Association Transformation
Welcome to Association Transformation, a transatlantic conversation advancing the impact and evolution of non-profit organizations. We're always seeking diversity of thought and new examples of innovation in action. That and a commitment to mission driven organizations spurred this collaboration between the teams at Brewer Pratt Solutions and Elevated. Together with our special guests, each episode we take a deep dive into the issues, topics, challenges and opportunities facing the association community. Between us we’ve been there, done it, got the t-shirt: membership, mergers, boards and leadership, advocacy, and education - nothing is off limits. Any subject that effects non-profits, their survival or their success is up for discussion.
Association Transformation
"Fiduciary” and other Nonprofit “F” Words
Financial! Fiduciary! Fund! Finance! Pick your nonprofit “F-word” of choice. Between bank collapses, inflation, stock market fluctuation, we had to call in the big guns this week. This week, Marc Labadie of RTD Financial joins us to discuss FDIC protections, reserves, insurance, and financial governance. As a financial adviser, specializing in membership associations, he gives us nonprofit-specific insights into today’s volatile economic environment. Our biggest take aways:
- Have a standing Finance Committee.
- Onboard and educate both your Finance Committee and board on financial and fiduciary matters.
- At least once a year do a financial deep dive with your board.
- Have an intentional and mission-driven reserve policy.
- Do a risk assessment to ensure your org has the right insurance.
But there’s lots more – plus IT’S FREE! Ya can’t say that too much anymore.