Ministry Banking Update
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- Jocelin Booker
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1 Courageous Leadership in Challenging Times Ministry Banking Update CLA Church Leaders Summit April 2010
2 Courageous Leadership in Challenging Times
3 Session Overview Financial institution (FI) industry update What can we expect in the future? How should we respond now?
4 Economic Status GDP rose in the 4 th quarter of 2009 Unemployment (U.S.) is 9.7% (Mar 2010) Jobs = Income = Economy
5 Economic Status
6 Financial Institution Update Credit Markets Liquidity availability Lending to non-profits Likely long-term impact
7 Financial Institution Update Bank/Credit Union Failures 207 banks & 19 credit unions have closed from January 2009 April 2010 Comparison of Savings & Loan Crisis (745 thrifts closed in 1980s) During 1930 s 9,000 bank failures FDIC/NCUA status
8 Financial Institution Update Do I Need to Monitor My FI? Key indicators of FI health: Profitability Capital Asset Quality Websites for doing self-checks: Banks FDIC: Find a Bank ( Credit Unions NCUA: Find a Credit Union (
9 Financial Institution Update What Else Should I Know? Protecting your ministry and donors from fraud What s new from your financial institution?
10 Courageous Leadership Learning from Our Member Ministries Issues that have proven to be significant during the recent recession: Management issues Building project issues Transparency issues The #1 thing we ve learned
11 Courageous Leadership Learning from Our Member Ministries Management Issues Failure to identify the problem Failure to take action to solve the problem Failure to seek expertise in navigating through the problem Failure to manage stress within the leadership team
12 Courageous Leadership in Challenging Times
13 Courageous Leadership Learning from Our Member Ministries Building Project Issues Expectations that current project will deliver similar results as past campaigns Relying on the concept if we build it, they will come Committed donors reducing unrestricted giving to give to the project Not fully understanding or planning for additional costs that come with expansion
14 Courageous Leadership Learning from Our Member Ministries Transparency Issues Some evidence that communication to board, staff, and donors has not been forthright Fear that communication regarding challenges will drive stakeholders away
15 Courageous Leadership Learning from Our Member Ministries #1 Issue LIQUIDITY! Inadequate planning Confirmed by a correlation study conducted on ministries in trouble Insufficient level of cash reserves (Or is it Management?)
16 Courageous Leadership What Else Should I Know?
17 Courageous Leadership Four Financial Priorities Focus on What is Important Ensure financial integrity Maintain adequate liquidity Maximize cash inflows Leverage assets
18 Courageous Leadership Ensure Financial Integrity What things come to mind when we talk about Financial Integrity? Accuracy Funds used for restricted purposes Transparency Eliminate waste Accountability to others Internal controls Segregation of duties Dual custody Getting funds to the right party Internal & external fraud
19 Courageous Leadership Maintain Adequate Liquidity Why Liquidity is Needed Planned Expenses (Transaction Requirements) Unplanned Opportunities (Speculative Requirements) Unplanned Expenses and Events (Precautionary Requirements)
20 Courageous Leadership Maintain Adequate Liquidity Where do you start? Create a cash flow forecast Calculate total liquidity needed
21 Courageous Leadership Maximize Cash Inflows How easy is it for donors to give? Focus on ways to make it easy, convenient and support automatic, recurring donations Understand your actual flow of cash and maintain effective financial management practices Make the most of your banking tools.
22 Courageous Leadership Leverage Assets How to best use your physical assets creative use of campus and other resources Concentrate funds whenever possible Increases the usefulness of your available funds Increases your return on funds Reduces time spent managing accounts and relationships Maintaining fewer accounts is generally beneficial
23
24 The glass is neither half empty, nor half full, Hargrove. The glass is too small.
25 Top 8 responses: Courageous Leadership What Others Are Doing? 52% reduced travel 44% froze any raises 43% cut overall budget (median cut 10%) 36% instituted a hiring freeze 29% reduced or eliminated training expenses 28% froze infrastructure expenses 28% reduced full-time staff 27% reduced, eliminated or delayed outside consulting Source: Economic Outlook Survey CLA Research by J. David Schmidt & Associates, April 2009
26 Budget Considerations Revenue Achieve adequate liquidity Explore any and all funding sources Budget for income first Expense Personnel Costs People Matter! Utilize zero-based budget Set a tight budget Accountability Establish a cadence of accountability to a specific group Ways to ensure accountability: Implement cash forecasting discipline Create reports and distribute periodically to accountable body Monthly reviews of budget Consider and plan clear communication to stakeholders
27 2011 Budget Considerations
28 What Else Should I Know?
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