Once Again: Can A Mission-Driven Nonprofit Be Blindsided?
March 10, 2015|By Tom Thornton
Strange to say, a nonprofit organization and Board can become too dedicated to its mission! Such overzealousness can cause them to overlook opportunities for strategic change. For example:
Nonprofit boards and their organizations offering mental heath counseling services are aware that new pharmaceutical therapies will certainly reduce the need for face-to-face counseling. They need to balance their current and long-term efforts to accommodate the progress that is being made in the pharmaceutical field.
Tom brings over 15 years of experience with software solutions for not-for-profit and public sector organizations as part of Micro Information Products, Sage and nFocus Software. Tom’s extensive industry and operational experience allow him to guide the overall execution of all aspects of JMT’s business including Marketing, Sales, Delivery and Support.
In addition to his experience in professional services, sales, and business development with software solutions, Tom was Director of Product Management for Sage Software, where he was responsible for new product development for all of their nonprofit accounting and fundraising solutions. Under Thornton’s leadership, Sage MIP Fund Accounting received three consecutive Campbell Awards recognizing MIP’s extremely high user satisfaction.
Last August, the Financial Accounting Standards Board (FASB) announced some major changes to accounting rules titled, “Presentation of Financial Statements of Not-for-Profit Entities.” By implementing these changes, the FASB hopes to bring increased visibility into nonprofit financial statements, what goes into the statements, and how the statements are presented. While this shouldn’t be a surprise…
The Children’s Tumor Foundation (CTF) has never set its sights small. The organization was inaugurated in 1978 with the mission to end neurofibromatosis (NF) – a genetic disorder that causes tumors to grow on nerves, leading to a variety of debilitating conditions. Though considered a rare disorder, NF affects 1 in every 3,000 babies born,…
For the first time in over 20 years, there will be considerable changes in the way nonprofit organizations are required to prepare and present financial statements. On August 18th, 2016, The Financial Accounting Standards Board (FASB) issued Accounting standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958), Presentation of Financial Statements of Not-for-Profit Entities. The goal…
Many nonprofits walk a razor-edge financially. Nonprofits address society’s most difficult issues, compete for limited funding and struggle to find and keep qualified staff to run their organization. A new report by Oliver Wyman, SeaChange Capital Partners, and GuideStar, which examines the finances of more than 219,000 U.S. nonprofits, reveals sobering realities: Around 50% have…
