the financial magazine for nonprofit executives

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www.exemptmagazine.com Fall 2014

THE FINANCIAL MAGAZINE FOR NONPROFIT EXECUTIVES

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Who’ll FillTheir Shoes?Increased NumbersOf Nonprofit CEOsAre Stepping DownALSO INSIDE

•Exempt Autumn 2014_June July 06 Exempt 10/30/14 11:31 AM

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in this issue

8 COVER STORYWho’ll Fill Their Shoes?

12 LEGALJurisdictions Cuffing Asks About Arrests

14 INSURANCE Nonprofits Face More, Higher Claims

16 BANKINGProtect Your Accounts

18 INVESTMENTSTax Strategies For Hedge Funds, Private Equity Funds

DEPARTMENTS

4 From The Editor

6 10 Questions For The CFO

19 Executive Positions

20 Time Out

21 Resource Marketplace

23 Exempt Calendar

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Fall 2014 | EXEMPT | 3

Exempt is published four times annually by The NonProfit Times. A one-year subscription is $39 US, $59 US Canada and $89 US for international. The NonProfit Times (ISSN 0896-5048) is a publication of NPT Publishing Group, Inc., 201 Littleton Road, Morris Plains, N.J. 07950.Unsolicited manuscripts are welcome, but The NonProfit Times does not assume responsibility for their return. None will be returned without a self-addressed, stamped envelope. No material in this publication may be photocopied or reproduced in any form whatsoever without permission of the Publisher. Views expressed by independent columnists or correspondents are theirs and do not necessarily represent the views of NPT Publishing Group, Inc.© 2014 NPT Publishing Group, Inc.

EDITOR-IN-CHIEF

Paul Clolery [email protected]

SENIOR EDITOR

Mark Hrywna [email protected]

STAFF WRITERS

Patrick Sullivan [email protected]

Zach Halper [email protected]

PRESIDENT

John D. McIlquham

ADVERTISING SALES DIRECTOR

Scott Vail [email protected]

BUSINESS DEVELOPMENT DIRECTOR

Peter Manfre [email protected]

CLASSIFIED MANAGER

Mary Ford [email protected]

PRODUCTION MANAGER

Jeff Nisbet [email protected]

12 14 16

EXEMPTTHE FINANCIAL MAGAZINE FOR NONPROFIT EXECUTIVES

CORRECTION: In the story, “Insuring Against Unemployment,” which appeared onPage 20 of the Summer 2014 edition of Exempt magazine, 501(c) Agencies Trust wasmisidentified as 501(c) Services Trust.

20


4 | EXEMPT | Fall 2014

FROM THE EDITOR

PAUL CLOLERY, EDITOR-IN-CHIEF

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People People Everywhere And Not A One To Lead

The national unemployment rate in the United States was 5.9 percentduring September 2014, according to the U.S. Bureau of Labor Statistics (BLS).The number of unemployed persons decreased by 329,000 to 9.3 million.

During the previous 12 months, the unemployment rate and the number ofunemployed persons were down by 1.3 percentage points and 1.9 million,respectively, according to the BLS. The civilian labor force participation rate was62.7 percent and the employment-population ratio was 59 percent for the fourthconsecutive month.

Healthcare, the backbone of the charitable sector, added 23,000 jobs duringSeptember. Here’s the rub: The number of “discouraged workers” was down154,000 from a year earlier to 698,000. That seems to be a pretty good pool ofworkers if the projections are accurate that the nonprofit sector will need 80,000new executives in 2016 alone.

Clearly you can’t draw any number versus number comparison for availabilityversus need. There are roughly 300 colleges and universities offering some formof training in nonprofit management, from a basic certificate to a doctorate.With all of the need and the availability of people, why is the charitable sectorscrambling for leadership?

It might be an issue of flexibility and versatility and we examine the transition inthis issue’s cover story.

Another reason it might be tough to recruit leaders is the fact the seat is warm andgetting hotter. Statistics show more lawsuits against nonprofits and larger payouts.We take a look at the insurance marketplace number.

You’ll also need income to pay this next generation of leaders and it can’t allcome from program service fees and fundraising. We look at hedge funds and theconcept of a blocker corporation to allow cash to pass tax-free.

Enjoy this issue of Exempt. Please drop me a note and let me know what you thinkat [email protected]


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‘‘My first job as CFOwas the hardest.It was a smallorganizationwith no controlswhen I started.

TenQuestionsFOR THE CFO

2008 (early 2009) is always a worry.Although, having lived through thatand seen our en dowment rebound andwith the ro bust investment policies wehave in place, I have confidence thatmeasured over the long haul our port-folio will do fine. Out side of that, mymain concern is change management.

We are an ambitious or ganizationwith many very positive initiatives inplay. I constantly have to re mind myselfnot to expect them to all materialize onday one or even in a year.

7. What’s the biggest challengeyou’ve faced in your career? My firstjob as CFO was the hardest. It was asmall organization with no controlswhen I started. The previous CFO hadleft under less-than-favorable terms.Everything, the entire financial infra-structure and systems, had to be builtfrom scratch.

8. When you were a child, what didyou want to be when you grow up?Growing up in Nigeria, I always wantedto be an architect. That was my dream.I thought the idea of creating anddesigning something from scratch tobe the ultimate career.

9. What’s something you’ve learnedfrom a job -- any job -- that you con-tinue to employ? The best training Iever had was at the University ofChicago Budget. It was really therethat I learned how skillful one has tobe to explain financial information tonon-financial audiences.

10. Any predictions for the nonprofitsector in 2015? Predictions are alwaysdangerous. I think it is fair to say mostof the larger nonprofits have seengood fundraising and respectableendowment performance and growththe past few years. I have to be hope-ful that will continue in the short term.


