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Sponsor Insight

Mar 14

Achieve better board engagement through training

By Sponsor Insight

by Jodi Snell, senior consultant, Hedges

The most common pain point we’re hearing about from the nonprofit community is how to increase board engagement. Despite good intentions, some board members are struggling to make in-person meetings work with their back-to-the office schedules, others turn off their video and multi-task during board meetings, and yet others have a hard time following-through with assigned tasks. In a world where there is never enough time, and we all have competing priorities, the need to focus on what is essential has never seemed more important.

So, the question isn’t just how do we engage our board, but how do we engage our board in its most essential functions? At Hedges, we have found the key to engaging board members in the ways they’re needed most comes through effective training and setting clear expectations. If board members don’t know their responsibilities or how to execute those responsibilities, then successfully engaging as a board member will be quite the challenge.

When we onboard new staff, we are mindful of making sure that expectations are clearly communicated and that staff are adequately trained to meet those expectations. The same should be true for board members of our organizations. Based on our experience in educating board members through our work with nonprofit organizations and in our Lead with Purpose Board Training Series, we find the following three items to be at the core of successful nonprofit board education:

  1. Prioritize board training and onboarding. Prioritizing board training and onboarding is as important as prioritizing the training and onboarding of your staff members. This prioritization can happen in different ways. The first way to prioritize board training is to instill a culture of learning for the organization, including the board. This culture gives board members permission to seek information, not have all the answers, and know they will have access to the information necessary for them to engage in their key responsibilities. The second way is to allocate appropriate financial resources to provide initial and ongoing education opportunities for board members. Whether those resources are used for individual members to attend different workshops in the community or to bring in a third-party to provide training to the full board, prioritizing financial resources will be important to ensuring access to the best practice knowledge they need. The third way to prioritize board training is to allow realistic time for members to be trained and onboarded. Often board onboarding is done over one short meeting or even a document provided electronically via email. Whether it’s setting aside a full day, a couple of hours, or part of a board meeting, providing time for board members to receive training is key to successfully educating the board.
  2. Create a partnership between the Board and the Executive Director. The misconception that the board should be managing the Executive Director creates a tenacious power dynamic. When the board is trained and onboarded in a way that helps them to understand their valuable and distinct role as a board member, it is much easier to build a productive partnership between the Executive Director and board. This partnership can be built on shared leadership and learning where the Executive Director and the board lead together and learn from each other. In this shared leadership and learning, meaningful conversations and trust build making it easier to operationalize board governance best practices. Additionally, a board that is trained and that doesn’t have to be managed empowers the Executive Director to focus on their unique role in leading the organization to success rather than spending time “managing up.”
  3. Continually assess the board to understand their strengths and needs. Just like professional development for our staff members is ongoing process, learning for our board members should be continuous. Board training is not just a one-time event, but an ongoing component of healthy governance. As a start, it is good practice to train new board members during board orientation as they join your organization. In addition, it is good to provide the opportunity for board members to assess themselves and identify areas for continued learning. This can happen through a formal board self-assessment, a simple board survey, or a conversation between the Executive Director and board members to understand:
  • How well do they think they are executing their responsibilities as individual board members and as a full board?
  • What needs or questions do they have about their role as a board member?
  • Do they feel they have received enough training to engage in an effective way?
  • Do they find this experience to be meaningful to them and what could make it more meaningful?

By understanding these things, continual education can be provided to the board in the topics where they need the most support. Fundamentally, board members should receive consistent training and “refreshers” on general information about the organization, like your vision and goals; the basic responsibilities of board membership; how to best engage in fundraising; how to recruit, onboard, and offboard members; and the purpose of committees, and what it means to keep committees active and effective. However, having the board assess itself regularly creates time for reflection and gives board members an opportunity to identify where they might need to focus individually and as a board to maximize their efforts for the organization.

In our 20 years of experience in nonprofit advising, our team at Hedges has learned that board engagement is critical to an organization’s success. An engaged board is a trained board, and board training is a constant, ongoing process. If you’re spinning your wheels wondering: “Why is my board struggling to engage in its essential functions?” consider implementing the three steps we’ve outlined above.

Want additional support? Encourage your Board members to join our next Lead with Purpose Series, offered from August through November 2022. For more information visit: https://www.hellohedges.com/training/.

Jodi Snell is Senior Consultant at Hedges and a BoardSource Certified Consultant who loves to empower board members on how to be most effective in their roles. With a passion for educating and training, Jodi works closely with organizations to lend her expertise related to board governance, fundraising, and strategic planning.

