Nonprofit Finance Fund Cultural Data Project. Getting to Know the Financial Health Analysis (FHA) Presented by:

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1 Nonprofit Finance Fund Cultural Data Project Getting to Know the Financial Health Analysis (FHA) Presented by: Rebecca Thomas Vice President Nonprofit Finance Fund Joanna Reiner Senior Specialist, Finance Cultural Data Project

2 Today s Objectives Introduce Financial Health Analysis (FHA): Benefits, uses, and features Explore critical metrics and trends in the FHA See the FHA in action: a demo Your questions! 1

3 Your Facilitators Rebecca Thomas Vice President and Product Manager, NFF Joanna Reiner Senior Specialist, Finance Cultural Data Project 2

4 Financial Health Analysis (FHA): An NFF CDP Partnership CDP is an online financial management tool that is helping build a stronger, more data-driven case for the arts and cultural sector NFF brings more than 30 years of experience financing and advising cultural nonprofits, and supporting arts funders to align philanthropic dollars with artistic success Together, we are committed to bringing to the cultural sector comprehensive, uniform and comparable data that can support improved communications, planning and decision-making by arts leaders and supporters. 3

5 Benefits of the Financial Health Analysis Provides cultural organizations staff, boards, funders, and stakeholders with: 1) Knowledge about business dynamics & balance sheet health, 2) Language for interpreting the data and communicating financial resource needs, and 3) Insights to inform future planning and decision-making. 4

6 Financial Health Analysis Uses: For Cultural Organizations Diagnose financial condition: profitability, full costs, liquidity Communicate funding requirements to donors/funders Inform annual budgeting and strategic/business planning Train new executives and board members, and educate program and other non-financial staff Provide outside consultants with a financial lens for their work For Funders Engage grantees in conversations about financial health and needs Incorporate uniform, reliable and comprehensive financial analysis into due diligence Educate board about financial challenges/needs of sector Inform capacity building priorities Reduce time spent parsing data sets; maximize opportunity for engagement 5

7 Always Remember The best analysis of the financial health of an organization will always include a dialogue with leadership about their financial condition, story and resource needs 6

8 Components of the Financial Health Analysis 1. Dashboard 2. Graphs & Educational Guide 3. Financial Statements 7

9 Financial Health: Uncovering the Financial Story Understand Operating Performance Determine Strength of Balance Sheet Assess Ability to Handle Risk and Pursue Opportunity Comprehensive Financial Analysis 8

10 Eliciting conversation with the FHA: Operating Performance (Statement of Activities) Where does the organization s money come from? Is it reasonably diversified? At risk? Revenue & Full Costs Do revenue streams appear reliable/ consistent? How have expenses fluctuated over time? Does the organization plan to cover full costs of doing business (including balance sheet items)? Profitability Does the organization distinguish between operating revenue and capital? Are unrestricted surpluses generated reliably? 9

11 Eliciting conversation with the FHA: Balance Sheet and Liquidity Balance Sheet Health Liquidity Are assets largely fixed or liquid? How depreciated are fixed assets? Is the organization able to meet debt obligations? Does the composition of assets, liabilities, and net asset appropriately support ongoing operations? Are cash and investments available to respond to opportunities and withstand risk? What portion of unrestricted net assets are truly liquid? How many months could your organization continue to operate using only various sources of liquidity? Balance Sheet Assets Liabilities Net Assets 10

12 Illuminating Operating Performance: Unrestricted Surplus/(deficit) Key takeaways: Budgeting for and achieving regular surpluses is a sign of good planning & management Surplus size matters: strive for coverage of annual depreciation of fixed assets FHA focuses on unrestricted surplus/change in net assets FHA excludes capital from unrestricted revenue to derive true operating results 11

13 Capital (Non-Operating) Dollars Hide True Operating Performance Unrestricted Revenue & Expenses (including non-operating) ($ in thousands) Operating Revenue & Expenses ($ in thousands) 1,800 1,800 1,600 1,400 1,200 1,600 1,400 1,200 1,000 1, Revenue B B Expenses (before depreciation) ILLUSTRATIVE GRAPHS, NOT FROM FHA REPORT With capital (e.g. for facilities or growth) below the line, this organization experienced operating deficits 12

14 Separating Operating Revenue from Capital in Your FHA When data is available, this table reveals true operating results; that is, operating activity exclusive of funds for capital purposes 13

15 Surplus Size Matters: Understanding Full Funding and Financing Needs = Organization s Full Costs & Savings 14

16 Illuminating Full Cost Coverage Key takeaways: Annual full cost coverage is aspirational for most organizations Planning for an organization s full business needs (including balance sheet items!) is critical for longer term viability and vibrancy Fundraising targets should be set high enough to generate surpluses sufficient to cover: annual debt principal payment, fixed assets repairs and investments and ideally, contributions to savings. 15

17 Revealing Balance Sheet Health Key takeaways: The Balance Sheet is a snapshot in time, showing the cumulative affects of operations Mission and programming should drive composition of assets and net assets Fixed and restricted assets require liquidity to support them There is no one formula for balance sheet health 16

18 Assessing Liquidity Key takeaways: Liquidity affects ability to adapt and respond to challenges and opportunities There are several ways to measure liquidity; FHA looks at months of expense coverage Liquidity needs differ by organization: Presence of fixed assets Timeliness of govt. funding Growth plans Riskiness of art Economic climate 17

19 Takeaway: A Financial Health Checklist Operating results are consistently positive (surpluses!) Full costs are regularly covered by reliable revenue Reinvestment in fixed assets to offset depreciation Evidence of ability to manage debt Liquidity is sufficient to withstand risk and pursue new opportunities 18

20 Financial Health Analysis Demonstration 19

21 CDP API for Grantmakers A web service that allows your grants management system or other internal database to communicate directly with CDP s technology. Automatically receive: Line-by-line data or funder report PDFs as they are generated Updated Data Profiles as they are reviewed Current status of your applicants' Data Profiles 20

22 Accessing the Financial Health Analysis report on CDP To learn more, visit: On the page you ll find: Video preview Sample report When logged in to your Grantmaker CDP account: Click ANALYTICS button Select an organization Select Nonprofit Finance Fund Financial Health Analysis 21

23 Q & A 22

24 Nonprofit Finance Fund Cultural Data Project Thank you To learn more about NFF, visit us at nonprofitfinancefund.org/partnerships/artsandculture And stay connected: nonprofitfinancefund.org/socialmedia Contact information: Rebecca Thomas Cultural Data Project DATA nonprofitfinancefund.org nonprofitfinancefund.org 2012 Nonprofit 2012 Finance Nonprofit Fund Finance Fund 23

25 About Nonprofit Finance Fund (NFF) NFF, a nonprofit 501(c)(3), has served thousands of nonprofits and funders since Our impact: Over $250 million in loans, $30 million in regrants and $1.4 billion in leveraged capital Over 1000 customized financial consultations Hundreds of partnerships and publications advancing financial awareness and friendlier funding practices for all nonprofits NFF is arguably the most influential voice in the ongoing effort to reshape thinking and practice about nonprofit capitalization. -The Nonprofit Times Serving the nation from several local offices Northeast: Boston and New York City Mid-Atlantic: Philadelphia, Newark and Washington, D.C. Midwest: Detroit West Coast: San Francisco and Los Angeles 24

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