I 501(c) You - The Podcast for NonProfit Board Members

On episode 10 of I 501(c) You - The Podcast for NonProfit Board Members we are interviewing Chris Rich, co-founder of Executive Benefits Solutions, a firm that works with companies to improve the effectiveness and cost-efficiency of benefit programs to key employees and professionals.

Chris has over 25 years of experience in executive compensation and benefits consulting, so today we are speaking with him about deferred compensation in the nonprofit industry. We believe this is extremely topical, because as Chris says in this episode, "In the past 25-30 years of doing this, I don't think we have ever seen a time when the need to attract and retain key employees was greater, and this is particularly true in nonprofit organizations."

We hope this provides you with a little more information about deferred compensation so you can begin thinking about what it might take to retain your current talent and attract future talent in the nonprofit space.

Key Takeaways:

1. A common practice among nonprofits currently is to inject performance metrics into compensation plans. (4:50)

Timestamps:

00:20 - Introduction

01:10 - Interview starts

01:30 - Chris provides his background

03:20 - What is deferred compensation and why would an organization offer it?

05:10 - How can a Board of director begin to understand what the opportunities are for deferred compensation?

09:45 - What are different approaches to deferred compensation?

14:15 - There is rarely a perfect solution

15:30 - Life insurance based programs can offer significant incentives

18:20 - How do you determine key employees that should participate in deferred compensation?

23:00 - Is any organization too big or too small for deferred compensation?

25:00 - Any specific time in an organization’s trajectory they should implement deferred compensation?

28:10 - Anything else?

28:30 - Trends

32:47 - Recapping with Read

Join us every week as we release a new podcast with information about how you can be the best board member and provide great service to your organization.

Listen to the podcast on any of the following platforms:

Apple Podcasts

Spotify Podcasts

Amazon

iHeartRadio

Visit us at: www.thecorleycompany.com/podcast

Follow us on:

Linkedin and Twitter

In this episode of I 501(c) You - The Podcast for Nonprofit Board Members, we are debunking 4 common misconceptions about joining a nonprofit board of directors. 

When you are so entrenched in a topic, it is easy to forget that there are people that believe the barrier to entry is higher than it really is. With this episode, we debunk some of the common misconceptions about joining a nonprofit board to help you realize joining a nonprofit board is more attainable than you think. We also address what we believe you need in order to serve a nonprofit organization by joining a nonprofit board of directors.

We want to help nonprofit board members be the best they can be so they can utilize their resources to assist their organizations to the fullest. We believe that one way we can assist in this endeavor is to encourage more people to get interested in serving an organization through joining their board of directors. Please share this episode with someone who you think should join a nonprofit board of directors, but is worried about one of these common misconceptions.

If there are other concerns about joining a nonprofit board that you want addressed, reach out to us via the contact form on our website and we would be happy to address your concern.

Timestamps:

00:00 - Introduction

00:45 - Misconceptions about being on a nonprofit board

01:15 - Misconception #1: You need to be rich and I need to fundraise

03:00 - Misconception #2: I need to be in the latter half of my career or older

04:11 - Misconception #3: I am not qualified to oversee the organization’s mission

05:05 - Misconception #4: I don't have many connections or I am not well known in the community

06:10 - What does someone need to be on a nonprofit board?

06:35 - #1: Passion for the mission

07:20 - #2: Connection to the organization

08:00 - Conclusion

Join us every week as we release a new podcast with information about how you can be the best board member and provide great service to your organization.

Listen to the podcast on any of the following platforms:

Apple Podcasts

Spotify Podcasts

Amazon

iHeartRadio

Visit us at: www.thecorleycompany.com/podcast

Follow us on:

Linkedin and Twitter

On episode 8 of I 501(c) You, we are speaking with Rob Lane, Managing Shareholder of Kerkering Barberio and board member of several organizations. Rob helps us clear up the mystery of nonprofit financials and the responsibility of the board. We have worked with Rob through several organizations. He is deeply entrenched in the community and provides assistance to so many organizations locally. His expertise and dedication to giving back has truly made a positive impact on our community.

