Philadelphia, PA—Vision Philadelphia is proud to announce the release of its latest paper, Nonprofit Financial Resilience: Six Collaborative Actions for Board and Staff, authored by a team from Nonprofit Finance Fund, including Chaya Scott, Kristine Alvarez, Chris Lisée, and Michelle Legaspi Sanchez. This paper provides nonprofit leaders with guidance on fostering financial resilience by leveraging the combined strengths of their board and staff.
The recent and sudden closures and staff cuts in Philadelphia’s nonprofit sector have had ripple effects in the city and region, leaving critical service gaps for vulnerable residents. Nonprofits contribute to the local economy and boost community well-being through healthcare, education, job training, and other high-impact services. As many nonprofits continue to face economic uncertainty and growing service demands, leadership teams and boards play a crucial role in securing their organizations’ financial health.
“Nonprofit organizations face unique financial challenges,” said Chaya Scott, Vice-President, Consulting for Nonprofit Finance Fund. “Our goal with this paper is to empower leaders to build strong, resilient organizations that can better navigate economic uncertainties and continue serving their communities effectively.”
The paper underscores the importance of organizational culture in achieving financial resilience. “Building trust and operating with transparency are foundational to nonprofit financial resiliency,” said Kristin Romens, director of The Pew Charitable Trusts’ Fund for Health and Human Services in Philadelphia. “A strong partnership between an organization’s board and its staff members can drive stability and enable better financial decision-making.”
Offering six recommendations, the paper aims to equip nonprofit leaders with practical tools. “The financial strength and resilience of our nonprofits has never been more important,” said Pedro Ramos, President of The Philadelphia Foundation. “These guidelines are just the beginning of what must be a robust and long-term partnership between nonprofit boards and their executive leadership.”
The paper is available for download today and is a part of an on-going series to explore promising solutions to improve the quality of life for all Philadelphians. To learn more, visit: www.visionphiladelphia.org.
About Vision Philadelphia
Vision Philadelphia is supported in part by the Barra Foundation, Neubauer Family Foundation, The Pew Charitable Trusts, The Philadelphia Foundation, Regional Foundation, Scattergood Foundation, Stoneleigh Foundation, William Penn Foundation, and United Way of Greater Philadelphia and Southern New Jersey. The opinions expressed do not necessarily reflect those of the organizations. As nonpartisan organizations, they do not grant permission for reprints, links, citations, or other uses of these papers in any way that suggests that the participating organizations endorse a candidate, party, product, or business.