Mar 07

Nonprofit expo returns in person to connect organizations with students

By Sponsor Insight

by Leslie Wells, assistant director of communications, Paul H. O’Neill School of Public and Environmental Affairs at IUPUI

Nonprofits across the nation are rebuilding, working to recover from the job losses that swept through the sector during the COVID-19 pandemic. Dozens of them are now preparing to connect with college students at the 2022 IUPUI Nonprofit Expo in hopes of recruiting new talent for their organizations.

Updated reports released earlier this year found that — as of the end of 2021 — nearly 72 percent of the estimated 1.64 million nonprofit jobs lost during the pandemic had been recovered. But that still leaves hundreds of thousands of positions unfilled across the country.

IUPUI’s Nonprofit Expo will help organizations fill some of those vacancies by serving as a bridge between nonprofit, government, and community organizations and local college students.

“This isn’t a standard career fair,” explains Kerry Lay, a career advisor with the O’Neill School at IUPUI. “It allows nonprofits to connect with large numbers of students in one place and specifically targets those who are interested in working in the nonprofit sector.”

The pandemic canceled the 2020 Expo and forced the 2021 event to be virtual. But students and organizations will meet again in person on March 23 from 1- 4 p.m. in the IUPUI Campus Center. Employers can register for the event until March 21.

The Jewish Community Center is returning to the Nonprofit Expo this year. The JCC provides inclusive experiences that aim to help people grow and build communities through preschool, after-school, fitness, and arts programming.

“The Expo is specific to nonprofit employers and attracts students who want to do meaningful, mission-based work,” says JCC Director of Human Resources Nancy Riddle-Mills. “These are qualities we look for in all our employees, whether they’re full-time, part-time, or seasonal staff.”

The Expo allows organizations to see what’s coming down the talent pipeline and gives smaller nonprofits the chance to build name recognition and recruit new volunteers, interns, and employees. The trade-off for students is invaluable hands-on experience for those who want to work in the nonprofit sector.

Quinlin Malloy, a Sustainable Management and Policy major at O’Neill, attended the 2021 virtual Nonprofit Expo. She met with three organizations and was offered an internship at Camptown, an Indianapolis-based nonprofit focused on connecting kids with nature through educational learning experiences.

“Going to these types of fairs allows you to actually talk with a potential employer in a field you’re interested in before agreeing to an internship or a job,” Malloy says. “That’s a much better approach than trying to search around and hopefully find someone.”

Prior to the Expo, Malloy had never heard of Camptown. But after meeting with the organization, she was selected for an internship in late spring of 2021. And she’s been there ever since. In January, they offered her the opportunity to join their team as a full-fledged staff member.

“Without the Nonprofit Expo, I probably would have ended up in an internship that wasn’t nearly as interesting as what I was doing and it may not have turned into a job,” she says.

Thanks to the Expo, Malloy has a guaranteed job when she graduates in the fall, and Camptown has filled a position that will help them advance their organization’s mission and help education and empower more young people around Indianapolis.

The Nonprofit Expo is a collaboration between the O’Neill School, the IU School of Liberal Arts at IUPUI, IU School of Social Work, the Lilly Family School of Philanthropy, the School of Health and Human Services, the Center for Transfer and Adult Students, IUPUI’s Center for Service and Learning, and the IUPUI Office of Student Employment. Employers can register for the event until March 21.

Feb 28

Going All IN: United Way event connects hundreds for day of community service

By Sponsor Insight

United Way of Central Indiana will host its second Go All IN Day June 24 across the region

By Margaret Matray, communications manager, United Way of Central Indiana

In the September sun, volunteers armed with flyers and trash grabbers fanned out across the 900 block of North Delaware Street in Indianapolis.

They passed out snacks to neighbors and told them about the services offered at Recovery Café Indy. They spread the word about the cafe’s upcoming anniversary barbecue. And they plucked garbage from bushes, curbs and fences.

Recovery Café Indy was one of several dozen organizations that participated last year in United Way of Central Indiana’s first Go All IN Day, an organized day of volunteering and community service across the region. More than 500 volunteers tackled over 70 projects, including assembling care kits for seniors, mulching playgrounds, planting community gardens and stocking food pantries.

As a result of the event, Recovery Café recruited a handful of new long-term volunteers, and nearly 80 people attend its anniversary celebration, said Aubre Jean, the cafe’s program manager. Go All IN Day also helped the cafe’s members connect with new people and feel supported, she said.