3. What are the three most importantskills for today’s CFO? A CFO needs tohave great analytic and communicationskills; second, the ability to work col-laboratively across multiple levels ofthe organization; and finally, the abilityto think strategically (look at the bigpicture).

4. What do you do for fun? I lovedpracticing Tai Chi, and would like totake that up again. I know it is a con-tradiction to say “amateur” and “food-ie,” but I would classify myself as anamateur foodie. Together with mywife, Claire, we like to sample the culi-nary delights of our new city, Houston.

Finally, just keeping up with mysoon-to-be-five-year-old-boy, Eli, whois involved in multiple sports andextracurricular activities.

5. What advice would you give some-one looking to get into the nonprofitsector, specifically finance? Make sureyou find the work fulfilling, challeng-ing, and that you are really enjoyingwhat you do. Perhaps this is moreso inthe nonprofit sector, since most organ-izations tend to be resource chal-lenged and so one is unlikely to getthe same sense of satisfaction solelyfrom a financial recompense aspect.

6. What keeps you up at night? I gen-erally sleep very well. But to answerthe question, since we have a largeendowment, the specter of a globaleconomic dislocation much like late

Eric Anyah, Chief Financial Officer, The Museum of Fine Arts, Houston

1. When or how did you know youwanted to be a CFO? I just stumbledon the role. After graduate school, Iwas undertaking an 18-month account-ing practical training program inChicago while thinking of going backto school for a Ph.D. in accounting andfinance. I got a call one day from afriend of my father who said he had adoctor colleague who was looking fora director of finance for her behavioralhealth facility. So, at 25 years old I wasa financial executive.

2. What’s the last good book you read(or movie you saw)? I really enjoyedreading Shantaram by Gregory DavidRoberts. It’s about an escaped convictwho flees Australia for Bombay.Another recent read was Americanah,the third book by Chimamanda NgoziAdichie, which brought back memoriesof my home country, Nigeria.


Grant Thornton refers to Grant Thornton LLP, the U.S. member fi rm of Grant Thornton International Ltd.

At Grant Thornton, our not‐for ‐profi t professionals work extensively with organizations just like yours. That focus gives them deep experience to help their clients grow in their ability to serve the greater good. See how they do it at GrantThornton.com/nfp.

Instinct says: Choose a master of one.

Reason says: Hire a jack of all trades.


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Continued on page 10

COVER STORY

WHO’LL FILL THEIR SHOES?Increased numbers of CEOs are stepping down

BY MARTIN C. DAKS

Neil Nicoll joined a lengthy listof CEOs who are exiting large,influential charities when heannounced this past June thatat year’s end he would end his

nearly decade-long tenure as president andCEO of the YMCA of the USA.

The exodus includes chief executives fromorganizations that are regulars on the TheNonProfit Times Top 100: American CancerSociety, Leukemia and Lymphoma Society,AmeriCares, Big Brothers Big Sisters, Bill

2013, according to statistics compiled byChicago-based search firm Challenger, Gray& Christmas. The firm does not detail thebreakdown between government and gener-al nonprofit. Observers offer a number ofreasons for the rise, from demographicchanges to the improving economy -- andhave some advice for nonprofits dealingwith a departure.

“I am stepping down because YMCA ofthe USA is embarking upon an ambitiousand exciting four-year strategic plan that

Hillary and Chelsea Clinton Foundation andCatholic Charities USA. Almost one of everyfour charities that appeared in this year’s NPTTop 100 -- a study of the largest nonprofits inthe nation, published annually in theNovember edition of The NonProfit Times -- hasa new executive in place within the past twoyears or has announced a coming transition.

It’s not quite a flood, but some experts dosee a trend. During the first seven months of2014, 118 CEOs in the government-nonprof-it sectors left their organizations, up from98 in the same seven-month period during



COVER STORY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

will require committed leadership over thattime, and at 68, I realize that I can’t makethis commitment,” said Nicoll, who willremain with the organization as presidentemeritus. He also wants to “spend moretime with my family and explore other waysto be of service, including volunteering.”

Demographics play a part in some cases.“The CEOs I know who are stepping downare all Baby Boomers. The sector is goingthrough a generational shift as the Boomersage out,” Nicoll said.

Some are moving on to new challenges.This past summer, for example, Fr. LarrySnyder announced he would step down aspresident of Catholic Charities USA at theend of January 2015, after nearly a decade inthe top spot. He will become vice presidentfor mission at the University of St. Thomasin Saint Paul, Minn.

Observers see a variety of drivers spurringrecent CEO turnover. “Part of it is simplyretirement, especially when you’ve got anolder person who has been in a position for10 years or more,” said Dr. Dara Richardson-Heron, who since 2012 has been CEO of theYWCA of the USA in Washington, D.C. “Forsome, an improving economy presentedthem with more favorable opportunities.And, in some cases there’s a need for a CEOwith different skill sets. Today’s nonprofitsneed leaders who are nimble and are willingto change often and quickly,” she said. “Theperson at the helm has to be able to formu-late a strategic plan, but must also be willingand able to adapt it as needed,” she added.

The departure of a CEO is a perennialchallenge for nonprofits, according toPreeta Nayak, a partner in the San Franciscooffice of The Bridgespan Group, a nonprofitadvisor and resource for mission-drivenorganizations and philanthropists. “Whiletransitions are always challenging, the

degree to which the out-boarding of the oldCEO and the on-boarding of the new gosmoothly will depend on the processes andprocedures in place, as well as the engage-ment of the board and the staff,” she said.

A Bridgespan Group survey of more than150 nonprofit leadership teams found thatleadership development and successionplanning for senior management positions“is the single greatest organizational weak-ness nonprofits face.”

