FINANCIAL PLANNING IN UNCERTAIN TIMES
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1 NONPROFIT FINANCIAL MANAGEMENT TRAINING FINANCIAL PLANNING IN UNCERTAIN TIMES Developed by Nonprofits Assistance Fund As the economy rebounds, nonprofit leaders know that the effects of the recession will continue to impact their budgets for years to come. Sound financial management must be aligned with other strategies if nonprofit organizations are going to survive and thrive. Attendees of this workshop will learn how to assess their organization s current financial position and business model, gauge budget risks and uncertainties, and examine organizational goals and priorities. Using practical examples, we will discuss different tools and techniques for scenario planning and multi-year budgeting.
2 WHO WE ARE OUR MISSION IS TO BUILD FINANCIALLY HEALTHY NONPROFITS THAT FOSTER COMMUNITY VITALITY Sustainability looks different today. Meeting the challenge of a changed environment requires a deep understanding of how mission and money work together. Nonprofi ts Assistance Fund s fi nancial experts are here to help you strengthen your capacity to address unexpected events, fi nance new opportunities, and realize strategic goals. We fulfi ll our mission by helping you thrive. HOW WE CAN HELP Financial Advice When you need a trusted advisor, we are here to help. We can answer your immediate questions, increase your understanding of your organization s situation, and work with you to develop effective fi nancial practices. Nonprofit Lending For us, it s more than a loan. Our lending team understands the nuances of nonprofi ts. We craft fi nancial solutions for your unique needs and will stick with you to address the unexpected, setting you up for success. Trainings and Resources Having the right tools to manage your organization s money is essential to success. Our trainings and resources will help you develop practical skills, engage in strategic thinking, and build advanced fi nancial management capabilities. OUR TRAINERS Michael Anderson, Training Program Manager and Loan Officer: Michael holds a Master of Public Policy degree from the Humphrey Institute of Public Affairs. He serves as adjunct faculty at the University of Minnesota and on the board of PRG, Inc., a nonprofi t community development corporation. Kate Barr, Executive Director: Kate leads the strategic direction of our organization, developed our core training curriculum, and is a popular national speaker, trainer, and writer on nonprofi t management and fi nance. A former Senior Vice President of Riverside Bank, Kate holds a Master s degree from Hamline University and is adjunct faculty at Hamline and the Humphrey Institute. She also serves on the board of Neighborhood Development Center, Partners for the Common Good, and Western Bank. Steve Boland, Loan Officer: Steve has previously worked for Congressman Bruce Vento and served as Executive Director of the Saint Paul Neighborhood Network, Summit-University Planning Council, and the Greater Frogtown Community Development Corporation. He is pursuing a Master of Nonprofi t Management from Hamline University and serves on the board of Sparc. Phil Hatlie, Loan Officer: Phil has a special expertise in charter school fi nancing and management. Previously he served as Director of Finance and Administration for the Greater Minneapolis Council of Churches and Twin Cities Habitat for Humanity and Director of Operations for the HECUA. Phil serves on the board of the MN Conference United Church of Christ and on committees for Hearth Connection and Habitat for Humanity of Minnesota. Janet Ogden-Brackett, Loan Fund Manager: Janet has served as the Director of Operations and Financial Manager at Minnesota Environmental Initiative and worked at a CPA fi rm. She has participated in the Minnesota Council of Nonprofi ts Leadership Institute and is on the board of LegalCorps and Family Tree Clinic.