“It felt like we were coming together as a community to do something important, to help maintain the neighborhood and to share the word,” Jean said. “It was awesome because it was not just our organization doing this – the whole entire Indianapolis community was doing something to give back.”

United Way will host this year’s Go All IN Day on June 24 and hopes to grow the event in its second year – with more volunteers and more projects across Boone, Hamilton, Hancock, Hendricks, Marion, Morgan and Putnam counties. The nonprofit is currently recruiting interested volunteers, nonprofits, community groups and grassroots organizations at uwci.org/go-all-in-day.

In the coming months, organizations with an annual operating budget of $1 million or less will be able to apply for small grants to fund their projects. And United Way will help connect volunteers to projects leading up to the event.

For last year project, Recovery Café received a $500 micro-grant that went toward supplies for the neighborhood clean-up and refreshments for volunteers to enjoy while networking after.

Jean saw Go All IN Day as a way to bring together different organizations that share a common goal of helping others. The event also built on the cafe’s efforts to get members walking outside and keep the block clean, as Recovery Café had “adopted” its street through Keep Indianapolis Beautiful.

Recovery Café operates under the nonprofit We Bloom and is part of a network of cafes across the country. It launched out of a space at Horizon House several years ago and is now located inside the Unity of Indianapolis building.

The cafe serves people in recovery – not solely from substance use but also from domestic violence, trauma, mental health struggles, homelessness and other challenges. It offers programs, connects people to services and hosts recovery circles facilitated by trained peer recovery coaches.

Jean said the cafe provides a loving environment. Many members attend daily because it’s their community — a place to belong. There, they can share a cup of coffee or a meal from the nonprofit Second Helpings.

For Go All IN Day, Jean set a goal of recruiting 25 volunteers but exceeded that with nearly 40. Top leaders from United Way and volunteers from Keep Indianapolis Beautiful and First Financial Bank, which helps fund the cafe, all participated – along with cafe members and staff.

Peter Hanscom, United Way’s vice president of marketing and digital engagement, had often driven by the cafe but didn’t know what it did. Hanscom and his family have places where they normally volunteer and give back, but Go All IN Day gave him an opportunity to get out of that comfortable pattern and meet new people and organizations.

After handing out flyers about the cafe that day, Hanscom and the other volunteers toured the facility, learned about its mission and talked with members about their recovery stories.

“The sacrifice of just one day gave me an appetite to stay involved outside of the ways I normally would have,” Hanscom said.

Jean said Recovery Café is still working on its plans for this year’s Go All IN Day. But she’s already reserved a spot online.

The event gives organizations a chance to connect, be creative and recruit more volunteers than they normally would to finish a project.

“It felt amazing to have people from these organizations come and support,” Jean said. “And what it showed is that we are supported and we are seen for the work that we do.

“For any organization who wants to feel connected to that bigger picture and give back in any way – it’s an opportunity to do so.”
To learn more about Recovery Café Indy, go to www.recoverycafeindy.org.

Volunteers and organizations interested in participating in this year’s Go All IN Day can learn more and sign up at uwci.org/go-all-in-day.

Feb 21

Employee retention tax credit: Refund potential for organizations big and small

By Sponsor Insight

by Ryan Lauer, author, Barnes Dennig

Passed as part of the CARES Act at the onset of COVID-19 in the spring of 2020, the Employee Retention Tax Credit (ERTC) Program, in very simple terms, is a credit for continuing to pay employees during the pandemic if certain tests are met.

While the name suggests it’s related to tax, it’s an actual cash refund if you qualify. The credit is driven off of headcount and can add up to a significant sum depending on your total headcount and payroll. It can add up quickly, even for small organizations, as the credit could be up to $5,000 per employee in calendar year 2020 and up to $21,000 per employee in calendar year 2021. If your organization experienced either a gross receipts decline or more than a nominal portion of your business was suspended in 2020 or 2021 because of a government order, you may qualify.

The ERTC did not garner the media attention the Payroll Protection Program (PPP) did when the CARES Act first went into effect because, at that time, businesses and organizations were only allowed to pursue one program – and the vast majority chose the PPP route. However, the Consolidated Appropriations Act (CAA) passed in late 2020 reversed course and allowed taxpayers to pursue ERTC even if they took a PPP loan. Overnight, the number of organizations that could qualify exploded and has resulted in significant cash refunds for thousands of organizations.

