not directly related to achieving your mission and examine your finances through that lens. Is the core fully funded?
* Contingency planning: Once management and the board have developed a reliable financial picture of the core activities, management should create short and long-term projections and contingency plans.
* Managing cash:Organizations can take steps to improve their cash position.
* Stewardship of key sources of financial support: Communicate with donors frequently, not just when soliciting donations.
The steps that organizations take to manage through tough times tend to endure.