Authors of a Bridgespan study released in2006 that is currently being updated pre-dicted the need for 640,000 nonprofit exec-utives between the report’s issuance and2016. That is 2.4 times more than employedin 2006. The authors predicted that 80,000new leaders would likely be needed in 2016alone. The study was titled The NonprofitSector’s Leadership Deficit.

Any time that there’s a change at the top,“it’s most important to communicate

Continued from page 8

‘‘For some, an improving economy presented themwith more favorable opportunities. And, in somecases there’s a need for a CEO with different skill sets.Today’s nonprofits need leaders who are nimble andare willing to change often and quickly. --Dara Richardson-Heron

‘‘The CEOs I know whoare stepping down areall Baby Boomers. Thesector is going through agenerational shift as theBoomers age out. --Neil Nicoll Continued on page 11



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Depending on the situation, an outgoingCEO might try to assist an incoming execu-tive with donor introductions and other activ-ities, said Wallestad. But she also suggests“sharing fundraising and other significantresponsibilities with the board of directorsand other senior staff, so one person doesn’thold the only key to all relationships.”

Some nonprofits, such as Teach ForAmerica, address this and other issues with a“co-executive” leadership position. In 2013,the New York City-based organization, whichworks in partnership with communities toexpand educational opportunity for childrenfacing the challenges of poverty, appointedMatthew Kramer and Elisa Villanueva Beardas co-CEOs. Teach For America did not re -spond to inquires regarding the structure. Ina blog post announcing the changes lastyear, Founder and Chairman Wendy Koppsaid Beard will “lead the work of the regionsand play a significant role in building publicunderstanding and support of the organiza-tion,” while Kramer will lead the nonprofit’scentral teams and drive planning.

Continued from page 10around the change,” said A. Wayne Luke, theAtlanta-based managing partner, not-for-profit practice at Witt/Kieffer, an executiverecruiting firm. “If there’s a vacuum, it willbe filled negatively.”

Instead, the board should communicatethe positive changes that are anticipated bythe move. “Donors invest primarily in pro-grams, outcomes and impact, not just theleader,” he added. “But organizations needto assure donors that experienced, appropri-ate and capable leadership remains in posi-tion and will continue in a seamless fashion.”

Many of the leaders who have left, or planto leave soon, have enjoyed tenures of atleast a decade at their organizations. A fail-ure to plan for succession can deal a heavyblow to an organization, said Anne Wal -lestad, president and CEO of BoardSource, aWashington, D.C.-based nonprofit that offersconsulting services, training courses, andother services to nonprofits. “An abrupt exit,particularly if the CEO holds all the fundrais-ing relationships, can be critical,” she said.

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“That kind of model is still unique,” saidWallestad. “It can work, but everyone mustbe clear and on board about individual andcollective responsibilities. Regardless of theexecutive structure, though, the board ofdirectors and the executive team must haveclarity about the organization’s goals,responsibilities, and reporting lines. Ifeveryone works together, then there is no‘wrong way,’” she said.

Added The Y’s Nicoll: “It is all a function ofthe strength of the organization that the CEOhas built. With a strong board, senior staffteam and plan, and positive, open relation-ships with stakeholders and funders, thedeparture of the CEO should be a natural tran-sition to the future. If an organization does nothave these things in place, then it is at higherrisk of drift and loss of relationships.” E

Martin Daks is a freelance businesswriter based in Bethlehem Twp., Pa.,and a regular contributor to TheNonProfit Times.


BY SANDI PESSIN BOYD, DOUGLAS B.MISHKIN AND JEFFREY S. TENENBAUM

The District of Columbia is aboutto become the 14th jurisdictionnationwide to “ban the box,”prohibiting employers -- non-profit and otherwise -- from

asking job applicants to check a box indicat-ing whether they have ever been arrested.Nonprofits with employees in Washington,D.C., that ask an employment applicantquestions about criminal history early in thehiring process, or who use criminal historyto eliminate an applicant from the employ-ment pool, will be subject to a fine by theD.C. Commission on Human Rights.

The D.C. Council passed the “Fair CriminalRecord Screening Act” this past July. MayorVincent Gray returned the signed legislation

obtain such information through applicationforms, interviews, or criminal history checks.

A nonprofit may obtain information aboutan applicant’s criminal convictions after aconditional offer of employment. But theemployer may only withdraw that condition-al offer, or take some other adverse actionagainst an applicant, for a “legitimate busi-ness reason” that takes into account:

• The specific duties and responsibilitiesof the position;

• The bearing of the criminal offense onthe applicant’s fitness or ability to performthe job;

• The time that has elapsed since theoffense;

• The age of the applicant at the time ofthe offense;

LEGAL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Jurisdictions Cuffing AsksAbout Arrests

to the D.C. Council in August. The new lawbecomes effective following a 30-day Con -gressional review period, as required by theDistrict of Columbia Home Rule Act, andpublication in the District of Columbia Register.

The 30-day review period counts onlydays in which Congress is actually in session,so the new law likely will not take effectuntil later this year or early 2015. Nonprofitmanagers should use this opportunity tobegin evaluating their hiring practices andpreparing to make the necessary changes.

WHAT IS “BANNED?”A covered employer may never inquire

about, or require an applicant to disclose orreveal, an arrest or a criminal accusation thatdid not result in a conviction or that is notcurrently pending. An employer may not Continued on page 13



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• The frequency and seriousness of theoffenses; and,

• Any information provided by the appli-cant to show that the person has been reha-bilitated.

If an applicant believes that a conditionaloffer was rescinded or an adverse action wastaken because of a criminal conviction, thenonprofit must provide within 30 days ofthe applicant’s request (1) a copy of allrecords procured by the employer in consid-eration of the applicant, and (2) a noticeadvising the applicant of the person’sopportunity to file an administrative com-plaint with the D.C. Office of Human Rights.