The ERTC program is in place for wages paid between March 13, 2020, and Sept. 30, 2021. President Biden signed the Infrastructure Innovation and Jobs Act back in November 2021, sunsetting the Employee Retention Tax Credit (ERTC) program one quarter early (with some exceptions for recovery startups). This early “cut-off” eliminated the 4th quarter of 2021 as a qualifying quarter for the credit – but it doesn’t preclude taxpayers from still claiming the credit for prior eligible quarters.

Qualification: Gross receipts method

To qualify under the gross receipts method, your organization must have experienced a 50% decline in gross receipts during a calendar quarter in 2020 as compared to the same calendar quarter in 2019. To quality in 2021, the threshold is lowered to only a 20% decline in gross receipts as compared to the same calendar quarter in 2019. PPP loan proceeds (when received or when forgiven) are not included as a gross receipt for purposes of this test. While the 50% decline to qualify in 2020 is a steep mark to hit, the reduction to 20% in 2021 results in many more organizations qualifying for the credit. Having said that, the gross receipts method is not the only way to qualify for the credit.

Qualification: Government suspension of operations/partial suspension

Didn’t meet the gross receipts decline test or have a full business shutdown as a result of a government order? There’s still a chance organizations that operated as essential businesses could qualify for the Employee Retention Tax Credit. To qualify under a partial government shutdown, a business unit or program that comprised at least 10% of the gross receipts in the same quarter in 2019 and was suspended from operations (as a result of a COVID-19 government shutdown order), would qualify the entire organization.

For example, if Business Unit A (or Program A) was shut down for a period of time at the onset of COVID-19, and the unit generated 15% of 2nd Quarter revenue in 2019, that could potentially qualify the overall business for the ERTC during the 2020 shutdown period.

Furthermore, in this example, it’s not only Business Unit A that has qualifying wages for the credit: all wages of all business units of the company would qualify during this period of time. Thus, as long as a nominal portion (10%) of the business was suspended, it could be enough to qualify the whole business for the credit.

Eligible wages

Wages that are eligible to be utilized for the credit include W-2 gross wages, pre-tax employee paid health insurance premiums and employer-side paid health insurance premiums. One caveat to keep in mind – wages utilized for PPP forgiveness, or any other credit, cannot also be utilized as qualifying wages for the Employee Retention Tax Credit. Having said that, organizations that received PPP proceeds are still seeing sizeable refunds on the ERTC side, so taking a PPP loan isn’t a reason to not consider the ERTC.

Other considerations

The Employee Retention Tax Credit is a taxable credit. The funding is taxable in the year the wages were paid and could require an amended tax return for taxable legal entities. However, non-profits will not have tax burden related to the credit and may not need to amend their 990s for this.

The ERTC is claimed on an amended quarterly payroll tax return (Form 941X). Once the IRS processes Form 941X, a check is issued to the taxpayer for the credit amount, plus interest. The statute of limitations for filing amended payroll tax returns is three years from the due date of the return, meaning to apply for the Employee Retention Tax Credit for the 2nd quarter of 2020, the amended return needs to be submitted by July 2023. Therefore, there’s still time to apply for the credit.

Find out if you qualify

The Employee Retention Tax Credit can be a massive opportunity if your organization qualifies. With the potential credit up to $5,000 per employee in calendar year 2020 and up to $21,000 per employee in calendar year 2021, organizations both big and small could greatly benefit from applying for the credit.

If you have questions about the qualification process, or want to know if your organization can benefit from the Employee Retention Tax Credit, talk to a member of the Barnes Dennig non-profit team today.

Feb 14

4 reasons to outsource your accounting function

By Sponsor Insight

by Laura N. Haffner, CPA, senior managing consultant

The current economic environment has significantly changed the way organizations look at their talent pool internally or externally. More than ever, organizations have had to become more creative in their efforts to retain their employees. If they are hiring, the desired compensation likely has increased as well.

In this climate, organizations also are faced with a business decision on whether they should hire staff or outsource various functions of their organization. One of the most common areas that could be outsourced is the accounting function.

Here are four reasons to outsource your accounting function

  1. You benefit from working with a team of seasoned professionals.
  2. Services are scalable and flexible.
  3. It can increase automation and efficiencies.
  4. You can realize cost savings. Over the long run, outsourcing your accounting function to a trusted provider can provide for a greater return on investment as compared to hiring, training, and updating in-house personnel.