3 FINANCIAL PLANNING IN UNCERTAIN TIMES GOALS FOR TODAY S WORKSHOP 1. Gain analytical tools to assist in understanding an organization s current financial position and current business model 2. Learn different techniques and approaches to having practical conversations critical to organizational decision-making 3. Explore factors to consider when scenario planning and multi-year budgeting through case examples 3
4 ASSESSING YOUR CURRENT FINANCIAL POSITION BALANCE SHEET (STATEMENT OF FINANCIAL POSITION) Financial assets and obligations as of a specific date Assets are what is owned Current assets Long-term assets Liabilities are what is owed Current liabilities Long-term liabilities Net Assets are equal to Net Worth, Equity, or Retained Earnings Unrestricted, temporarily restricted, permanently restricted Change in Net Assets: surplus or loss amount from the Income Statement for the same period All changes in Net Assets flow from the Income Statement. 4
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6 DAYS CASH ON HAND This calculation measures how many days expenses can be covered with the current balance of unrestricted cash. DAYS CASH ON HAND Cash and current investments Daily cash required Daily cash required = Annual expense budget minus non-cash expenses, passthrough funds, and unusual, one-time expenses / 365 *Unrestricted cash only Example: 6
7 Cash = $65,570 + $57,800 + $26,000 = $149,370 Daily cash required = ($878,325 - $6,000 - $40,970) / 365 = $2, days cash on hand 7
8 CURRENT RATIO An indication of the organization s ability to pay obligations in a timely way (within 12 months). A current ratio of less than 1 can be an indication of a future cash flow problem. CURRENT RATIO Current assets Current liabilities Example: Current assets = $256,500 Current liabilities = $197,
9 NET ASSET RESERVE RATIO The net asset reserve ratio measures the financial cushion an organization has in order to ensure the stable delivery of programs and services in the event of unforeseen circumstances. NET ASSET RESERVE RATIO Unrestricted net assets Total annual expenses / 365 Example: 9
10 Unrestricted net assets = $282,945 Total daily expenses = $878,325 / 365 = $2, days of expenses available in net asset reserves 10
11 UNDERSTANDING YOUR BUSINESS MODEL INCOME STATEMENT (STATEMENT OF ACTIVITIES) Amounts of income and expenses for a certain period of time Resulting change in net assets surplus (profit) or deficit (loss) Income categories Support: voluntary contributions that can be cash or in-kind Revenue: income earned from delivery of goods and services Expense categories Personnel expenses are usually the largest component of total expenses Operating expenses Program expenses Change in Net Assets Variously labeled Surplus/Deficit, Profit/Loss, Excess of Revenue Over Expenses, and other terms 11
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13 RELIANCE RATIO The reliance ratio measures an organization s dependence on certain sources or certain types of income. RELIANCE RATIO Amount of largest type of income Total income SINGLE RELIANCE RATIO Single largest income source (grant, contract, client) Total income Example: Amount of largest type of income = $330,000 Total income = $905, % of income reliant on one income type 13
14 CUNA (PROFITABILITY) RATIO The CUNA ratio measures the amount of unrestricted net assets retained for reserves or organizational cushion. The target ratio depends on how much reserve or cushion is already on hand. CUNA RATIO Change in unrestricted net assets Total unrestricted income Example: Change in unrestricted net assets = $27,224 Total unrestricted income = $905,549 3% of unrestricted income retained for reserves 14
15 TREND ANALYSIS (YOU RE HEADING SOMEWHERE) 15
16 TREND ANALYSIS (YOU RE HEADING SOMEWHERE) 16
17 TREND ANALYSIS GRAPHICS 17
18 GAUGING RISKS TO YOUR INCOME BUDGET What are general risks that could affect all funding sources? What are risks specific to particular funding sources? Funding Source Current Reliance Risks Unique to Source Risk Treatment in Budget DHS Contract 55% ($340,000) Foundation A 6% ($35,000) Individual Gifts 12% ($74,000) Workshop Fees 21% ($129,800) Unallotment, rate reductions Likely not a good fit with new foundation priorities Lots of small and mid-sized donors keeps risk low. Five at >$5,000 are biggest risk. Demand increasing, clients ability to pay may be at risk (minor) No discount, included at current funding level $20,000 transition grant included Forecasting 10% decrease Slight increase over current year 18
19 GENERATING AND UNDERSTANDING PROGRAM-BASED REPORTS 19
20 HOW FLEXIBLE ARE YOUR EXPENSES? Scenario Planning Approaches Highly flexible expenses Budget by project Avoid fixed expenses Short-term horizon Adapt to new information Low financial risk Flexible and fixed expenses Mix of short-term project and line-by-line budget scenarios Annual budget timeline Develop at least two scenario options Low-medium financial risk Significant fixed expenses Requires program planning for all areas considering redesign, contraction, or elimination Line-by-line expense options Two year budget timeline Develop at least two scenario options, including use of any reserves Medium-high financial risk 20
