Exploring the Effects of an Abbreviated Intervention on Improving Financial Management for Youth-Serving Organizations
In 2009, The Wallace Foundation launched the Strengthening Financial Management (SFM) initiative, a comprehensive multi-year intervention to improve the financial stability and planning of 26 nonprofit Chicago organizations that were providing afterschool programming. A new report by the management consulting firm CFAR Differences a Day Can Make: Exploring the Effects of an Abbreviated Intervention on Improving Financial Management for Youth-Serving Organizations examines the effectiveness of a one-day workshop and series of webinars offered to nonprofits by the consulting firm FMA as part of the SFM initiative.
The report finds that a single seven-hour workshop can help nonprofit leaders confront common financial dilemmas and encourage them to share insights and expertise. It cautions, however, that the impact on the financial outlook of participating nonprofits is likely to be modest unless they make a sustained effort to change their culture and practices.