WHICH EMPLOYERS AND JOBSARE COVERED?

This new law applies to nonprofits thatemploy more than 10 people in the District ofColumbia. This includes temporary or season-al work, contracted work, contingent work, orwork through a temporary or employmentagency where the physical location of theemployment is in whole or substantial partwithin the District of Columbia. It alsoincludes any form of vocational or education-al training with or without pay.

This law does not define “employee” andis silent as to whether it applies to unpaidinterns and other volunteers. In contrast,the D.C. Human Rights Act defines “employ-ee” as including “unpaid intern.” Thus, atpresent, there is no authoritative guidanceon whether unpaid interns and volunteersare covered by the new law.

Affected nonprofits should consult legalcounsel before deciding whether to exemptunpaid interns and volunteers from the pro-hibition of the new law.

The law expressly excludes:• Any facility or employer that provides

programs, services, or direct care to minorsor vulnerable adults;

• Positions required by federal or D.C. lawor regulation to consider an applicant’scriminal history;

• Positions designated by the employer aspart of a federal or D.C. program designedto encourage employment of those withcriminal histories; and,

• District of Columbia courts.Managers at covered nonprofits should

review their employment applications and

guidelines regarding what it considers theproper use of criminal history in the hiringprocess.

POTENTIAL PENALTIESAn aggrieved applicant may only file an

administrative complaint with the D.C.Commission on Human Rights. There is noright to sue a nonprofit employer in court. TheCommission’s remedies are limited. If theCommission finds a violation, the Commissionmay impose monetary penalties -- half ofwhich are awarded to the complainant -- rang-ing from $1,000 to $5,000, depending on thenonprofit’s number of employees. E

Sandi Pessin Boyd is an associatewith Venable LLP. Her email [email protected]. Douglas B.Mishkin is a partner with Venable.His email is [email protected] S. Tenenbaum is also apartner with the firm. His email [email protected]

hiring policies and:• Remove any questions from initial appli-

cation forms regarding an applicant’sarrests, criminal accusations, or convictions;

• State in the organization’s employeemanual and/or other relevant policy docu-ments that, in compliance with this law, theorganization does not inquire about arrestsor convictions pre-offer, and only considersconvictions post-offer for “legitimate busi-ness reasons;”

• Train your in-house and outsourcedhuman resource professionals and otherswith interviewing responsibilities to avoidquestions about arrests and convictions;

• Educate managers and supervisorsabout the limited ability to consider convic-tions after making an offer of employment;and,

• Prepare a form to provide Notice ofRight to File an Administrative Complaintwith the D.C. Office of Human Rights.

Separate and apart from this new devel-opment, the federal Equal EmploymentOpportunity Commission (EEOC) has issued

Where You Can’t Check The BoxThese 13 states have implemented ban-the-box laws applying to public

employment and/or private employment: California, Colorado, Connecticut,Delaware, Hawaii, Illinois, Maryland, Massachusetts, Minnesota, Nebraska,New Mexico, New Jersey, and Rhode Island.

Of these 13, currently six states have introduced ban-the-box provisionsthat apply to private employers including nonprofits: Hawaii, Massachusetts,Minnesota, New Jersey, Rhode Island, and Illinois.

There are also a number of large cities that have passed city-wide ordi-nances applying to private employers and nonprofits including: Philadelphia,Rochester, Buffalo, San Francisco, Seattle, and Baltimore.

There are federal guidelines regarding using arrest records. The EqualEmployment Opportunity Commission has information on its website:http://eeoc.gov/laws/practices/inquiries_arrest_conviction.cfm


•Exempt Autumn 2014_June July 06 Exempt 10/30/14 12:05 PM


BY JULIUS A. KARASH

Nonprofits are getting hit withmore and higher insuranceclaims amid an increasinglycomplex operating environ-ment. Adding to the challenge,

those selling insurance to the industry areunsure exactly where the market is going.

The data is based on a survey of 27 insur-ance carriers. It shows that the severity ofnonprofit directors and officers (D&O) claimsis up -- with the average claim now estimat-ed at $250,000. At the same time, nonprofitD&O claims are no longer limited to employ-ment practices liability insurance claims.

The information was gathered by Arthur J.Gallagher & Co., a Chicago-based brokeragefor commercial insurance, employee bene-fits and risk management solutions.

“Nonprofits find themselves in a more com-plex world, a world where change is a con-stant,” said Peter Persuitti, managing directorof Gallagher’s nonprofit practice. “If you’re anonprofit that’s had some difficult losses orhad some reputational errors in judgment orwhatever, there’s the chance that you will bepaying more for your insurance.”

The survey found that carriers were spliton whether the insurance market for non-profits will become more firm during thenext 12 months. Of insurance consultantswho were surveyed, slightly less than 40 per-cent said the market would become morefirm during the next 12 months, while slight-ly more than 60 percent said it would not.

The data showed that nonprofits areincreasing coverage limits as a way to fur-ther protect organizations from liability.How ever, some nonprofit risk managers be -lieve higher limits make them a target.

The survey indicates that nonprofits face

growing challenges in:• Revenue/funding pressures;• Growing numbers of regulatory actions;• Growing organizational complexity; and,• Greater scrutiny of executive compensa-

tion and claims spawned by job cuts.While claims against nonprofits formerly

were brought mostly by employees, the sur-vey found that many claims are now broughtby funders or donors; beneficiaries orclients of the organization; state attorneysgeneral; and, even the organization itself.

