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Nonprofit Finance for Hard Times
Nonprofit Finance for
Hard Times
Leadership Strategies
When Economies Falter

SUSAN U. RAYMOND, Ph.D.

With Contributions by
Michael P. Hoffman

John Wiley & Sons, Inc.

Copyright © 2010 by Susan U. Raymond. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

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Library of Congress Cataloging-in-Publication Data:

Raymond, Susan Ueber.
Nonprofit finance for hard times : leadership strategies when economies falter / Susan
U. Raymond.
p. cm.
Includes index.
ISBN 978-0-470-49010-5 (cloth)
1. Nonprofit organizations—Finance. 2. Nonprofit organization—Management.
3. Fund raising. I. Title.

HG4027.65.R396 2009 2009031704

658.15–dc22

Printed in the United States of America

10 9 8 7 6 5 4 3 2 1
 For colleagues, here and abroad,
who have encouraged this work.
With friends, everything is possible.
Without them, all is lost.
 Contents

List of Exhibits xi
List of Cases and Commentary xv
Preface xix
Acknowledgments xxi
About the Author xxiii

CHAPTER 1 Beginning at the Beginning: Public Charities on the

Economic Landscape 1
The Present Departs from the Past 2
A Complex and Poorly Documented Sector 4
An Economic Engine 7
Nonprofits as Masters of Their Own Fate in Economic
Turmoil 8

CHAPTER 2 Setting the Larger Stage: A Philosophy of Philanthropy 11

A Fundamental Question 12
Engagement as Differentiator 13
Passion and Leadership 14

CHAPTER 3 Philanthropy within Financial Structures: Defining

Overall Nonprofit Revenue 17
Sectoral Distinctions and Revenue Structure 19
Size Distinctions and Revenue Structure 29
Summary: The Prerequisite for Strategy Refinement
in Hard Times 31

vii
viii Contents

CHAPTER 4 Emerging Nonprofit Revenue Parameters:

Accommodating Change in the Interests of Stability 35
The Definition of a “Nonprofit” 36
Globalization of Economies, Leadership, and
Philanthropy 40
Technology: The Emergence of Social Networking 41
Demographics as Destiny 45
Summary 57

CHAPTER 5 Institutions Blaze New Trails: Innovations in

Philanthropic Financial Support Strategies 61
Traditional Foundation Giving 62
New Strategies for Supporting Societal Missions 65
Cause-Related Marketing 74
Capitalizing on Innovation: The Prerequisite of
Planning 77

CHAPTER 6 Does the Economy Matter? The Complexity

of Economic Cycles and Nonprofit Revenues 81
The Opportunity of Cycles 82
Nonprofits and Economic Change: Treating Mission
as a Sail, Not an Anchor 82
The Past Record of Private Contributions and the
Economy 84
Disaggregating Data for Deeper Relationships 88
Disaggregating to the Level of State Economies 90
A Note on Government Roles 95
Five Insights to Guide Strategic Directions 95

CHAPTER 7 A Systems Approach to Revenue Strategy 103

The Imperative of Letting Go: Paradigmatic Shifts 104
The Shifting Basis for Strategy 107
The Context of an Analytic Framework for Strategy 109
Proposed Analytic Framework to Organize Strategy 114
Populating the Framework 118
Contents ix

CHAPTER 8 Common Principles for Robust Strategy 121

A Note on Mission 122
Strategic Principle One: Value the People 123
Strategic Principle Two: Innovate 126
Strategic Principle Three: Expect and Accept Nothing
Less than Excellence 129
Strategic Principle Four: Passion Matters but So
Do Skills 132
Strategic Principle Five: Know Yourself 133

CHAPTER 9 Getting Down to Specifics: Strategy for Complexity 135

Understanding Movement within the Analytic
Framework 135
Expressive Philanthropy: Strategy Base =
Communicating Shared Values 137
Rising Expectations: Strategy Base = Evidence
and Interest Alignment 143
Quasi-Markets: Strategy Base = Competitive
Self-Reliance 151
Pure Markets: Strategy Base = Linking to Outside
Commercial Success 157
Crossing the Strategy Area Boundaries 161

CHAPTER 10 Prevent Where Possible, Cure Where Necessary:

Strategic Steps to Prepare for and Respond
to Economic Crisis 165
Steps to Prevent Organizational Crisis in Economic
Hard Times 166
Steps to Cure the Effects of Organizational Crisis in
Economic Hard Times 172
Final Comments: A Call to Leadership 175

CHAPTER 11 Reprise on Philanthropy: Why Bother? 177

CHAPTER 12 Making a Difference in the World by Aligning

Yourself with the Poor 181
Index 191
 List of Exhibits

CHAPTER 1 1.1 Change in Distribution of IRS Section (c)

Organizations by Type, 1991–2007 3
1.2 Distribution of All Types of Nonprofits 4
1.3 Number of Nonprofits, 1997 Projected to 2015 5

