Wednesday, February 20, 2013
The Wall Street Journal -- The Wallace Foundation is giving some financial know-how to nonprofits.
The New York-based foundation will launch the website strongnonprofits.org on Tuesday. The website covers all facets of financial management, from budgeting to oversight to working with a board on financial accountability. The resources are designed to help a charity become a better provider of services and achieve long-term sustainability.
The website is nearly a decade in the making and began when the Wallace Foundation made a grant to help 26 after-school programs in Chicago. In making those grants, the foundation realized that many of the recipient charities didn't understand the economics and finances of their own organizations.
In particular, many charities received money from state and other governmental providers and often would do the contracted work for less than it cost them to deliver the services.
"It became a theme that the lack of understanding of the financial realities of their own organizations was one of the things impeding them from being sustainable, successful, mission-fulfilling nonprofits," said Will Miller, president of the Wallace Foundation. (Full Story)