The survey data was presented byPersuitti and Matt Dietz, an analyst inGallagher’s religious and nonprofit practice,during the recent 2014 Risk ManagementSummit in Chicago. The presentation notedthat according to the Towers Watson D&OSurvey from 2013, 63 percent of nonprofitentities have been subject to a D&O claim

during the past 10 years.Sometimes nonprofits simply fall prey to

bad luck. Persuitti and Dietz cited the caseof a statewide nonprofit that had been suedfor wrongful death. When the organizationsought to renew its insurance coverage theincumbent carrier refused. The organiza-tion’s insurance broker sought coverage in33 markets before coverage was obtained,but at a steep cost. Package coveragejumped from $106,190 to $452,067, andumbrella coverage went from $12,167 to$103,025.

Today’s insurance market features somepositive trends for nonprofits. The findingsindicate that while upward pressure on pric-ing continues, it is slowing, and firms areunderwriting again for most risks.

“For the most part, if you’re a well-runnonprofit, if you haven’t had losses, if you’renot in a catastrophic area, you’re probablyfeeling the wave of relief, of stability, ofbeing able to get renewals,” Persuitti said.

The Gallagher survey found that more in -sur ance carriers are offering coverage tononprofits. “They’re understanding it,”Persuitti said. “They see the good that’sbeing done. They want to give back to soci-ety, and we’re pretty excited about the factthat we’ve got more arrows in our quiver rel-ative to solutions.”

Carriers also see coverage of nonprofits asa sound business decision, especially if thecoverage can be structured in a comprehen-sive manner. For example, insurance carrierssay it’s good business for them if a nonprofitbuys workers compensation coverage fromthem in addition to package coverage.

“That’s more premium, and that allowsthe account to be more profitable, or at

Nonprofits Face More, Higher Claims

INSURANCE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

‘‘Nonprofits findthemselves in a morecomplex world, a worldwhere change is aconstant. --Peter Persuitti

Continued on page 17



least to have cash flow,” Persuitti said. “Theycan collect the premium now and have pos-sible investment income that will supportthat potential loss that might happen in thefuture.”

Underwriters want to learn more aboutthe operations of the nonprofits they insure,said both Persuitti and Dietz. This supportsthe need for more sophisticated data man-agement by nonprofits and their agents.

Sophistication also is needed to preventproblems involving new methods of fund-ing, Dietz said. “Part of it is staying on topof our changing technology, in areas such ascyber liability, data breaches, donor informa-tion. People pay online and may give theircredit card (number), so cyber liability is abig topic these days.”

Dietz noted that nonprofits accepting dig-ital currency such as Bitcoin must “figureout what kind of risk management thatwould entail. Crowdfunding is an up andcoming trend, and you have to figure outwhat the risk management method would

be for that, too.”Persuitti and Dietz recommended these

strategies based on the data:• Data is king: Be diligent about maintain-

ing comprehensive, relevant underwritinginformation on your organization. An RMIS(Risk Management Information System) isthe way of the future;

• Prepare for catastrophic events, bothprobable and “black swan,” or those thatcome as a surprise and have a major impact;

• Align with local authorities as partnersin the community;

• Document, communicate, advocate;• Educate your community and constit -

uencies about inherent risks;• Partner with your workers compensation

carrier to close open claims as quickly as pos-sible. Advocate “return-to-work” protocols;

• Use cloud computing;• Standardize accounting practices across

the organization;• Share qualitative data with your under-

writer. This includes business plans, theawards you have received and the back-

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Introducing NPT GrantsYour source for grant opportunities from foundations and government agencies.

Find out more atwww.thenonprofittimes.com/grants

Tired of looking all overfor grants?

grounds of your management team; and,• Create a “culture of risk management.”Persuitti said a culture of risk manage-

ment emphasizes the importance of collab-oration, both within the organization andbetween the organization and its communi-ty. “We’re an interdependent society,” hesaid. “There are no silos.”

While nonprofit managers today have bet-ter tools and technologies with which tomanage risk, “it’s a fine line we walk,”Persuitti said.

“We’re lucky to have more carriers enter-ing the market. Yet if you fall, if somethinghappens, it can be catastrophic, as we saw atPenn State (where a child sex abuse scandalbroke in 2011). We’ve got to be aware.We’ve got to not try to do it by ourselves.We need to align with competent profes-sional partners, and with the broader com-munity in which we reside,” he said. E

Julius A. Karash is a freelance busi-ness writer based in Kansas City, Mo.



‘‘Encrypt sensitive dataand keep updated virusprotections on yourcomputer. Use complexpasswords and changethem periodically.


BY TOM CIOLKOSZ

Fraud schemes seem to emergeevery day, affecting nonprofitand for-profit entities large andsmall. With all the high-techgadgets available in the world

to day, the way we communicate has signifi-cantly changed how we do business.

Thieves evolved and are using the samehigh-tech gadgets to commit all types of finan-cial fraud against nonprofit organizations.

There are many types of fraud schemesout there when it comes to banking. Crim -inals typically test a scheme with a small dol-lar amount to see if the transaction goesthrough unnoticed and then gradually in -crease it to the big payday.

Fraud is happening both externally by hack-ers and vendors, and internally by employeeswho are improperly scanning checks for pay-ment. Below are some best practices and pre-ventive measures you can adopt to reducefinancial fraud risk to your nonprofit.

Problem: Check Fraud. This involves indi-viduals double debiting through remotedeposit capture or mobile phone deposittechnology.

For example, an organization issues acheck to someone and the individualdeposits the check through a scanner orsmartphone. The person then quickly takesit to another bank to cash it. Both transac-tions flow through the check-clearingprocess, which could result in the accountbeing debited twice. This could go undis-covered until the account is reconciled.

Another way is for the thieves to get accessto your money is to create counterfeit checksthrough stealing your check stock or obtain-ing a legitimate check and copying it.

