Accountability And Pragmatism Among Key Factors To Maintaining A Nonprofit

Sep 1, 2015

With a new board of directors and several upcoming performances, the August Wilson Center for African American Culture appears to be reinventing itself and establishing a presence beyond its history of financial and leadership complications.

The Center declared bankruptcy last year before being purchased by a coalition of Pittsburgh nonprofits at a sheriff's sale.

Opening nonprofit organizations requires a clear understanding of the group's vision, purpose and the community being served, according to Fragrasso Financial Advisors Institutional Investment Account Manager Gregg Daily.

Daily, who specializes in nonprofit accounts, says once the purpose and vision are identified, it is important to collaborate with a team that structurally knows how to set up such a business. When selecting a board of directors, he advises choosing those with strong core personalities and an element of pragmatism.

"Be very focused on process and procedure and getting things done so that you don't run before you can walk," Daily said.

Once the nonprofit is started, Daily insists that maintaining accountability is the most important factor for the integrity of the organization.  

So to whom is the nonprofit accountable?

To Daily, an organization is most accountable to itself, the people they serve and their donors. With oversight accountability and efficiency, an organization can be sure that they are focusing on their mission and bringing forth evidence of how they spend their money, he said.

Daily said he remains hopeful and optimistic for the future of nonprofits like the August Wilson Center.

"It will get better. It will get more efficient."

A handbook with suggestions on starting a nonprofit from the Pennsylvania Association of Nonprofit Organizations can be found here.

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