Income - Aventri...Income Larry Clark, Michael Corley, Mike Oxman l 06.18.19. Twitter ......
Transcript of Income - Aventri...Income Larry Clark, Michael Corley, Mike Oxman l 06.18.19. Twitter ......
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#AgeAction2019 | #WeAgeWell
Nonprofit is a Tax Status, Not a Business
Model…Why NPO’s Should Care About Earned
IncomeLarry Clark, Michael Corley, Mike Oxman l 06.18.19
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• @ThePattersonFdn
• @Margin_Mission
Hashtags
• #TPFMarginMission
• #EarnedIncome
• The Patterson Foundation
• No Margin, No Mission
Websites
• www.thepattersonfoundation.org
• www.nomarginnomission.org
GET CONNECTED
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LET’S MAKE NOISE
Hear something you like?
• Click!
• Click!
• Click!
…WE CAN’T HEAR YOU!
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Michael Corley
Senior Consultant for Administration
The Patterson Foundation
Larry Clark
Managing Partner, Principal
No Margin, No Mission
Michael Oxman
Managing Partner, Principal
No Margin, No Mission
INTRODUCTIONS
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GLAD TO BE HERE
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PURPOSEFUL PARTNERING
Leadership
Willingness
ReadinessCapacity
Culture
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EMBEDDING CHANGECEO/Executive Director
Board
Volunteers
Staff
Donors
Beneficiaries
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No Margin, No Mission
• We believe in the power of entrepreneurial thinking combined with business practices to help nonprofits do well and do good.
– We work in close partnership with The Patterson Foundation to help strengthen nonprofits.
ABOUT NMNM
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Encourage entrepreneurial spirit and thinking
• Understand the importance of revenue diversification
• Learn how earned income can contribute to your organization’s thrivability
• Apply earned income principles to your organization
TODAY’S GOALS
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Tuesday, June 18th
1:00 – 2:00pm• Diversified revenue• Earned income • Case studies• Your earned income
opportunities• How to evaluate the
opportunity• Are you “positioned” to
diversify revenue? • Mini action plan• Wrap up
AGENDA
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“Helping people doesn’t have to be an unsound financial strategy.”
--Melinda Gates
DO GOOD & WELL
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An initiative of The Patterson Foundation
• Designed to help nonprofits increase their thrivability:
– Grow entrepreneurial capacity
– Boost revenue
– Heighten mission impact
THRIVABILITY
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Earned income journey
• 2 informational webinars
• 4 earned income learning labs
• A process to participate in intensive 1:1 consultation and technical assistance
• Business plan development
• Business plan implementation
• Post implementation monitoring and tracking
UNIQUE OPPORTUNITY
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• 2+ year initiative
• Numerous nonprofit organizations
• Extensive vetting
• 3 Phases:
– Business plan development
– Business plan implementation
– Post-implementation tracking
THE JOURNEY
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• How would you describe the current environment for nonprofits?
CONTEXT
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• Decreased funding
• Increased need for services
• Challenging economy
CHALLENGING
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• In this challenging environment, it’s not business as usual
• Developing a model for thrivability is critical
SUSTAINABILITY
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• Without diverse revenue streams, organizations are vulnerable
– At risk if more than 30% of funding is coming from a single source
DIVERSE REVENUE
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Definition
• Having multiple forms of income, without relying on any one single source for an organization’s financial livelihood
– A means to reduce financial risk
DIVERSE REVENUE
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• Grants
– Philanthropy
– Government
• Donations
– Individual
– Corporate
• Fundraisers
• Earned Income
REVENUE FORMS
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• Where does your revenue currently come from?
YOUR REVENUE
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• We’ll focus on 1 way to diversify revenue
– Earned income
YOUR REVENUE
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What is it?
“Payments received in direct exchange for a product, service or privilege.”
-Social Enterprise Alliance
EARNED INCOME
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What isn’t it?
• Donations
– Time
– Money
– Stuff
• Grants
EARNED INCOME
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Why is it important?
• Increases entrepreneurial capacity
• Boosts revenue
• Heightens mission impact
EARNED INCOME
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• Is earned income
taxable?
EARNED INCOME
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• Mission-related– Tax exempt
• Non-mission related– Taxable
EARNED INCOME
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Three types
• Products, services, privileges
• Capital (Facilities & Investments)
• Intellectual assets
EARNED INCOME
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Products, services, and privileges• Trainings and workshops• Educational materials• Retail operations• Food service• Consulting & technical assistance• Membership• Events• Software• Books• Data and analysis
EARNED INCOME
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Products, services, privileges: Retail Store
EARNED INCOME
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EARNED INCOME
Products, services, privileges: Home Cleanout Services
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EARNED INCOME
Products, services, privileges: Online store
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Capital • An asset; wealth in the
form of property or money, accumulated or used in a business by a partnership, corporation, or individual.
EARNED INCOME
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Capital: Venue and space rental
EARNED INCOME
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Intellectual assets• The skills, knowledge,
and experience of staff that a nonprofit can use.
EARNED INCOME
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Intellectual assets: Consulting and Technical Assistance
EARNED INCOME
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• The goal should be to maximize margin and mission whenever possible!
MATRIX
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Margin
MATRIX
High MissionLow Margin
High MarginHigh Mission
Low MissionLow Margin
Low MissionHigh Margin
$
Mis
sio
n
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SUCCESS STORY
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• Considered 3 earned income possibilities:
• Therapies
• Physical
• Speech
• Occupational
• Adult day services
• Consulting services
SUCCESS STORY
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Prioritized earned income opportunities based on selection criteria:
• Market need and demand
• Revenue stream to support it
• Operational ease
• Speed to market
• Margin contribution
• Mission contribution
SUCCESS STORY
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SUCCESS STORY
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Adult Day Services
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• Process:
– Developed business plan
– Raised startup capital
– Hired and reassigned staff
– Update website
– Developed marketing and communications
SUCCESS STORY
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• Projected revenue and net profit
– Year 1: $512K / $113K
– Year 2: $646K / $68K
– Year 3: $761K / $89K
SUCCESS STORY
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What are some earned income opportunities for your organization?
POSSIBILITIES
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• 2 minutes to share about your organization
• The group provides “Rapid Fire” earned income ideas
RAPID FIRE!
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You have a potential earned income idea…
• What do you do with it?
SO NOW WHAT ?
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Make sure your organization is ready for earned income
• Leadership– Engaged & Committed CEO/ED + Board
• Willingness– Strong Desire & Enthusiasm
• Readiness– Prepared to Take Action (Staff, Donors,
Volunteers)
• Capacity– Available Resources
• Culture– Entrepreneurial Spirit
& Open to Change
ASSESS READINESS
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Develop a business plan
• It is critical to success!
“If you don’t know where you’re going, you’ll end up someplace else”
--Yogi Berra
IF YOU’RE READY…
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Your homework…• Educate yourself and others
in your organization
• Brainstorm ideas for products and services
• Assess readiness (LWRCC)
• Create a list of possible funders to invest in an earned income effort
TAKE ACTION
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Encourage entrepreneurial spirit and thinking
• Understand the importance of revenue diversification
• Learn how earned income can contribute to your organization’s thrivability
• Apply earned income principles to your organization
TODAY’S GOALS
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• One “aahaa” moment:
_________________
• One “must do” task this week:
_________________
VALUE & ACTION
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We appreciate your participation!
THANK YOU
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Larry Clark
Managing Partner, [email protected]
253.732.5251
Michael Oxman
Managing Partner, [email protected]
CONTACT
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