News & Articles
What could possibly be bad about a nonprofit having a large surplus of cash? According to Lesley Rosenthal, author of “Good Counsel,” there’s a perfectly good reason why it’s not necessarily a good thing to have too much money in reserve.Rosenthal wrote that, while it’s always a good thing to have some money saved up, nonprofits need to make sure there isn’t too much. This is because a large surplus could indicate that the organization is not doing as much good as it could or should.This raises another question: How much surplus is appropriate? Rosenthal explained that this question can be answered by weighing financial and legal matters. She suggested four things to consider with your counsel:
- Insurance deductibles: Some organizations may carry insurance policies with sizable deductibles, where the policy does not cover attorneys’ fees or losses until they reach a certain size. Counsel should help the finance team understand whether coverages include or exclude defense costs, and whether these costs are necessary.
- Self-insurance: Some large nonprofits may self-insure for medical, casualty, and workers’ compensation claims. Organizations with self-insured exposure must establish liability funds to cover known claims as well as incurred but not reported claims and the costs of the defense.
- Pending threatened litigation: Counsel should be sure to update the finance staff on the status of these potential litigation matters, especially those for which insurance coverage or defense may not be available, and help calculate the material potential financial impact on the organization against which reserves should be held.
- Compliance with matching fund requirements: Counsel should coordinate with finance and fundraising staff about the terms of governmental or foundation grants that require matching funding. Together they should establish appropriate levels of reserves to make sure that matching obligations are met.
Professional development is one of the most important tools for your career advancement. When most people hear that term, they immediately think about graduate or continuing education programs. While these are all good ways to advance your career, there are a lot more ways to develop your career skills.According to James Weinberg, founder and CEO of Boston, Mass.-based Commongood Careers, heading back to school is only one of the paths you can choose when it comes to professional development. At a recent conference hosted by the Nonprofit Technology Network (NTEN), Weinberg listed seven other things you can do to advance your career:
Two questions, the first one a multi-part: Who owns Benjamin Moore & Co., Fruit of the Loom, Geico and See’s Candies? (Answers below)
Well known author and illustrator Maurice Sendak passed away today at the age of 83 after suffering a stroke. While Sendak was best known for books such as “Where the Wild Things Are,” he also leaves behind a legacy of philanthropy.
The Internet has made background checks for potential employees simpler than ever. An organization only needs to visit the individual’s Facebook or other social media page, and they can find out everything they would want to know about them.
Newly unsealed federal court records show that the Highland Park, Mich. school district lost $170,000 to a fake nonprofit set up by a now indicted school board member.
Sometimes the best employment you can get is temporary. While they don’t offer the stability (or pay) that a full-time job, temp jobs can be very useful for your future career prospects. And, if you play your cards right, you can turn these positions into lasting employment.
One-third of charitable fundraisers in the United States and Canada responding to a survey reported 2011 salary increases of between 1 and 3 percent, about 10 percent reported increases between 4 and 6 percent, and about 15 percent reported an increase of 7 percent or more compared to 2010 compensation levels.
Rules are in place for a reason. They are meant to steer us away from practices that will ultimately do us more harm than good. As a job seeker, you are probably very aware of the many job search rules and you probably follow them. In the competitive economic environment we live in, however, some rules are meant to be broken.
David H. Koch, executive vice president of Koch Industries, has made his mark on National Museum of Natural History by donating $35 million to the Washington, D.C.-based museum.