Weak financial management can hinder even high-performing nonprofits, including afterschool organizations. This two-part study examines a Wallace Foundation project to help build the financial muscle of 25 leading afterschool providers in Chicago. Participating organizations received financial management training and peer networking opportunities, using one of two models that differed in both intensity and the balance of individual vs. group-based training and support. Each model produced long-lasting improvements.

 Points of Interest

  • Three practices are essential to a nonprofit organization’s financial health: an understanding of the true cost of all programs; ongoing monitoring of the financial status of both individual programs and the organization as a whole; and meeting expenses in a timely manner.
    3 keys to #strongnonprofits: understanding full program costs, tracking program finances, meeting expenses promptly.
  • An effort to train 25 afterschool nonprofits in financial management skills succeeded in helping all but two strengthen their financial practices, and the improvements persisted after training ended.
    Financial management training helped 23 of 25 #afterschool #nonprofits strengthen their financial practices.
  • After receiving financial management training, leaders of nonprofit afterschool organizations reported that better financial practices led to better program planning and management, plus improved organizational stability.
    Study: Leaders of #afterschool nonprofits say financial mgmt training boosted program mgmt, organizational stability