BKD serves approximately 1,720 nonprofits across the country, ranging from small private foundations to large international organizations, giving us a solid understanding of the issues nonprofit organizations face. Working with an experienced, professional team of nonprofit advisors can help save you time and money while increasing your peace of mind. BKD can help with the following, and more:

  • Monthly close process
  • Nonprofit financial reporting
  • Grants management and compliance
  • Audit preparation, including Single Audit
  • Grants management and compliance
  • Audit preparation, including Single Audit
  • Budget development, process, and execution
  • Implementation of new accounting standards
  • Financial operational assessments
  • Policies and procedures
  • Executive and nonexecutive compensation consulting
  • Other projects on your CFO to-do list

Contact Laura and Dan to learn more or submit a proposal request.

Laura N. Haffner, CPA, senior managing consultant
Haffner is a member of BKD’s Nonprofit Advisory Services team and has more than eight years of assurance and advisory experience in public accounting. Her expertise includes not-for-profit financial reporting, audit preparation, outsourced accounting functions, technology solutions and implementation, and advisory services. She has experience working in several accounting systems including Sage Intacct, Quickbooks Online, MIP Abila, ACS Realm, and others. Haffner also has experience performing audits and attest engagements for for-profit entities and employee benefit plans. She is a member of the American Institute of CPAs and the Indiana CPA Society and is a Certified Quickbooks Proadvisor.

Daniel J. Waninger, CPA, director
Waninger has served the nonprofit, higher education and governmental sectors for more than 15 years. His experience includes working with higher education institutions, membership organizations, museums, religious organizations, foundations and social service agencies. He has provided audit services in accordance with Government Auditing Standards and Single Audit standards, managed numerous audits and completed a six-month apprenticeship in BKD’s quality control department.
He also serves as a presenter on technical topics, such as FASB new standards and best practices for nonprofit organizations. Waninger also is a member of the BKD Nonprofit Center of Excellence, the American Institute of CPAs and Indiana CPA Society.

Jan 31

Does your ‘consultant’ always know best?

By Sponsor Insight

by Jan Breiner Frazier, owner, Planning Plus

At some point, nonprofit organizations will find the need to use a consultant, whether it’s to assist with strategic planning, fundraising, board orientation, executive search, marketing or event planning.

If you do, a good question to ask is “Does your consultant always know best?”

While we would like to think so, the answer is “not always.” True, there are many consultants out there with a lot of experience. However, success is often based on connecting with a consultant who is right for you.

There is a different consultant for every type of organizational need, assisting companies that don’t have the expertise, personnel, funds or quite simply the time to really uncover and solve problems on their own.

Our team at PlanningPlus has successfully delivered outcomes in strategic planning, board development, and organizational culture and design for more than 30 years. We have responded to numerous RFPs, interviews, and requests for information, most of which ask for a sampling of past projects, processes, and proposed approaches to a perceived problem the potential client has identified.

While we have both won and lost bids, our most successful outcomes have been achieved when we have worked with clients that are open and committed to developing a true partnership and who share our organizational cultures and values.

When interviewing with a possible consulting partner, regardless of who that might be, make sure to consider the following in your discussion:

  1. Pain point and root cause. When a leader is thinking about bringing in a consultant, they usually are faced with circumstances that require problem-solving. When determining if the consultant is a match, consider whether the consultant has asked enough questions to identify the real pain points of the organization. Often, clients conduct a self-diagnosis to pre-determine the solution to their problem — without getting to the root cause. A seasoned consultant will be able to identify the REAL root cause of your challenge and present options to achieve your identified definition of success.
  2. Past projects. Too often, in RFPs, respondents are asked to provide an overview of successful consultant projects, based on their own definition of success. Be sure to “talk to” the consultant’s clients to ask what worked and what did not, if they would bring that consultant back, and what they would have liked to change. Most of you probably do that anyway but try to get the client on the phone as opposed to email. Very much like tracking down references for employees, you really want to “hear” how they respond to your questions.
  3. Processes. We have seen several consultants who use “templates” — one-size-fits-all — to incorporate into their work. Was this work developed by the consultant or pulled off the Internet? What have been the challenges in adapting off-the-shelf products? What is proprietary to them? The answers to these questions can determine if the consultant will be able to customize an effective solution for your organization.
  4. People. Understanding the consultant’s level of engagement with clients also is important to explore. Has the consultant ever been a hands-on practitioner? And can they demonstrate success? We know that formal education doesn’t fully prepare one for the weird and unusual situations with many clients. Those who have weathered the actual day-to-day challenges you face in your company generally have a fairly large toolkit developed from such experiences.

While this only covers the very top line areas to consider in selecting a consulting partner, this is a good start to begin refining your process in 2022. With the unique challenges we have all faced over the last few years, here’s to starting off the New Year with new energy.

Dec 20

Barriers to the boardroom: Where’s our seat?

