As a financial institution with over 4,000 nonprofit clients across the country, First Republic Bank is passionate about the work and missions of nonprofits. From human services, to schools, to museums and beyond, we strive to provide each of our nonprofit partners with opportunities, tools and resources to learn from fellow mission-driven professionals; sharing best practices is at the core of First Republic’s culture and work.
COVID-19 has presented many nonprofits with challenges unique to the sector; cancelled fundraisers, compromised earned revenue and donors affected by the economic downturn has impacted the long-term planning, finances and security of many organizations.
To gain insights and guidance on how nonprofits can create a financial plan to navigate the economic burdens of COVID-19, we teamed up with Rahul Tripathi, Chief Financial Officer and Chief Operating Officer of The Brearley School in New York City. From his vast experience in varied leadership roles in the nonprofit sector and from his perspective gained as a member of the leadership of two New York nonprofit boards, Tripathi has offered his thoughts on financial leadership for nonprofits and boards during times of extraordinary financial duress, through what he calls a “Surgical and Strategic Financial Plan.”
Pre-work: Assemble a taskforce, determine your desired outcomes and set a schedule
Step 1: Assess Current and Near-Term Financial Situation
Step 2: Understand Surgical and Strategic Financial Planning
Step 3: The Surgical: Adjustments and Taking Action in the Short Term
Step 4: The Strategic: Creating Long-Term Sustainability
Using the enclosed guidebook, we hope that financial decision-makers among nonprofits of all financial standings will be eager to take on these challenges and resolute in making informed decisions for the future success and health of their organizations.
We encourage the senior financial decision makers of nonprofit organizations to join the Financial Executive Alliance (FEA), a complimentary professional networking group sponsored and administered by First Republic Bank. Please register at www.feanonprofit.com.