Staying Financially Solvent
Financial solvency means that your nonprofit is able to pay its expenses and maintain an operating reserve for emergencies. It also is a reassuring sign to current and potential donors. Yet recent publications (here and here) suggest that many nonprofits don't fit this description.
Learn how nonprofits can stay financially solvent from representatives of the Nonprofits Assistance Fund and Nonprofit Finance Fund, two organizations that exist to help nonprofits achieve good financial health.
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Kate Barr, Executive Director, Nonprofits Assistance Fund (NAF): Kate oversees strategic plans, development, loan capital, outreach, and program activities for NAF's loan funds. Under her leadership, NAF has emerged as a premier financial management resource in Minnesota by providing training, strategic financial counsel, and loans to the nonprofit community. With her unique insight and experience, she is a popular speaker, trainer, and writer on nonprofit management and financial issues. Read her full bio.
Norah McVeigh, Managing Director of Financial Services, Nonprofit Finance Fund (NFF): Norah is responsible for NFF's financial products which include loans, New Market Tax Credits, credit enhancement and asset-building products. She oversees product quality, and manages NFF's credit processes and its $60 million loan portfolio, $150 million NMTC product, and other financial product portfolios. She is also responsible for the capitalization of the loan fund, raising capital and managing investor relations. Read her full bio.