National Summit: Day One Summary for Financing Track
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National Summit: Day One Summary for Financing Track

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Summary of the financing track for the National Summit for the Charitable and Nonprofit Sector.

Summary of the financing track for the National Summit for the Charitable and Nonprofit Sector.

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National Summit: Day One Summary for Financing Track National Summit: Day One Summary for Financing Track Presentation Transcript

    • TRACK TWO SUMMARY: SUSTAINABLE & DIVERSE FINANCING
    • November 29, 2011
    • Need multi-year funding (three plus years)
    • No core funding
    • Not much funding for innovation
    • Approval process too slow – money comes in late
    • Risk mitigation – standards vary & paying at the end – shift risk taking to non-profit sector
    • Competitive – pits organizations against each other
    • Excessive reporting requirement
    Issues: Grants & Contributions
    • Clauses that prevent advocacy
    • Risk that you would drift from your mandate in order to “fit” the program
    • Better understanding of in-kind contribution, expectations and purpose
    • A lack of internal communication between ministries & different levels of government is a hindrance to determining the most effective distribution of funds
    • Rules constantly changing
    • Need more information on available grants
    Issues: Grants & Contributions
  • Outcomes & Actions: Grants & Contributions
    • DESIRED OUTCOMES
    • Multi-year funding based on policy outcomes, including all costs with standard applications and reviews (34%)
    • Standardized reporting system on how money is spent (20%)
    • On-going dialogue with governments on common issues and new models of cooperation (16%)
    • ACTIONS
    • Presentation to the Treasury Board by Imagine Canada and ability to articulate a process to work towards
    • Multi-Year Funding Agreements:
      • Test with a government that is interested (e.g. Calgary mayor) in this model
      • Use the results as an evidence based example of how this with other governments and other partners
      • Imagine to start dialogue with feds on this idea
    • Other actions?
    • Barriers to earned income
      • Risks
      • Adverse regulatory environment
      • Donor objections
      • Government structure not conducive to entrepreneurship
      • Lack of Venture Capital
    • Need access to resources to develop sensible and sustainable strategy. Including regulatory environment, monitoring risk, & governance
    • Earned income focus can distract from mission (i.e. “mission drift”)
    • The more earned income you get, the more infrastructure you need – often different infrastructure from doing your mission work
    • The sector lacks an entrepreneurial spirit and access to venture capital
    Issues: Earned Income
  • Outcomes & Actions: Earned Income
    • DESIRED OUTCOMES
    • Better CRA regulations that support social enterprise/social finance (31%)
    • More contact between sectors on social finance, eg, non-profits, business, financial institutions, government (22%)
    • Better board knowledge of sector financing including new social finance possibilities and risks (15%)
    • ACTIONS
    • Advocate with CRA and the government about the importance and benefit of social finance & social enterprise
    • Work with Federal bureaucracy to ensure policies will actually allow/encourage social finance & social enterprise activities
    • Sharing / scaling successful innovative funding initiatives
    • Develop a primer and/or low-cost consultation or website for organizations that are contemplating social enterprise
    • Work with government and foundation partners to create capacity building grants to improve earned income activities
    • Design training materials for Boards
    • CRA needs to spend more energy on educating the sector about the rule and this increased vigilance.
    • Need consistent definitions of “fundraising” vs. administrative costs
    • Can Facebook, the new community, provide the modern day collection plate
    • No recognition of the need for operating funding
    • Economic downturn and stock exchange vagaries have negative impact on giving
    • Impact of media stories: resulting in decreased trust in charities
    • Competition from public sector institutions
    • Long & onerous process to nurture relationships that lead to a donation
    • Donors are giving only to the specific outcome that they want: they are not giving to good of mankind but to the good of "my kind”
    Issues: Philanthropy
    • Need training on pathways to philanthropy
    • Need better tax incentives
    • Lot of untapped potential money
    • How to get rich Canadians?
    • How to harness New Canadians contributions to mainstream charities?
    • There needs to be more public education on importance of and need for qualified professional staff
    • There are a large no.’s of charities operating in rural settings: hard to attract donors and get voices heard
    Issues: Philanthropy
  • Outcomes & Actions: Philanthropy
    • DESIRED OUTCOMES
    • Better perception by the public of charities and non-profits and of their positive impacts on society(32%)
    • Stretch tax credit and capital gains exemption for gifts of real estate in budget (22%)
    • Foundations fund operating expenses (18%)
    • ACTIONS
    • Lobby Finance Committee, MPs, members of Cabinet
    • Collective of charities should get together to build a campaign (awareness campaign with advertising, earned media, social media) to promote giving (i.e. Participaction, Acts of Kindness)
    • Create alternative ranking systems to Charity Intelligence
    • Develop shared metrics for charities, sensitive to size, maturity & place
    • Create an Imagine communication committee
    • Identify the Canadian Bill Gates who will champion other similarly wealthy folks who will do real 'philanthropy'
  • Issues: Financial Literacy
    • Limited understanding among old and new board members of agency finances
    • Size of organization has much impact on internal capacity for:
      • Earned income
      • Understanding CRA
      • Understanding financials
      • Reporting & accountability
    • Others that need increased financial literacy
      • Donors (i.e, how much it actually costs to do our business)
      • Program managers in government who work with non-profits
  • Outcomes & Actions: Financial Literacy
    • DESIRED OUTCOMES
    • More resources for increased financial literacy for non-profits, boards, auditors and civil servants who deal with non-profits (38%)
    • More learning about non-profit sector in business, schools, CA courses, auditor training, civil service, law school & banking(28%)
    • Imagine Canada produce financial literacy resources especially for non-profit Boards (24%)
    • ACTIONS
    • Create a national inventory of organizations available to provide financial literacy resources and assistance
    • Produce a or series of YouTube tutorial(s) and/or webinar(s)
    • Engage financial institutions to provide internships and work experience in the sector to identify learning into financial management in the sector.
    • Sector-led consultation with CRA about barriers to providing clear guidelines and written responses.
    • Explore offering continuing education credits or some other recognition program for service or learning opportunities.
    • Look at Australian example of a "translation" manual that defines and clarifies terminology