Rob shares some great information about what a board member should understand about financials, which financial statements a nonprofit organization should be producing and sharing with its board, and the form 990.

We also dive into some financial best practices board members should be participating in, the differences between the audit, finance, and investment committees, and we touch on deferred compensation.

We had a great time speaking with Rob, and we love discussing nonprofit financials because we know how important it is and how misunderstood it can be.

Key Takeaways:

1. Know how to best engage your board members. Each one has a unique skill and expertise, set yourself up for success by having them help you with what they are best at.

Timestamps:

00:45 - Interview starts

01:57 - Rob’s experience serving on Boards

03:17 - What should a board member understand about the finances of an organization?

05:00 - How those who are not finance professionals can still provide assistance to the organization in discussions about finance

06:40 - Which financial statement should a nonprofit organization produce?

09:55 - When should those financial statements be produced and shared with the board?

10:45 - Investment, finance, audit committees

11:58 - Does every nonprofit have to have an audit?

13:30 - Difference between an audit and review

16:20 - The auditors can help you improve your operations

18:12 - Should there be interaction throughout the year between the auditing firm and the organization?

19:15 - The Form 990

23:11 - Are there best practices you regularly see?

25:00 - Amount of reserves you encourage an organization to have?

26:35 - When would you start considering an endowment?

28:06 - Deferred compensation in nonprofit organizations

29:58 - Any last thoughts?

33:54 - Recapping with Read

Join us every week as we release a new podcast with information about how you can be the best board member and provide great service to your organization.

Listen to the podcast on any of the following platforms:

Apple Podcasts

Spotify Podcasts

Amazon

iHeartRadio

Visit us at: www.thecorleycompany.com/podcast

Follow us on:

Linkedin and Twitter

This week, we have something a little different for our listeners and a shorter episode than normal. As we get some great information from some amazing board members, we are not always able to touch on specific topics we think can provide value for our listeners. That brings us to this episode, which is not an interview format, but where we discuss an idea that is close to The Corley Company's heart. Here at The Corley Company, we truly believe that being on a nonprofit board is the best leadership development experience available for anyone. Michael takes some time this episode to give you 7 reasons why we believe being on a nonprofit board is the BEST leadership development experience for anyone.

If you know someone who is looking to advance their leadership skills, but just doesn't have the opportunities in their day job, please share this episode with them. We believe they can get a ton experience in leadership by being on a nonprofit board, while also making their community a better place.

Key Takeaways:

1. Being on a nonprofit Board allows you to EXPERIENCE other local leaders in action. (6:55)

Timestamps:

00:00 - Intro

01:00 - Podcast starts

01:38 - Reason #1: It is a great opportunity

03:00 - Reason #2: Exposure to different operating models

03:45 - Reason #3: Practice your leadership skills in real time

05:20 - Reason #4: You can provide a altruistic contribution

06:00 - Reason #5: You get to build strategic relationships

06:50 - Reason #6: You get to observe other leaders at work

07:45 - Reason #7: You can make a difference in your community

Join us every week as we release a new podcast with information about how you can be the best board member and provide great service to your organization.

Listen to the podcast on any of the following platforms:

Apple Podcasts

Spotify Podcasts

Amazon

iHeartRadio

Visit us at: www.thecorleycompany.com/podcast

Follow us on:

Linkedin and Twitter

On this episode, we are speaking with Brian Deming, two time Board Chair for United Way Suncoast (separated by 10 years) and seasoned technology entrepreneur, executive and investor.

Brian provides us with some great information from his experience of being a board chair in both the for-profit and nonprofit industries, some of the differences in a for-profit merger and nonprofit merger, how he got involved in nonprofit boards, and much more.

