What do finance and development have in common? A goal to keep the organization on the path to successfully fulfilling its mission. So, it’s critical that finance and development are aligned both on the goal and on the path they’ll take to getting there. Today’s episode focuses on the learnings in Blackbaud’s Financial Management Toolkit, an expert guide for connecting finance and development as a strategic partnership.
Industry experts and Toolkit contributors Russell Pomeranz, president and CEO of Claverack Advisory Group; Lucy Morgan, director of MyFedTrainer.com; and Bess Hamilton Foley, chair of the Nonprofit Operating Reserves Initiative Workgroup, share best practices and tips for how finance and development can collaborate to determine the organization’s path to mission success. Listen in to hear what they have to say about how finance and development should work together, coordinating a revenue strategy that includes grants and fundraising, and strategies for fundraising an operating reserve.
After the episode, access the webinars listed in the Resources section below to hear more from Russell, Lucy and Bess as well as other experts.
Topics Discussed in This Episode:
- How finance and development strengthen each other’s work
- Taking a longer-term view at how finance and development should work together
- Incentivizing the united front of finance and development
- Importance of coordinating your revenue strategy between grants and fundraising
- Focusing on transparency and accountability
- Strategies for funding an operating reserve and why it’s important to have one
“Finance and development working together have the necessary financial and programmatic impact to build the mission-sustainable nonprofit however that mission adapts over time.” –Russell Pomeranz
“One of the parts of federal grants that we tend to forget about is just how big that purse is.” –Lucy Morgan
“An operating reserve helps to ensure that you can continue to reliably deliver critical mission services.” –Bess Hamilton Foley