By Sponsor Insight

by Tashi Copeland, communications manager at CICF

This year, I turned 29. This means old enough to vote. Old enough to grab a glass of wine at Daniel’s Vineyard. And old enough to rent a car. And while I have years of professional experience — and even a few gray hairs — I’m still not top of mind to be a member of anyone’s board of directors. Why is that?

I had the opportunity to watch Dr. Una Osili, associate dean for research and international programs and Dean’s Fellow for the Mays Family Institute on Diverse Philanthropy at Indiana University Lilly Family School of Philanthropy, present The Truth About Board Diversity. During her presentation, Dr. Osili indicated that while diversity may be trending positively regarding gender — and making some progress with racial diversity — age is still a challenge in the not-for-profit board makeup.

“We find that age is an area where many nonprofits simply do not have anybody under the age of 39 on their boards. And 39 is not necessarily young, but that just gives you a sense that board members tend to be much older than the average population,” Dr. Osili said.

As of 2021, the average age of the U.S. population is 38. When board members are such powerful pieces of the not-for-profit chessboard, organizations must commit to making their boards reflect the communities they serve. For these organizations to successfully do this, they must address some barriers young people face in obtaining these seats.

One such barrier is mandatory-giving policies for their board members. According to a 2018 Board Source Survey, 68% of not-for-profit organizations have a policy requiring board members to make a personal contribution annually. I understand that board members need to prove their commitment to the organization beyond attending board meetings, and a financial gift easily checks that box.

But consider this. In 2021,

So, while my fellow Millennials and I would love to make a sizeable donation, our current cost of living may not allow us to give the extra $5,000 to sit on a board. And that should not take us out of the running to serve as leaders. Young people have time and talent — just not as much treasure.

Now is the time for organizations to create diverse boards and put their capital in action by sponsoring a board seat (look to the Mosaic Fellowship for a potential roadmap). Many organizations’ boards and executive leadership have voiced their struggles about engaging with younger generations. Inviting us to the table would be a game-changer and ensure a smoother transition from one generation of leaders to the next.

Some may have concern that someone younger simply does not have the life experience to lead. This case doesn’t hold anymore. Our technological revolution has led my generation to learn, connect, and produce faster than ever before. Additionally, we’ve grown into adulthood during some of our nation’s most significant historical moments — 9/11, marriage equality, the Great Recession, the tragic normalization of school shootings, a racial reckoning, and a global pandemic, just to name a few. As a result, our worldview was developed through a newer lens of empathy and an appreciation of diversity than previous generations, which most are still wrestling with. But that doesn’t quite translate nicely in LinkedIn profile. Maybe we should all start adding that to our resume’s special skills section?

Including a younger demographic in board structures has proven success. According to the Impact of Diversity Study, boards with higher percentages of members aged 39 or younger tend to be more engaged in governance and have higher involvement. Additionally, this demographic is more likely to have board members who ask others for donations. Young people are more than willing to give up their time while also leveraging their networks to bring in dollars. The engagement is there. The fundraising is there.

If organizations continue to lack the intentionality of having younger representation during quarterly conversations, the voice of an entire generation will be silenced. Organizations literally can’t afford to take that risk. Don’t continue to use board tenure or limited networks as excuses. So many organizations have risen to the challenge of navigating and reworking business practices during this global pandemic. Increasing diversity in the boardroom is just another modification these organizations will have to address.

One of the most powerful concepts when speaking on diversity is the diversity of thought. Bringing in younger board members allows organizations to gain perspectives from a generation redefining business strategy, economic success, and stakeholder priorities. Organizations can fully view operational and reputational risks and opportunities for growth through a new lens by simply inviting this next generation of leaders to the table. We’re ready.

Dec 13

How we adapt to change can lead to positive transformation

By Sponsor Insight

by Allie Petty-Stone, HR and firm administrator, Alerding CPA Group

We could all agree that during the many seasons of this pandemic, the only thing that seemed consistent was change. Many organizations were facing dilemmas on business continuity and workforce retention while many of us were dealing with our own personal anxiety and uncertainty. We stood in a state of “standby” as we awaited each federal, state and/or municipal update, considering how each announcement could alter the terms of how we engaged business and how it may impact the livelihoods of our people.

The crisis demanded continual high-level interaction and engagement with our leadership and how we proceeded was crucial. It was during this period that communication was critical in keeping our staff informed, however, it felt every update became obsolete as a new media blast would often change the basis of our plan.