Solution: Check Positive Pay. This is anantifraud service offered by banks to helpprotect businesses against fraud from alteredand counterfeit checks. Positive pay assists inthe creation, transmission, and research ofcheck records sent to the bank for payment.

Problem: Automated Clearing House (ACH)Fraud. This type of fraud is where the criminaltargets nonprofit accounts in search of bigger

payouts. They will steal online banking cre-dentials by hacking computer networks andinstalling key logging software or malware.Once the thieves have the correct credentials,they can access the organization’s accountsand send out wires or ACH’s to another coun-try and into their own bank accounts.

Solution: ACH Positive Pay. This allowsnonprofits to assign filtering or blockingservices to various accounts based on com-pany IDs, standard entry class codes, anddollar amounts.

Here are several other administrative con-trols that you can implement:

• Educate your employees. A strong secu-

rity program should be paired with employ-ee education about the warning signs andsafe practices that you can implement.

• Protect your online environment. It isimportant to safeguard your cyber environ-ment just as you would your cash and physi-cal location. Do not use unprotected Internetconnections. Encrypt sensitive data and keepupdated virus protections on your computer.Use complex passwords and change themperiodically.

• Partner with your bank to prevent unau-thorized transactions. Talk to your bankerabout programs that safeguard the organiza-tion from unauthorized transactions. Manyservices offer call-backs, device authentica-tion, multi-person approval processes, andbatch limits help protect against fraud.

• Pay attention to suspicious activity andreact quickly. Look out for unexplainedaccount or network activity, pop-ups, andsuspicious emails. If detected, immediatelycontact your financial institution, stop allonline activity and remove any systems thatmight have been compromised.

• Understand your responsibilities andliabilities. The account agreement with yourbank will detail what commercially reason-able security measures are required in yourorganization. E

Tom Ciolkosz is the nonprofit relation-ship manager at Access NationalBank in Reston, Va. His email is:[email protected]

Protect Your AccountsTechnology is fueling instances of banking fraud

BANKING. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


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From industry leader The NonProfit Times, this annual survey offers comprehensive data on:

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• Key Performance Metrics, allowing you to benchmark and evaluate yourorganization’s salary and benefits costs, employee productivity, staff turnover,and more.

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SurveyCompletionDeadlineNov. 24!



BY KAREN ANDERSEN, CPA

Hedge funds and private equityfunds can be wise, lucrativeinvestments for tax-exemptorganizations. They are usuallyorganized as limited partner-

ships or limited liability companies and aretreated as limited partnerships for tax pur-poses, unless the funds elect to be taxed as acorporation. The default treatment as a limit-ed partnership allows the fund to avoid taxa-tion at the fund level and pass the incomethrough to its investors or partners.

Before investing in these types of funds,you should understand the possible taximplications for your organization and con-sider some strategies for minimizing the taxburden and other unintended consequencesof the investments.

BACKGROUNDHedge funds typically hold a broad range

of investments, including some investmentsthat are not available to mutual funds, andcan have an unlimited lifespan. Alternatively,private equity funds acquire and hold thestock of particular companies over a rela-tively long time and often take over themanagement of these companies. Privateequity funds usually have a limited lifespanof about 10 to 12 years.

Both types of funds can yield high returnsand have a small group of large institutionalinvestors, often including tax-exempt organi-zations. What makes these types of fundseven more attractive is that most income fromthese investments can be generated tax-free,since the income from many hedge fund andprivate equity fund investments is consideredpassive income, which is exempt from federalincome tax for tax-exempt organizations.

AVOIDING UNRELATED BUSINESSTAXABLE INCOME

There is one caveat to be aware of in rela-tion to hedge fund and private equity fundinvestments. They can produce unrelated busi-ness taxable income (UBTI), taxable underInternal Revenue Code (IRC) Section 511 for

the otherwise tax-exempt organization. UBTIis income from a trade or business that is unre-lated to the organization’s tax-exempt pur-pose and is regularly carried on for a profit,after deducting the related business expenses.

A tax-exempt investor will have UBTI fromits investment in a fund when (1) the invest-ment fund has an ordinary trade or businessand generates business income that it pass-es along to its investors; or (2) the invest-ment fund has debt-financed property.

Hedge funds and private equity fundsgenerally meet the requirements for beingcharacterized as investment partnerships,deemed not to be engaged in a trade orbusiness. Therefore, tax-exempt investors in

the investment partnership will not be con-sidered to be engaged in a trade or businessand would not have any UBTI from an invest-ment partnership.

Passive income -- such as dividends, inter-est, royalties and certain types of rentalincome -- are excluded from tax on UBTIunder IRC Section 512(b). However, theexclusion does not apply to passive incomewhen debt financing is used on the propertythat generates the income. Therefore, whenan investment partnership uses debt financ-ing, income from the debt-financed propertyis taxable in proportion to the amount ofdebt that was used to purchase the property.

“BLOCKER” CORPORATIONTo address the issue of receiving a sub-

stantial amount of UBTI from investmentfunds, which means jeopardizing your orga-nization’s tax-exempt status, you can create

a U.S. feeder corporation known as a “block-er” corporation. As a tax-exempt organiza-tion, you can invest through the blocker cor-poration, which then means you are nolonger considered to be a partner in thefund. The U.S. blocker corporation is nowthe partner in the fund and, as a tax-exemptinvestor, your share of the income from theblocker corporation is considered passivedividend income and, thus, you are not sub-ject to tax on the income.

However, the U.S. blocker corporation issubject to tax on its share of the partner-ship’s income. While the domestic blockercan help your organization avoid havingUBTI, the U.S. blocker corporation will endup paying just as much tax on the income itreceives from the fund as the organizationwould have paid if it were UBTI. The advan-tage of the U.S. blocker is that you will notjeopardize your tax-exempt status from hav-ing too much UBTI.

