I just got a Board position on the Finance Committee of a Non Profit. The first meeting is tomorrow. The budget is about $1.2M but they have been facing serious cash flow issues (borrowing from Peter to pay Paul). Does anyone have experience being on the board of a non-profit? What are some of the issues faced and how did you help to solve them?
as an aside, i would be interested to know how you got this gig
Heck, everyone’s in non-profit finance nowadays.
farney Wrote: ------------------------------------------------------- > as an aside, i would be interested to know how you > got this gig farney - www.boardnetusa.org
fxguy1234 Wrote: ------------------------------------------------------- > farney Wrote: > -------------------------------------------------- > ----- > > as an aside, i would be interested to know how > you > > got this gig > > > farney - www.boardnetusa.org thanks a ton, looks very intersesting. Not sure that I feel qualified, but I guess it depends on what you get involved with
what are your qualifications? Most all boards are desperately seeking knowledgeable finance people. I am only one year out of college but they were very impressed with college leadership, work experience and pursuing the CFA. Heck, the fact that I knew what a balance sheet and income statement impressed them! Don’t think you’re not qualified man. Most people in non-profits are clueless when it comes to finance.
fxguy1234 Wrote: ------------------------------------------------------- > what are your qualifications? Most all boards are > desperately seeking knowledgeable finance people. > > I am only one year out of college but they were > very impressed with college leadership, work > experience and pursuing the CFA. > > Heck, the fact that I knew what a balance sheet > and income statement impressed them! Don’t think > you’re not qualified man. Most people in > non-profits are clueless when it comes to finance. 3 years work exp, passed all levels of the CFA, engineering and econ degrees will definitely look into this.
Good to hear it. Let me know how it goes. Best of luck.
Um, at large non-profits board members can be very knowledgeable. It’s not uncommon for HF managers and higher-ups from places like MS and GS to sit on investment committees.
Even at small non-profits. You should see who sits on the boards of private schools around Greenwich.
does anyone have board experience?
This is cool, fxguy. I don’t have board experience but I have experience working with increasing the efficiency of operations to meet financial goals. A lot of times you will be surprised that some of the managers (or nonprofit leaders in this case) on a project don’t know the financial repercussions of their actions and you might have to act as a sort of translator to walk through their actions, the business model, and how it all relates to meet required profit levels to maintain the business, etc. Let us know how it turns out - this looks like a great opportunity.
JoeyDVivre Wrote: ------------------------------------------------------- > Even at small non-profits. You should see who > sits on the boards of private schools around > Greenwich. joey you live in greenwich?
projectplatnyc Wrote: ------------------------------------------------------- > This is cool, fxguy. I don’t have board experience > but I have experience working with increasing the > efficiency of operations to meet financial goals. > > > A lot of times you will be surprised that some of > the managers (or nonprofit leaders in this case) > on a project don’t know the financial > repercussions of their actions and you might have > to act as a sort of translator to walk through > their actions, the business model, and how it all > relates to meet required profit levels to maintain > the business, etc. > > Let us know how it turns out - this looks like a > great opportunity. projectplantnyc - yea its crazy… I just found out about this position on boardnetusa a week ago and it turns out my company is one of their biggest donors, so they were definitley stoked on me. I killed the phone interview last week and then interviewed with the board development committee and the executive director today. They offered me the job on the spot, handed me the financials and told me to show up at the board meeting tomorrow. It all went pretty fast but looks like it will be good for networking and getting some leadership experience.
do they pay you for this? what kind of loot can you get?
Joey lives in Darien I think. He is a blue wave
Joey lives in Darien I think. He is a blue wave
tsx11 Wrote: ------------------------------------------------------- > do they pay you for this? what kind of loot can > you get? No they don’t pay you (at least Non- Pofits don’t). You only having meetings one a month and the work is much more strategic thinking than day to day.