CHAPTER 3 3.1 Structure of Public Charity Revenue, 2004 18

3.2 Percent Increase in Public Charity Revenue
by Source, 1985–2004 18
3.3 Public Charity Revenue Structure by Sector, 2002 19
3.4 Year-over-Year Change in Health-Care Costs
Compared to Health Philanthropy, 1999–2007 23
3.5 Sources of Revenue—Private Higher
Education, 2006 24
3.6 Revenue Sources of Arts Organizations, 2004 28
3.7 Small Organization Distribution (Assets
Less than $500 Million), 2002 29
3.8 Large Nonprofit Concentration by Sector
(Assets Greater than $10 Billion), 2002 30
3.9 Revenue Structure of Smaller Nonprofits by
Sector (Assets Less than $500 Million), 2002 30
3.10 Revenue Structure of Large Nonprofits (Assets
Greater than $10 Billion), 2002 31
3.11 Percent Growth in Nonprofits and
Philanthropy, 1982–2007 32

CHAPTER 4 4.1 Nonprofit Unrelated Business Income, 1990–2004 38

4.2 Global Investment in Sustainable Energy
by Technology, 2006 39
4.3 Global Distribution of Nonprofits, 2000 40

xi
xii List of Exhibits

4.4 Percent Growth in Social Networking

Unique Visitors, June 2007–June 2008 44
4.5 Geographic Distribution of Social Networking
Visitors 45
4.6 Life Expectancy at Age 65, 1900–2003 46
4.7 Are Charities Going in the Right Direction
or the Wrong Direction? 48
4.8 Actions Taken Online by FLiP Survey Respondents 56
4.9 FLiP Survey Respondents Anticipated Giving
Reaction to 2009 Economy 56

CHAPTER 5 5.1 Distribution of Foundations and Giving

by Type, 2006 62
5.2 Percent Increase in Foundation Gifts
Received, 2005–2006 63
5.3 Annual Dollar Value of New Committed
Mission Investments by Foundations, 1968–2005 68
5.4 Mission Investment by Asset Class, 2001–2005 68
5.5 Average Size of Foundation Grant by Size of
Foundation 70
5.6 Cause-Related Marketing Expenditures,
2002 and 2008 76

CHAPTER 6 6.1 Year-over-Year Change in GDP Compared

to Change in Giving, 1966–2008 84
6.2 Growth Record for Private Giving at
Economic Recovery 85
6.3 Cash Contributions as Percent of Income by
Income Quintile, 1984–2007 86
6.4 Inflation-Adjusted Philanthropy versus
Return on Equities 87
6.5 Change in Individual Giving Compared to
Change in Unemployment Rate, 1968–2007 89
6.6 Annual Percentage Change: Foundation
Philanthropy versus S&P 500 90
6.7 Change in Gross State Product, 1997–2007 91
6.8 Change in Taxable Annual Wages, 2001–2007 92
6.9 Revenue Increase in Nonprofits with Assets
Less than $100 million, 1995–2008 94
List of Exhibits xiii

6.10 Change in Individual Giving by State, 1995–2005 94

6.11 Corporate CEO Views on 2009 Direction of
Corporate Giving 97

CHAPTER 7 7.1 Flow of Nonprofit Revenue, Traditional

and Nontraditional 111
7.2 Basic Analytic Framework 115
7.3 Revenue Populated Analytic Framework 119

CHAPTER 8 8.1 The Focus of Foundation Giving 127

8.2 In What Direction Do You Think the
Nonprofit Sector Is Going? 131

CHAPTER 9 9.1 Strategy Area A: Expressive Philanthropy 137

9.2 Strategy Area B: Expectations Increase 144
9.3 Strategy Area C: Quasi-Markets 152
9.4 Strategy Area D: Markets 158
9.5 The Progression of Crossing the Capacity Barriers 163
 List of Cases and Commentary

CHAPTER 2 A Public Health “Best Buy”: Neglected Tropical

Disease Control 15
Kari Stoever, Managing Director
The Global Network for Neglected Tropical Diseases

CHAPTER 3 The Importance of Long-Term Partnerships:

The Case of Secure the Future 21
John Damonti, President
Bristol-Myers Squibb Foundation

CHAPTER 4 Building Out from Local Leadership: The Cambodian

Countryside Development Foundation 42
Josh Moore, Co-Founder and Executive Director
The Cambodian Countryside Development
Foundation
Harnessing the Web to Message 43
Ron Nabors, Chief Executive Officer
CBM-US
Hispanic Leadership and American Philanthropy 49
Governor Sila M. Calderon, Past Governor of
Puerto Rico
Chair, the Center for Puerto Rico
Muslim Philanthropy: Local Tradition Evolves to
Global Presence 51
Sara Shroff, Director
Changing Our World, Inc.
Young People Ascendant: The FLiP Story 55
Elisabeth Anderson, Lyndsay Reville, and
Divine Tabios
Changing Our World, Inc.