Also consider creating a foreign blockercorporation to minimize the tax burdenfrom hedge fund and private equity fundinvestments. It is best to have the foreignblocker established as a tax resident in acountry without a corporate-level tax oninterest income received and without awithholding tax on distributions of earningsto nonresident shareholders, which wouldinclude U.S. tax-exempt organizations.

The foreign blocker will not be subject toU.S. tax on the distribution from the fundbecause its distribution to the foreign block-er is treated as nontaxable interest. Whenthe foreign blocker corporation distributesincome and can avoid the corporate-leveltax, it increases the net after-tax cash flowto you as a tax-exempt investor. E

Karen Andersen, CPA, is a seniormanager in the Cherry Hill, N.J.,office of Baker Tilly Virchow Krause,LLP. She is a member of the NewJersey Society of Certified PublicAccountants. Contact her [email protected]

Tax Strategies For Hedge Funds,Private Equity Funds

INVESTMENTS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

‘‘Hedge funds typicallyhold a broad range ofinvestments, includingsome investments thatare not available tomutual funds, andcan have an unlimitedlifespan.



EXEMPT EXECUTIVE POSITIONS

To place an ad in this

section, contact Mary Ford

at 973-401-0202 x206 or

[email protected]

Business ManagerChildren’s Community School

The CCS Business Manager is a full-time employee,reports directly to the Head of School, and is responsi-ble for the activities of the finance office, and isaccountable for the broad financial and physical healthof the institution. He or she communicates directly andthrough the Head of School with the executive andfinance committees of the Board of Trustees, andattends Board Meetings as needed.

Functional responsibilities include the following:Budgeting: Develops one- and five-year budgets. Workswith the faculty and administration to develop budgetplans and supervises the implementation of the budgetadopted by the board of trustees. Prepares an officialbudget in the winter for the following fiscal year and arevised budget in the fall of the actual year for which thebudget is projected. Projected budgets are prepared asneeded for Board Meetings and the annual Board Retreat.Consults with Head of School and Board to monitor allbudget categories and keeps all appropriate groups fullyapprised of the status of the budget vs. actual.Fiscal Oversight: Recording and report of tuitionbilling, accounts due and payable, payroll, generalledger and operating fund, savings and investments.Procurement and Contract Management: Parti ci -pates in the development of specifications, negotia-tions, awards, and compliance of all service and mate-rial contracts associated with the facility, equipment,personnel, and student support. Monitors major expen-ditures. Risk management of facilities and monitoring ofpersonnel are direct responsibilities.Facility Management: With Head of School, adminis-trators, and staff, provides oversight of the maintenanceand operation of the CCS campus and facilities.Participates in planning and execution of new construc-tion and outfitting of facilities.Personnel Management: Responsible for researchingand advising the Head of School and the Board ofDirectors in matters of employee fringe benefits anddirectly supervising their proper allocation. Monitorsemployee contractual agreements, termination of serv-ice procedures, and maintenance of proper documenta-tion and files. Assures compliance with all employmentlaws. Participates in updates of employee manual.Strategic Planning: Participates in preparation ofstrategic planning documents for annual Board retreat.Oversees the execution of fiscal goals set by Board, inconsultation with the Head of School.Cash Management: Oversees the day-to-day expendi-tures and monitors the balances in all accounts, ensur-ing cash flow and maximizing interest income andsecurity. Prepares cash flow analysis.Accounting: Oversees annual audit and maintains reg-ular contact with accountants regarding all accountingissues, including tax filing, 501(c)3 status and all appli-cable laws and regulations. Reviews management let-ter from accountant annually, and ensures that all fidu-ciary controls are in place. Incumbent requires the ability to maintain an extendedwork schedule, including occasional evenings andweekend days, without extended or frequent absences,and to be independently mobile.

Communication skills.• Basic reading and writing skills, including email.• A bachelor’s degree or higher.• Proficient with accounting systems such as

Quickbooks as well as the Microsoft Suite includingWord and Excel.

• Familiarity with non-profit (501(c)3) accounting, taxfilings, and regulations.

• Ability to read and interpret audit, as well as financialand accounting reports.

• Prior experience in benefit administration a plus.• Commitment to school’s mission.

Interested applicants should submit a cover letter,resume, and salary requirements to:

Helen Stevenson [email protected] fax to: 818-780-5834

President/ExecutiveDirector

The Progressive

The Progressive, Inc. seeks a new ExecutiveDirector and President to bring this 105-year-old, Madison-based institution into the future.The ideal candidate will have strong leader-ship, development, and financial skills, andexperience cultivating major donors andplanned giving.

Progressive politics and a passionate commit-ment to maintaining a media platform for thenational progressive movement are a must.Experience with the operations of a print mag-azine is extremely helpful. Grant writing orfoundation experience is a strong plus.

We are looking for someone interested in bothmaintaining the magazine's print platform andsubscriber and donor base while increasing itsdigital footprint and overall reach. We need apractical visionary with strong leadership skillsto bring us through the transition from theprint to digital age. This is an ideal position fora creative thinker looking to step into anExecutive Director position.

Responsibilities will include:• Working closely with the editor-in-chief to

craft a vision for the organization, overseewebsite development, social media, anda plan for the future print and digitalpresence of the magazine

• Overseeing the membership, development,and circulation departments

• Drawing up and maintaining budgets• Cultivating relationships with donors,

and further developing the organization'splanned giving program

• Overseeing grant proposals, maintainingrelationships with current funders, andseeking new foundation support

• Reporting to the board, which overseesthe Progressive's operations

• Maintaining a collegial and fun officeenvironment

Salary: $75K+, with tremendous benefits.

