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In the midst of widespread panic about the economy comes some measured advice for nonprofit managers. In an on-demand webinar Hilda Polanco, managing director of Fiscal Management Associates, and Kristin Giantris, vice president of Nonprofit Finance Fund, outline practical steps for surviving these trying times. They say nonprofit leaders can take action in the following ways:
Know how much cash, credit and savings the organization has.
Talk regularly to their bankers.
Prioritize programs based on how well they match the nonprofit’s mission and how much income they generate.
Consider ways to partner with other groups to consolidate programs or reduce administrative costs.
“Current times have called for drastic changes in our strategic and everyday action plans,” says Polanco, managing director of Fiscal Management Associates. The webinar—originally a workshop sponsored by the Clark, Robin Hood and Tiger foundations—is accompanied by a host of tools, including a recession checklist, a list of questions to discuss with bankers and strategies for cutting costs.