xv
xvi List of Cases and Commentary

CHAPTER 5 Philanthropic Collaboration Leads to Economic

Development: The Case of Action Greensboro 66
Leonard and Tobee Kaplan, Founders
Cathy Levinson, Executive Director
The Toleo Foundation
Selling the Vision: The Voice of Social Enterprise 70
Stephen Satterfield, Co-Founder
P. J. Bullock, Co-Founder
ISAW
Challenging Models to Create New Opportunities 75
Susan Smith Ellis, Chief Executive Officer
(RED)

CHAPTER 6 The Responsibility of an Investment Manager 96

Morgan Stanley Foundation and Endowment
Services Coverage Team
James W. Burns, Managing Director
Cheryl MacLachlan, Executive Director
Stephanie A. Whittier, Executive Director
Christine L. Galib, Client Coverage
Lauren J. McDermott, Client Coverage
Balancing Mission and Financial Strength 99
Thomas J. Moran, Chairman, Concern Worldwide
U.S.; Chief Executive Officer, Mutual of America

CHAPTER 7 The Tsunami after the Perfect Storm 105

Stephen Woods, Executive Director
Open Hand
The Transition of Nonprofits to Microfinance 110
Patricia Tyre, President
Pacific Global Investments, LLC
Planned Giving: The Nonprofit’s Salvation in
an Economic Downturn? 113
Mary Beth Martin, JD, Senior Managing Director
Jonathan Gudema, JD, Managing Director
Changing Our World, Inc.
List of Cases and Commentary xvii

CHAPTER 8 Assigning Value to Vision: The Critical Role of

Communications in a Down Economy 125
Leslie Tullio
Brodeur Partners
Changing the Focus from Dollars Raised to
Community Impact 128
Gordon Campbell, President and CEO
United Way of New York City
Leadership and Change 130
Pattie Sellers, Editor at Large, FORTUNE;
Chair, Most Powerful Women Summit
CHAPTER 9 The Evolution of Revenue Diversification:
A Hypothetical Case of the Oak Street Soup
Kitchen of Rivertown
Part I: The Beginnings 139
Part II: Years of Change 146
Part III: Big Decisions 153
Part IV: The Final Hurdle 159
Part V: The Consequence: Was Mission the Price? 162
Susan Raymond, Ph.D. Executive Vice President
Changing Our World, Inc.

CHAPTER 10 Valuing the Commitment of Young People in

Philanthropic Strategy: Friends of Litewska
Children’s Hospital 168
Jennifer Raymond, Ph.D. Candidate
Georgetown University
 Preface

he two most important considerations for any organization faced with

T scarce resources are efficiency of operations and effectiveness of effort.
This is (or ought to be) as true in the nonprofit as it is in the commercial
sector. As this book vividly points out, however, the past decades of change
and growth among American nonprofits has created a serious problem for
the sector.
On the one hand, the strength of nonprofit and philanthropic activity
is its breadth. The nation’s 1.2 million nonprofits address an extraordinary
sweep of societal needs, from storefront clinics to cancer research, from the
air quality of a small town to the astrophysics of the universe. Nothing is
too small, and few things are too large, for the efforts of nonprofits.
On the other hand, that very strength is itself an emerging weakness.
Proliferation of organizations has led to duplication, replication, and fears
of inefficiency. The growth of philanthropy has not kept pace, and many
(perhaps most) nonprofits find increasing competition for resources. In an
economic crisis, such as that of 2008–2009, severe resource constraints make
the social price of inefficiency exceedingly high.
What is needed is entrepreneurial innovation in the way we are
organized and in the way we work. Philanthropies and nonprofits must
seek ways to cut through duplication and find collaborative synergies.
The emphasis must be on demonstrated effectiveness and efficiency. That
demonstration, in turn, will trigger an outpouring of even more philanthropy
as people come to trust that every dollar is being put to work to its highest
value for the purpose of solving problems.
It is a challenge to constantly emphasize maximum value of the invest-
ment dollar in the commercial sector. It is even more of a challenge in the
nonprofit sector where clear measures of alternative social returns to the
use of a philanthropic dollar are often not clear and are usually not shared
among competing organizations. But always, and even more in times of
economic difficulty, when demands are great and resources are limited, that
hard job must be undertaken with dedicated diligence.
Nonprofit Finance for Hard Times documents the evolution of non-
profit and philanthropic institutions in the United States. It emphasizes that

xix
xx Preface

preparing for economic difficulties is not a task to be undertaken in crisis; it

is a constant responsibility that flows from the core purpose of nonprofits to
address our common needs. Nonprofit Finance for Hard Times teaches that
constant attention to value, constant engagement of community, and con-
stant reexamination of effectiveness is the only pathway to sustainability. It is
also the only way to keep faith with those who lend not just wealth, but their
most precious commodity—time—to the betterment of our communities and
our nation.

William I. Campbell
Senior Advisor
JPMorgan Chase
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