Feb 13 2025 44 mins 1
Stephen has 15+ years of experience in finance, spanning nonprofits, startups, and Fortune 500 companies. He’s worked across diverse industries, including foster care, financial literacy, housing, software, professional services, and more. He believes nance and accounting should be simple and practical.
Key Takeaways:
- Nonprofit organizations often have a scarcity mindset around money due to the "not-for-profit" label, which can limit their ability to invest in growth and make bold moves.
- An individual's relationship and beliefs about money are often deeply rooted in their childhood experiences and upbringing. Understanding this "money story" is crucial when working with people on financial matters.
- The vulnerability and fear of rejection involved in fundraising, combined with money being a sensitive topic, can make it difficult for nonprofit leaders to confidently ask for the funding they need.
- Nonprofit leaders and staff need to examine their own personal money mindsets and how those influence financial management and decision-making within the organization.
“An investor in a business wants a return on their money, they want a profit. A similar transaction is happening in nonprofits, but it's not a financial return. It's either a social return or a mission-oriented return. They want to see impact as their return on investment.”
“[Have] some sort of a forecast in place - something that could be updated once a month or once a quarter. I find it helps combat the scarcity mindset, and it also helps combat Free Wheeling - just spending and not paying attention to it.”
“Look around who's in your personal board, who's in your personal sphere of advisors, or who can you go to to talk to about whatever issue you're working on with your organization. Having someone who has the opposite viewpoint or the opposite kind of relationship with money will be a net benefit to your organization, because the more perspectives you have, the the better your organization's going to be.”
- Stephen Newland
140+ Nonprofit Discounts: https://www.moneypathfpa.com/nonprot-discounts
Reach out to Stephen Newland at:
Website: https://www.moneypathfpa.com
LinkedIn: https://www.linkedin.com/in/stephenmnewland/
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