Through this dilemma, we quickly realized that good business and best laid plans can be suddenly upended by the happenings within our world. Our team had to be adaptive and malleable with onlooking colleagues and stakeholders counting on us; we had to be ready to respond.

First, let me say I’m a believer in finding the silver linings. Self-actualization can be surmised up by perceiving life’s challenges and difficult situations as a gift. It is within these parameters that we find out more about ourselves. Do you welcome the possibilities that can be evoked through change?

Challenges once perceived as an adversary can ultimately turn into an unintended friend. Yes, these disruptors are inconvenient to our way of life and have the poorest of timing. However, if you look on the flip side, these are tests of our readiness and our willingness to ponder solutions. Whether it be people related or situational, we have an instance to grow, learn and build our skills.

Use change as an opportunity

Change is the opportunity to upend the mundane and breathe new life in our own rationale. Engaging with colleagues, advisors and even a team of strong-minded friends is essential to draw on solutions, hone creativity and offer diverse opinions. These have been some difficult months and the struggle continues for many. Change also serves as a reminder to routinely evaluate our business model and to never get too comfortable with the status quo.

A crisis necessitates change and, as a result, we witnessed many businesses modify how they delivered services for business continuity. Many restaurants moved to a pick-up service during lockdown. Some businesses implemented work-from-home scenarios and implemented more technology to create better connections and a secure environment. Nonprofits held fundraisers through online events and auctions. This creative thinking led to alternate opportunities. These opportunities kept connection to their people and communities. Therefore, the pandemic offered an occasion to look through a new lens and create transformation.

Change also can be cruel, so I do not mean to oversimplify or diminish any pain. However, how you overcome your circumstances is what can make or break you. Accepting that there are times that things happen FOR us rather than TO us is a part of discernment.

Your perspective and next steps determine your resilience and agility through these experiences. With each hurdle, you will become more adept and learn to embrace change rather than just simply “getting through it.” I wish you a positively transformative 2022 and beyond.

Nov 29

Nonprofits are exploring innovative ways to thrive with United Way of Central Indiana’s support

By Sponsor Insight

by Jonathan Jones, senior director of social innovation, United Way of Central Indiana

There’s a way to do it better. Find it.

That’s a quote from Thomas Edison, one of the greatest inventors in American history. Even with minimal schooling and a hearing impairment, Edison found a way to channel his imagination and curiosity into innovations that have made all our lives better.

Innovation is never easy, especially in the human services sector. With nearly a quarter of a million households in Central Indiana in poverty or economically unstable, community organizations are working tirelessly – even more so during the pandemic – to address so many challenges facing our Hoosier families.

At the end of the day, there are few hours remaining and resources left for agencies to even consider Edison’s statement. So, in 2018, United Way of Central Indiana offered an innovative solution by creating a new strategy, a significant investment and solid commitment to promoting and funding social innovation initiatives in our region.

Since unveiling the Social Innovation Fund three years ago, United Way has granted $2.95 million to 35 United Way accredited and non-accredited community organizations to “find a way to do it better.” In the spirit of Edison, we’re happy to report that the light bulb is working.

For example, the Indianapolis Legal Aid Society has used its Social Innovation Fund grant to hire a full-time social worker to collaborate with attorneys assisting individuals who are struggling to stabilize their lives. The innovative idea here is the partnership between social and legal services: While the lawyer might be helping a client on an eviction notice or reinstatement of a driver’s license, the social worker can focus on helping the client overcome other social impediments to success like financial and transportation assistance.

In another example, grant recipient Growing Places Indy has used its social innovation funding to expand its Urban Farm Incubator program, the first of its kind in Indiana. Growing Places Indy began its work by supporting new and underrepresented farmers of color in urban areas by providing access to land, mentoring, equipment, job training and business development assistance. Now, the program will expand to include training in farming technologies, and a combination food hub for individuals in need a co-op for local farmers who seek additional support. The innovative concept here is lifting up agriculture as a way to address food insecurity and workforce development – together.

Recently, United Way selected 14 organizations that will receive Social Innovation Fund grants totaling $1.2 million for the 2021-2022 fiscal year. With these funds, organizations will use innovative approaches to combat homelessness, expand nutrition programs for Black individuals living with HIV, and support people affected by addiction and substance use disorder, just to name a few. Just think, roughly 5,000 people in total will benefit from innovation in human services in 2022. By successfully seeding innovation in human services now, we hope to expand these initiatives to serve more people throughout our community.

