From The Wall Street Journal: ‘Financial Know-How for Nonprofits Online’


The Wall Street Journal spotlights, Wallace's just-launched website to help nonprofits strengthen their financial management muscle, in an article featuring one of the newspaper's signature dot-ink "stipple" drawings – of Wallace President Will Miller. The story notes that StrongNonprofits grew out of Wallace's experiences in working to boost after-school efforts in cities. "It became a theme that the lack of understanding of the financial realities of their own organizations was one of the things impeding [after-school organizations] from becoming sustainable, successful, mission-fulfilling nonprofits," Miller told The Journal. To test a possible solution, the article says, Wallace in 2009 began providing financial management training to a group of Chicago nonprofits that run after-school programs. The new site, which emerges from that project, "is a way to share lessons learned more broadly and, at the same time, help nonprofits that might never receive a direct grant from the foundation," the article says.

A story in The Chronicle of Philanthropy highlights the new site's Go or No Go? questionnaire, designed to help nonprofits figure out whether a proposed contract will end up helping or hurting their bottom line. It quotes Sharon Clark, a Wallace director, as saying: "The tool asks organizations in a very thoughtful way, involving the program staff, involving the financial staff, involving the executive director, to say, Let's really go through and see if this does make sense for our organization."