1. Rosemary Macdonald CEO, Wiltshire CF
Making Ends Meet
Rosemary Macdonald
CEO, Wiltshire CF

2. Background Members survey 2016 Sustainability Task Force
Year of reflection
CASS Masters
Shadowing exercise
Meeting other foundations
Canadian CF Conference
European perspective

3. There is no silver bullet!

4. Weathering the Storm

5. Key challenges?

6. Three Strands Financial Management Sanity Maximising assets
Income generation

7. Financial Management Processes and procedures Relationships
Internal
External
Understanding costs
Control of costs
Cash flow
Understanding income
Timings/ origins
Modelling
Forecasting
Pipeline
Protecting income
Smoothing reducing impact of market fluctuations
Protecting income
Averaging the value of the endowment over three years and taking a core fee based on the average
Take a standard amount from fund managers divided by 12 to avoid investment income dropping in August and September for grants

8. Income Generation/Working Together
Fund development
Endowment
Revenue
Core
Contract delivery
Consultancy
Fundraising events
Appeals
Co-investment
Outsourcing grant assessments/finance etc.
Sharing back office
Sharing training
Peer support

9. Maximising Assets Investment
Ted talk – Dan Pallotta, the way we think about charities is dead wrong
“Confusing morality with frugality”
Separate rule book that puts charities at a disadvantage
Invest in the capacity and skills of staff and trustees
Separate rule book that puts charities at a disadvantage
Compensation
Advertising and marketing
Taking a risk to generate new revenue
Having the time to build scale
Having the ability to attract investors to enable growth

10. The wrong type of money? Are your assumptions right?
How restricted are your funds?
What do your objects say?
Are you making life difficult for yourself?
Could you give yourself a grant?
Could you come up with incentives to attract donors?

11. Discussion

12. Wiltshire CF Strategy Development

13. Strategy 2008 Governance Build endowment to £7.5m by 2011
Review investment management
Partnership for grants

14. Strategy 2010-2013 Community impact Knowledge management
Funder (£12m by 2014) set in 2010
Convenor
Leader
Knowledge management
Professionalising donor services
Organisational development
Financial sustainability

15. Strategy 2013-2016 Leadership More grants, better grants
Give away £1m a year
More money, better money
Build endowment to £32 by 2021
Best CF in the country

16. Theory of change

18. Working with the Board

19. The Axes of Uncertainty
Feast
Long term funding, core costs covered
Active
Society wants to get involved in voluntary action
Integrated
Society and providers of services focussed on maximising diversity and inclusion, working together
Famine
Piecemeal short term funding, not covering core costs
Passive
Society doesn’t care, no volunteers, no trustees…
Polarised
Society (including providers of services) polarised into warring factions/competition
Caroline Copeman - Cass CCE 2016

20. Board Risk Tolerance Risk appetite Reputation < > Compliance1 2 3 4 5 6
Reputation
<
>
Compliance
Financial
Research
Education and Student experience
Knowledge Exchange
Major Change
People and Culture

21. Board Focus Seven Questions 1. Is it big? 2. Is it about the future?
3. Is it core to the mission?
4. Is it a high-level decision need to resolve a situation?
5. Is a red flag flying?
6. Is a watchdog watching?
7. Does the CEO need the Board’s support?
Chait, Ryan and Taylor ‘Governance as Leadership’ 2004

22. Discussion

23. Learning Observations from Toronto CF/Hamilton CF Leadership Academy
Regional approach for co-operation
Peer support

24. Rosemary Macdonald CEO, Wiltshire CF
Making Ends Meet
Rosemary Macdonald
CEO, Wiltshire CF