Please send an e-mail and résumé toEditor Ruth Conniff at:

[email protected]

SpendLess Time

FindingThe PerfectCandidatewith the job posting that

delivers it all onTheNonProfitTimes.com/Jobs

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Call Mary Ford at973-401-0202 Ext. 206or [email protected]

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A Member of

NONPROFITJOBSCAREER CENTER



Executive CommandJust about everyone thinks they can do a better job of beingPresident of the United States, no matter who is in the job.Try your luck with Executive Command, a simulator game de -veloped by Filament Games. Playing the role of the Com -mander-in-Chief, you will juggle the challenges and responsi-bilities of a term in office. Can you accomplish anything relat-ed to your chosen agenda? Or, or will you get sidetracked bywar and bad policy?

www.icivics.org/games/executive-command

Cancer GameCreated as a game for the general public, artist and multimedia designerWei Wei created Cancer Game to investigate the symptoms and causes ofcancer. The approach of the game is an investigation and exploration onhow one could use different audio and visual languages to representedbroader concepts, in this case, a creative experience that aims to explainthe causes of cancer while challenging players with unique puzzles to gainthe “keys” to good health.

www.gamesforchange.org/play/cancer-game

The Garbage Dreams GameDocumentary buffs might know the film Garbage Dreams. Regardless ofwhether you have seen the movie, you’ll still have something to learn fromThe Garbage Dreams Game. The game puts you in the role of the Zaballeenpeople in Egypt, who recycle 80 percent of the trash they collect. Start withone neighborhood, one factory, and one hungry goat. You have 8 months tobuild your recycling empire and get Cairo’s total recycling as high as you can.

www.gamesforchange.org/play/the-garbage-dreams-game

You’ve got nothing better to do, right?Here are three socially-responsible web diversionsfor you to waste a little time on.

Take A BreatherOnline amusements that take the stress away

TIME OUT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .



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or contact [email protected]

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The best thing about teamwork is that our team works.At Philadelphia Insurance Companies, we’ve raised money and pledged time for Ronald McDonald House Charities, the American Red Cross, The Children’s Hospital of Philadelphia, Face to Face, and the Challenged Athletes Foundation. We’ve shown these organizations and the nonprofits we insure every day that teamwork works. Because our team works. Learn more. Call 855.411.0797 or visit PHLY.com/socialservice.

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LEGAL SERVICESPERLMAN & PERLMAN, LLP...........................212-889-0575

41 Madison Avenue, Suite 4000, New York, NY 10010Fax: 212-743-8120................................www.perlmanandperlman.com

UNEMPLOYMENT

NOVEMBER16-18 Independent Sector will hold itsannual conference at the Sheraton Seattlein Seattle, Wash.Info: www.independentsector.org

DECEMBER9 Exempt Organizations Conference,sponsored by the New York State Society ofCPAs/Foundation for Accounting Education,will be held at the New York MarriottMarquis at Times Square, in New York City.Info: www.nysscpa.org/faeconference

16–17 ASAE/The Center for AssociationLeadership will hold its 2014 TechnologyConference and Expo at the GaylordNational Resort & Convention Center,National Harbor, Md., near Washington, D.C.Info: www.technologyconference.org

2015JANUARY

8 The 37th Annual Nonprofit Conference(Rochester), sponsored by the New YorkState Society of CPAs/Foundation forAccounting Education, will be held at the RITInn and Conference Center, Rochester, N.Y.Info: www.nysscpa.org/faeconference

15 37th Annual Nonprofit Conference(NYC), sponsored by the New York StateSociety of CPAs/Foundation for AccountingEducation, will be held at the New YorkMarriott Marquis at Times Square in NewYork City.Info: www.nysscpa.org/faeconference

FEBRUARY26-27 The Direct Marketing AssociationNonprofit Federation will hold its annualWashington, D.C., conference at theRenaissance Washington, D.C., DowntownHotel.Info: http://nonprofitfederation.org

MARCH4-6 The Nonprofit Technology Network(NTEN) will hold at the Austin ConventionCenter, Austin, Texas.Info: www.nten.org

29-31 The 52nd AFP InternationalFundraising Conference will be held at theBaltimore Convention Center, Baltimore, Md. Info: www.afpnet.org

JUNE15-17 The American Institute ofCertified Public Accountants will hold itsNot-for-Profit Industry Conference at theGaylord National Resort & ConventionCenter, National Harbor, Md., nearWashington, D.C.Info: www.cpa2biz.com

JULY7-9 The 10th Annual Bridge to IntegratedMarketing & Fundraising Conference willbe held at the Gaylord National Hotel &Convention Center, National Harbor, Md.,near Washington, D.C.Info: www.bridgeconf.org

AUGUST4-5 The Direct Marketing AssociationNonprofit Federation will hold its annualNew York conference at the New YorkHilton in New York City.Info: http://nonprofitfederation.org

SEPTEMBER13-16 The National Catholic DevelopmentConference will hold its annual conferencein Lake Buena Vista, Fla.Info: www.ncdc.org

OCTOBER19-21 ServiceUnites, the Points of LightConference on Volunteering and Servicewill be held in Houston, Texas.Info: www.volunteeringandservice.org

EXEMPT C ALENDAR

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Sheraton Seattle


The best thing about teamwork is that our team works.

Philadelphia Insurance Companies is the marketing name for the property casualty insurance operations of Philadelphia Consolidated Holding Corp., a member of the Tokio Marine Group. All products are written by insurance company subsidiaries of Philadelphia Consolidated Holding Corp. Coverages are subject to actual policy language.

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Social Services Insurance

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e’ve shown these organizations and the nonprofitsHospital of Philadelphia, Face to Face, and the Challenged Athletes Foundation.

sRonald McDonald House Charities and the American Red Cross. The Children’At Philadelphia Insurance Companies, we’ve raised money and pledged time for



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