21 STRATEGIC DECISION-MAKING REVIEW OF ANALYSIS Liquidity analysis Balance sheet strength Income risk and reliance Trend analysis Program financial results (RE)ITERATION OF ORGANIZATIONAL GOALS AND PRIORITIES Board and staff leadership revisit goals that have been laid out in strategic plans, work plans, etc. What is most important to the organization? How nimble is the organization? 21
22 CONSIDER MISSION IMPACT AND FINANCIAL IMPACT What is the right program mix for the organization? Which programs require subsidy? Is there subsidy available? What should the organization do more or less of? 22
23 UTILIZE IDEA SCREENS Use a customized numeric scale to complete the rubric below to screen different strategies or approaches. The scorecard that results leads to a tactical plan with well-considered risks and benefits. Strategy 1 Strategy 2 Strategy 3 Mission Impact Financial Impact Need/Demand Alignment with Skills and Identity Likely to Succeed Measurable Impact TOTAL 23
24 ORGANIZATIONAL COST-BENEFIT ANALYSIS Strategy 1: Increase participant fees Costs to the Organization Benefits to the Organization Mission Current Year Financial Org Capacity Mission Future Years Financial Org Capacity 24
25 UNDERSTAND YOUR FINANCIAL MANAGEMENT CULTURE What types of languages and attitudes are prevalent when discussing organizational finance? Scarcity: cut, cut, cut we never have sufficient resources Possiblity: rethinking, revisioning, innovative and creative Inertia: we could never possibly change that How dynamic is your budget? 25
26 UNDERSTAND YOUR FINANCIAL MANAGEMENT CULTURE Professionalization Are internal controls in place and regarded? Is there a quality expectation of financial reports? Are reports prepared in a timely manner? Roles and Responsibilities Who is involved in strategic conversations? Who is involved in financial decisions? Executive staff, board members, program staff Transparency and communication What kind of language is used to describe financial position? How easily accessible is financial information? Risk tolerance How is prospective income treated in the budget? How willing is the organization to take on new projects? How willing is the organization to invest internal resources in building capacity, such as program development and staff training? 26
27 SCENARIO PLANNING SCENARIO PLANNING CONSIDERATIONS How will scenarios differ? Consider the entire realistic realm of possibilities, particularly in the income budget Are income sources variable by percentage or all-or-nothing? What events would trigger a change in course? How flexible are your expenses? How could they become more flexible? 27
28 BE WELL CLINIC INCOME SCENARIO 1 28
29 BE WELL CLINIC EXPENSE SCENARIO 1 29
30 BE WELL CLINIC IMPACT SCENARIO 1 30
31 BE WELL CLINIC INCOME SCENARIO 2 31
32 BE WELL CLINIC EXPENSE SCENARIO 2 32
33 BE WELL CLINIC IMPACT SCENARIO 2 33
34 BE WELL CLINIC INCOME SCENARIO 3 34
35 BE WELL CLINIC EXPENSE SCENARIO 3 35
36 BE WELL CLINIC EXPENSE SCENARIOS SUMMARY 36
37 BE WELL CLINIC SCENARIO PLANNING SUMMARY 37
38 FINANCIAL FORECASTING PURPOSE OF FINANCIAL FORECASTING Provide an action plan to achieve strategic goals Translate strategic plans into financial plans Confirm priorities Identify capacity needs Prepare for organizational changes to support goals Create SMART goals to implement financial plan Specific Measurable Attainable Realistic Timely 38
39 FINANCIAL FORECASTING STEPS Use strategic plan to identify financial requirements Prepare simple budget plan for core ongoing activities Estimate costs to achieve strategic goals Costs of new activities that will be ongoing Costs of new special projects Costs of added organizational capacity Identify need for resources to support new costs Resources of ongoing revenue to pay expenses Resources of special project revenue Resources of time to plan and implement Resources of skills to plan and implement Ask and consider: What is our optimal income mix? Honestly assess feasibility of financial needs Prioritize and balance Implement and monitor 39
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43 HOW TO USE TODAY S WORKSHOP 1. Ensure that key organizational decision-makers have a shared understanding of the organization s financial health, business model, and financial risks. 2. Revisit important organizational documents such as strategic plans and work plans. If necessary, revisit conversations to be certain that there is agreement on key organizational goals and priorities. 3. Consider what will be necessary to become a more financially dynamic and flexible organization by reviewing cost structures. Look forward; think about how to properly balance an emphasis on annual budgeting with scenario planning and multi-year financial forecasting. 43
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