February 12 will launch the BNY Mellon “Ready to Compete” project, with 10 nonprofits making up the inaugural cohort. Our second cohort will launch in April, and we’re looking for more nonprofits who are looking to address two key areas of nonprofit management: finance and human resource (HR) management.
Like all work at the Bayer Center, this program will employ best practices and be custom to each organization. Thanks to the generosity of BNY Mellon, the cost of these engagements valued at $6,500 are just $500 per organization.
Applications to participate in round 2 will be available in mid February with applications due in early March. If you would like to receive an application, please email Carrie Richards at firstname.lastname@example.org.
This thoughtful application and selection process will ensure selection of organizations to create a cohort ready to make full use of the expertise offered. Consultants will work carefully to identify the most significant challenges and put the right tools and team to work to resolve them. Each agency in the cohort will begin by completing a comprehensive assessment and be provided consulting support to analyze the findings. One or two urgent issues will be identified and resolved by our consulting team. The product of each engagement will be a roadmap of the particular issues facing the agency, ordered in priority, and a concrete solution to one or two of the most urgent.
Since we also believe in peer learning to lessen the isolation endemic to small organizations, each cohort will convene twice to share their lessons learned and to forge relationships.
Possible issues in finance may include
- Developing a cost-centered budget
- Better management of cash flow
- Creating necessary internal controls
- Assessing financial risks and equipping the board to provide proper oversight
- Working with board and staff to review annual audits and 990s
Possible issues in HR may include:
- Developing a performance management system that fosters values and culture
- Writing job descriptions, screening and interview guidelines
- Compensation studies
- Guidance to boards facing executive transition
The outcome of this investment will be twenty-five more capable, stable organizations that are equipped to deliver high quality services because their internal house is in better order. In short, this program will help to insure that these agencies are Ready to Compete!