United Way is proud to be a leader in accelerating new ideas that could ultimately lead to better outcomes for Hoosiers. Thanks to community organizations for their ingenuity and donors for their generosity, innovation will be the key to our community’s success and a brighter future.

The light bulb is on. There is a way to do it better. Together, we are finding it.

Nov 22

Financially preparing and protecting for today, tomorrow, and the years to come

By Sponsor Insight

by Sandy McCarthy, president, Retirement Services, OneAmerica

As professionals in the financial services industry, we’ve devoted our careers to helping individuals attain financial peace of mind, personal protection, and retirement security.

The pandemic, though, has cast this important work in a new light, invigorating Americans’ interests in all aspects of financial preparedness and personal protection, and highlighting the deep connections between financial, physical, and emotional wellness.

This is a pivotal moment for our industry and the Americans we serve, as we guide those who have just experienced, first-hand, the complex and unexpected path life can take. In this new environment, widening the lens and broadening the view on the traditional idea of financial wellness can help Americans feel prepared and protected for today, tomorrow, and the years to come — whatever those days and years may bring.

Retirement and personal protection strategies go hand-in-hand

As a longtime veteran of the financial services industry, I’ve seen first-hand the energy we’ve collectively spent educating retirement plan participants about market risk, asset allocation, and the importance of beginning deferrals early. Though these are, of course, critical elements, there’s more that’s needed to help individuals establish peace-of-mind about their financial security.

As an industry, we must guide individual workers, and their employers, to look beyond the retirement plan — to realize that true, comprehensive plans for financial wellness also incorporate personal protection and decumulation strategies. This is especially critical and relevant post-COVID, as the pandemic forced the idea of financial protection for loved ones, and our own mortality, to be top of mind in a way we haven’t seen previously.

As uncertainties abound, the products and strategies we provide are a port in the storm — allowing individuals to safeguard retirement savings, set aside money for health or longterm care expenses, or ensure loved ones are protected. And the focus on healthcare expenses, in addition to retirement funds, is one that can’t be overlooked.

According to HealthView Services, a 65-year-old couple in good health will need $387,644 to pay for healthcare costs for the remainder of their lives. And the U.S. Department of Health and Human Services reports that someone turning age 65 today has almost a 70 percent chance of needing some type of long-term care services and support in their remaining years.

Still, according to a survey from the American College of Financial Services, only about one third of retirees currently have any type of long-term care plan.

Widening the lens on financial wellness

In recent years, we have honed in on examining the critical role emotional and physical wellness play in holistic financial wellness. Financial stress can cause emotional or physical health issues, just as emotional or physical health issues can result in financial strain and resulting stress. These factors are important considerations, especially as our industry navigates how best to engage and educate American workers to take action toward overall financial wellness. We have an opportunity to meet each person where they are, and to help American workers take the next step in their personal wellness journeys — acknowledging and aligned with their individual circumstances or life events. According to Employee Benefit Research Institute’s 2020 Retirement Confidence Survey, 7 in 10 workers (69 percent) feel confident in their ability to retire comfortably, though only 27 percent feel very confident. Overall confidence is up slightly from 2018 and 2019, when the survey showed 64 percent and 67 percent. We’re collectively making progress, but there’s still work to be done.

Connecting where it counts

For many Americans, the workplace is the frontline for financial education, and it may even be one of the only places where individuals receive financial guidance. As an industry, it’s up to us to help employers understand the value of providing employees with opportunities to improve holistic financial wellness — both for the well-being of individual employees, and to meet company objectives. Employees who are less stressed about financial, physical, and emotional health are more focused, present, and able to contribute to business success.

This is a significant concept, considering data from the 2021 PwC Employee Financial Wellness Survey showing that nearly two thirds of full-time employees say their financial stress has increased since the start of the pandemic. This has an impact on both productivity and retention, with 45 percent saying finances have been a distraction at work and 72 percent indicating they would be attracted to another company that cares more about their financial well-being than their current company.

The promising news is that employers understand the important role they play; 62 percent of employers feel “extremely” responsible for their employees’ financial wellness, up significantly from 13 percent in 2013, according to Bank of America’s 2020 Workplace Benefits Report. Employers — along with the financial professionals who guide them — will continue to play an increasingly greater role in helping employees strengthen their financial foundations.

Our industry exists for times like these, and our purpose — to protect and secure — has only been emphasized and reaffirmed over the past 18 months.
We’re an industry connected to the people we serve, and it’s an honor to engage with a wide network of professionals committed to bettering the lives of individuals and their families.

Editor’s note: A version of this article was originally published in LIMRA Marketfacts #4, 2021.