If you want to learn about some differences between the for-profit industry and nonprofit, how to run a productive board meeting and how to be an effective board chair, this episode is for you.

Thank you Brian for joining us for this episode of I 501(c) You!

Key takeaways:

1. As a board chair, be a facilitator. Get the most out of your board and help the CEO get the most out of their staff.

Timestamps:

01:45 - Why did you join a nonprofit board?

03:35 - How do you decide which nonprofit to be involved in?

06:10 - How did you evolve to become a board member of United Way Suncoast?

08:25 - Can you talk about the progression of growing from a volunteer to a board member?

10:50 - What is the biggest difference between a nonprofit and for-profit merger?

12:57 - How do you approach your role of board chair?

15:57 - How often do you interact with board members? and operational aspects of being a board chair

18:40 - How do you ensure a comfort level with the staff, knowing that you primarily work with the CEO?

21:03 - How do you run a productive board meeting?

23:15 - How do you prepare for the board meetings?

25:50 - Benefits of the consent agenda

29:00 - What makes an effective Board Chair?

30:20 - Nonprofit board vs for-profit board

34:08 - Leading a for-profit vs a nonprofit

37:30 - Advice for people interested in becoming a board chair

Join us every week as we release a new podcast with information about how you can be the best board member and provide great service to your organization.

Visit us at: www.thecorleycompany.com

This week on I 501(c) You, we are hearing from Steven Solomon, Managing Shareholder of GrayRobinson’s Miami office and Chair of the firm’s Bankruptcy Section. This is a unique episode because we get to learn all about nonprofit bankruptcy and how it can be used as a strategic vehicle. We hope this can provide your organization with a little information about another resource to potentially think about if your organization runs into some trouble. Bankruptcy is not for every organization, but as a board member, you have a fiduciary responsibility to explore all options if things are going awry.

Steven walks us through some of the reasons a nonprofit would file for bankruptcy, some of the factors they should consider when thinking about bankruptcy, and how a nonprofit organization can use bankruptcy as a strategic vehicle.

Some of the major takeaways from this episode are:

1. Bankruptcy is not a destination, it is a means to an end.

We hope this episode is as informative to you as it was to us. We learned so much about bankruptcy and how it can help or hurt a nonprofit organization.

Timestamps:

00:43 - Interview starts

01:38 - Reasons why a nonprofit would think about bankruptcy

03:55 - Does the size of the organization matter?

04:20 - Bankruptcy is not a destination, it is a means to an end

07:30 - Examples of strategic bankruptcies

12:40 - When would a nonprofit organization consult with a bankruptcy lawyer

16:30 - Types of bankruptcy

18:00 - Bankruptcy code of assets for nonprofit organization

19:50 - Chapter 11 bankruptcy for a nonprofit organization

21:45 - Who calls you, board chair/executive director?

23:20 - Bankruptcy as a strategic vehicle

27:00 - One of the first questions Steven asks nonprofit organizations considering bankruptcy

34:20 - Final thoughts

37:49 - Recapping with Read

Join us every week as we release a new podcast with information about how you can be the best board member and provide great service to your organization.

Visit us at: www.thecorleycompany.com

This week on I 501(c) You, we are speaking with Shawn Sackman, Urban League of Broward County Board Chair, Commercial Banking Leader at Regions Bank, a top 250 Power Leader by the South Florida Business Journal, and much much more.

Shawn is a servant leader to the fullest extent. He was once actively serving on 5 boards (being the board chair on one), coaching his children's sports teams, and working full time. He has always had a passion for giving back, finding the most joy when he sees the outcome of his volunteer work bring joy to other people.

Shawn provides some amazing advice for board leadership, career development, and finding the right board to serve on. We can't forget to mention, he lights a fire inside you to jump in and give back. 

Some major takeaways from our conversation with Shawn are:

1. It is not a unique problem to not know how to "get involved in the community". It is a learned skill.

Timestamps:

00:00 - Introduction

01:09 - Interview starts

01:50 - Why do you choose to serve on nonprofit boards?

