{"id":52625,"date":"2020-06-26T10:16:44","date_gmt":"2020-06-26T14:16:44","guid":{"rendered":"https:\/\/www.bgccan.com\/?p=52625"},"modified":"2021-03-30T17:23:42","modified_gmt":"2021-03-30T21:23:42","slug":"finding-the-balance","status":"publish","type":"post","link":"https:\/\/www.bgccan.com\/en\/finding-the-balance\/","title":{"rendered":"Finding the balance"},"content":{"rendered":"[et_pb_section bb_built=”1″ inner_width=”auto” inner_max_width=”none”][et_pb_row][et_pb_column type=”4_4″ custom_padding__hover=”|||” custom_padding=”|||”][et_pb_divider _builder_version=”4.0.9″ show_divider=”off” box_shadow_horizontal_tablet=”0px” box_shadow_vertical_tablet=”0px” box_shadow_blur_tablet=”40px” box_shadow_spread_tablet=”0px” z_index_tablet=”500″ \/][et_pb_video _builder_version=”4.5.6″ src=”https:\/\/vimeo.com\/432674938″ box_shadow_horizontal_tablet=”0px” box_shadow_vertical_tablet=”0px” box_shadow_blur_tablet=”40px” box_shadow_spread_tablet=”0px” z_index_tablet=”500″ \/][et_pb_divider 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The latest message from Owen Charters, President & CEO, BGC Canada (June 26). Full transcript below.<\/em><\/p>\n

\u00a0<\/p>\n

This may not be as exciting a topic as some of the other weeks, but I think it’s an important one. I want to talk balance sheets and business.<\/p>\n

Carolyn Tuckwell, CEO of Boys & Girls Clubs of South Coast BC, noted this week that charities and nonprofits are being treated the same as for profits in many of the government conversations and support programs that have been central in the last few months, and this is a refreshing change. I\u2019ve joked that charities often feel like they are at the \u2018kids table\u2019 at the dinner party, so it\u2019s nice to be at the adult table. Usually, we may be in the room, but we don\u2019t always get to play with the adults\u2014that\u2019s reserved for the big corporations.<\/p>\n

Well, if we are to be treated the same as business, then we need to act like it. That means we need to pay attention to one vital tool of organizational health\u2014the balance sheet. The balance sheet is your bank account. What cash do you have available? What do you owe? What do you own? And most importantly\u2014in a crisis, how much do you have available quickly to pay bills and keep you afloat? It\u2019s where the emergency savings are stashed. A good balance sheet is a sign of fiscal health. We need to pay attention to the fiscal health of all charities\u2014we will be tested again beyond this initial pandemic lockdown. And we need to be prepared.<\/p>\n

Unfortunately, too many donors frown on a strong balance sheet. Why isn\u2019t that cash being put to immediate use? Why not spend every last dollar on the immediate needs of today? Unrestricted giving is low on the priority list, if even a consideration. Yet unrestricted dollars support the most essential work\u2014making sure the organization is strong enough to do the work that\u2019s demanded of it. And part of that is a healthy balance sheet to ensure that the organization can survive fiscal downturns like the recession we\u2019re in today\u2014our Clubs need to be able to survive to provide services.<\/p>\n

Yet there is one way we are not like businesses\u2014supply and demand come from different places. Supply of cash and resources, and demand for our services, that is. More people, more families will be demanding our services\u2014and already are. Clubs have already said there are waiting lists that they can\u2019t fulfil. But unlike in a business, the supply\u2014the cash to do the work\u2014comes from other sources: donors, funders, governments. This can lead to a fundamental mis-match\u2014high demand, but weakening supply.<\/p>\n

We need funders to step up, to see the demand, and to understand that charities\u2014like our Clubs\u2014are part of the vital social safety net that is needed to catch those who are struggling, and prop up those who need a push. Otherwise, they will not benefit from an economic recovery.<\/p>\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]\n","protected":false},"excerpt":{"rendered":"

The latest message from Owen Charters, President…<\/p>\n","protected":false},"author":1,"featured_media":44490,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[12],"tags":[278,519,499,500,592,518,593,505,565,506],"class_list":["post-52625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ceo-blog","tag-ceo","tag-clubs","tag-coronavirus","tag-covid-19","tag-economic-recovery","tag-family","tag-finances","tag-message","tag-nonprofit-sector","tag-support"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.bgccan.com\/en\/wp-json\/wp\/v2\/posts\/52625","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bgccan.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bgccan.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bgccan.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bgccan.com\/en\/wp-json\/wp\/v2\/comments?post=52625"}],"version-history":[{"count":0,"href":"https:\/\/www.bgccan.com\/en\/wp-json\/wp\/v2\/posts\/52625\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bgccan.com\/en\/wp-json\/wp\/v2\/media\/44490"}],"wp:attachment":[{"href":"https:\/\/www.bgccan.com\/en\/wp-json\/wp\/v2\/media?parent=52625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bgccan.com\/en\/wp-json\/wp\/v2\/categories?post=52625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bgccan.com\/en\/wp-json\/wp\/v2\/tags?post=52625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}