A training initiative delivered by Fiscal Management Associates (FMA), a national consulting firm that strengthens nonprofit financial management, recently worked with ten organizations serving Newport County. The initiative was the brain-child of and funded by BankNewport and the van Beuren Charitable Foundation.
Under today’s economic strain, leaders of nonprofit organizations must be able to understand and effectively communicate their organization’s “financial story.” FMA Managing Director, Hilda Polanco led the three-part training for the leaders of ten local nonprofits, designed to help them assess their organization’s financial health, infrastructure, management capacity and strategies to communicate their financial condition. Participating nonprofits represented sectors that serve Human Services, the Environment and Arts & Culture. All sessions were held at BankNewport’s headquarters facility in the Aquidneck Corporate Park in Middletown.
“Nonprofits are a key part of the fabric of our community, and the higher functioning a nonprofit is, the better able they are to meet their mission and prepare for the future,” stated BankNewport Executive Vice President and Chief Lending Officer, Leland R. Merrill, Jr. “A key capacity for an effective organization is its ability to manage its finances and use financial information strategically.”
The training also provided an opportunity for the nonprofits’ board members to attend and gain insight into the focus areas for long-term sustainability, along with skill building to further strengthen the leadership team, activities to help develop and implement a best practices action plan, and community building within the ten organizations, allowing them to share common challenges and solutions.
The van Beuren Charitable Foundation, founded in 1986, is a family philanthropy that supports nonprofits dedicated to protecting and preserving the unique characteristics of Newport County and improving the quality of life for its residents.
BankNewport, founded in 1819 and currently holding $1.2 billion in assets, is an FDIC-insured savings bank and is a subsidiary of OceanPoint Financial Partners, MHC. Along with its financial partner, OceanPoint Insurance Agency, Inc., BankNewport is proud to serve the financial needs of customers from banking and insurance offices located throughout Rhode Island.