04:59 - First board you joined and how old were you?

09:00 - Why do you desire to be a board chair?

12:09 - How do you approach the role of board chair?

17:08 - How do you start to manage the board and the relationship with the CEO

23:15 - Alignment and communication with the CEO

28:00 - Highlights of your board chair career?

29:58 - What to do when a board member passes away?

32:59 - Advice for someone thinking about being a board chair?

38:38 - Recapping with Read

Join us every week as we release a new podcast with information about how you can be the best board member and provide great service to your organization.

Visit us at: www.thecorleycompany.com

This week on I 501(c) You - The Podcast for NonProfit Board Members, we are speaking with Johnette Gindling, President and CEO of the Space Coast Health Foundation.

Johnette brings a wealth of knowledge to the podcast as she has sat on a number of boards and been a board chair, on top of being the President and CEO of a foundation.

Some major takeaways from this episode are:

1. Don't be bashful about joining a board for career growth purposes... but don't join a board you are not willing to give time and effort to.

Hurricane Ian Relief:

Sarasota Memorial Healthcare Foundation Employee Relief Fund:

“To provide financial assistance to qualified SMH employees who are adversely affected by Hurricane Ian.”

Community Foundation of Sarasota County Suncoast Disaster Recovery Fund:

“To provide recovery support to the Suncoast Region in response to a natural disaster. The fund will allow investments in long-term, long-range programs to sustain our agencies after initial emergency relief is provided.”

Center for Disaster Philanthropy Atlantic Hurricane Season Recovery Fund:

“This Fund will focus on medium- and long-term recovery needs such as rebuilding homes and livelihoods, meeting the unique needs of vulnerable communities, and supporting mental health services.”

Gulf Coast Community Foundation Disaster Relief Fund:

“Gulf Coast Community Foundation’s Hurricane Ian Disaster Relief Fund will support those most devastated. We will prioritize health and human services needs primarily in southern Sarasota County including Venice, hard-hit North Port, Englewood, Charlotte County, Lee County, and DeSoto County.”

Timestamps:

00:00: Hurricane Ian Relief

00:17: Intro starts

00:55: Interview starts

01:27: How do you decide which organization you want to be on the board of and involved in?

03:35: Understanding Board finances without a finance background

06:15: A board members obligation to learn

09:34: Qualities of an effective board member from the CEO perspective

11:19: Read the organization’s by-laws before joining the board!

12:50: How do you identify future board members?

15:09: As a CEO, don't take for granted the importance of social time for your board

15:53: CEO and Board Chair role and relationship

18:50: As a CEO, keeping your board up to date

20:10: What are some characteristics of an effective and ineffective board member?

22:53: Boards are entitled to any information they want

24:00: As a board member, what makes for an effective board meeting?

27:24: As a CEO, getting calls after a board meeting?

28:23: The importance of communication between board meetings

30:25: What advice would you give to young people when joining a board?

32:04: What advice would you give to someone thinking about being Board Chair?

34:30: Recapping with Read

Join us every week as we release a new podcast with information about how you can be the best board member and provide great service to your organization.

Visit us at: www.thecorleycompany.com

In this episode we speak with Will Armstead, CEO and former Board Chair of Boys & Girls Clubs of St. Lucie County, the largest non-profit youth development organization on the Treasure Coast.

After serving 16 years in the Army and 20 years in the for-profit industry, Will became CEO of Boys & Girls Clubs of St. Lucie County, driven by his personal mission- to give every child opportunities for a great future.

For Hurricane Ian Relief and Timestamps for this episode, please see below:

Hurricane Ian Relief:

Sarasota Memorial Healthcare Foundation Employee Relief Fund:

"To provide financial assistance to qualified SMH employees who are adversely affected by Hurricane Ian."

Community Foundation of Sarasota County Suncoast Disaster Recovery Fund:

"To provide recovery support to the Suncoast Region in response to a natural disaster. The fund will allow investments in long-term, long-range programs to sustain our agencies after initial emergency relief is provided."

Center for Disaster Philanthropy Atlantic Hurricane Season Recovery Fund:

"This Fund will focus on medium- and long-term recovery needs such as rebuilding homes and livelihoods, meeting the unique needs of vulnerable communities, and supporting mental health services."

Gulf Coast Community Foundation Disaster Relief Fund:

"Gulf Coast Community Foundation's Hurricane Ian Disaster Relief Fund will support those most devastated. We will prioritize health and human services needs primarily in southern Sarasota County including Venice, hard-hit North Port, Englewood, Charlotte County, Lee County, and DeSoto County."

United Way Suncoast Disaster Recovery Fund:

"Support relief efforts in DeSoto, Sarasota, Manatee, Pinellas and Hillsborough"

Timestamps:

(02:40) - Interview starts

(03:19) - Will introduces himself

(03:52) - How and why Will became CEO

(04:30) - Biggest transition from the for-profit world to non-profit world

(05:19) - Share a little bit about your role as a board member and the differences between Board member and CEO

(06:50) - Composition of a board from a CEO’s perspective

(08:24) - How do you identify a potential board member?

(10:43) - Expectations of a board member?

(18:00) - Relationship between CEO and Board Chair

(20:10) - Advice for when a board member is too involved with staff or operations?

(22:12) - How often should a board chair communicate with the board and the importance of communication

(24:50) - Properly engaging with your board and board chair

(29:07) - Advice you have to CEO’s when working with the board

(30:29) - Advice you have to Board members when working with the CEO and the organization

(32:41) - Recapping with Read

Join us every week as we release a new podcast with information about how you can be the best board member and provide great service to your organization.

Visit us at: www.thecorleycompany.com

In the inaugural episode of I 501(c) You - The Podcast for NonProfit Board Members, we are joined by Susie Bowie, Executive Director of the Manatee Community Foundation to discuss everything you need to know about joining a nonprofit board.

Susie is a fountain of information and eloquently describes the role of a nonprofit board member. She has so much experience in this realm, being both a nonprofit Executive Director and board member of several organizations. Together, we discuss the attributes of a productive and unproductive board member, how young people can get involved in boards, thoughts on board members being required to financially contribute, how to get a better understanding of financials from a board's perspective and more!

We thank Susie so much for joining us today and sharing her wisdom. We both believe that board members are critical to the success of an organization and we want to make sure every board member can provide their best service to their organizations.

Key Takeaways:

1. Board members should come to the table ready to learn.

Timestamps:

00:00 - Introduction

00:50 - Interview starts

1:30 - What makes a good board member?

03:15 - Any traits that make an individual NOT a good board member?

05:05 - Has it become more challenging to share ideas in a board meeting?

08:20 - Is it the board members job to defend the mission of the organization

09:58 - How do I go about getting on a nonprofit board?

14:06 - What are your thoughts on board members having to financially contribute to the organization?

17:00 - How should someone behave as a new board member?

20:00 - How do you recommend someone get comfortable with board financial statements?

24:00 - What is the difference between a board member and staff member's responsibilities?

27:10 - What is the role of a board member in fundraising?

29:40 - Connecting the organization to new people as a board member is critical

31:35 - What are some of the most misunderstood aspects of being a board member?

35:25 - Respecting the skills of nonprofit leaders and staff

40:45 - Anything else?

41:50 - Recapping with Read

Join us every week as we release a new podcast with information about how you can be the best board member and provide great service to your organization.

Listen to the podcast on any of the following platforms:

Apple Podcasts

Spotify Podcasts

Amazon

iHeartRadio

Visit us at: www.thecorleycompany.com/podcast

Follow us on:

Linkedin and Twitter