The Sacrosanct Endowment? Not Anymore for Some Arts Groups
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By Graham Bowley and Julia Jacobs, New York Times
Some cultural organizations, staggered by the financial upheaval caused by the coronavirus pandemic, are dipping heavily into their endowments. Others are thinking about it.
Endowments have long been viewed as the bedrock upon which the long-term financial health of arts organizations is built — money that was painstakingly accumulated and protected over decades to finance the future.
They are not rainy day funds, or pots of gold to be casually raided to cover some unforeseen expense. A manager who dipped into theirs excessively, taking out more than the widely embraced standard of 5 percent, could put themselves at risk of being cast as shortsighted, or worse, a spendthrift.
But the coronavirus pandemic has challenged that orthodoxy because so many largely dormant museums, orchestras and ballet troupes are facing unmatched financial problems.
The Lyric plans to spend $23 million from its $173 million endowment this year, almost triple what it typically takes. It canceled its season in March, furloughed staff and cut salaries, but is still facing a huge deficit.
“This is an unprecedented situation,” said Anthony Freud, the Lyric’s general director.
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SBA releases updates to clarify PPP loan forgiveness
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By John Haggarty, vice president, Gail Bradley, vice president and Dave Voris, region manager, Horizon Bank
With questions still lingering about the Paycheck Protection Program (PPP) Flexibility Act, the Small Business Administration (SBA) recently released revisions that clarify guidelines for loan forgiveness, payroll requirements, exemptions and other basic aspects of the program. For the record, this is the SBA’s 18th “interim final rules.”
Nonprofit organizations also should be aware that $129 billion of funds still remain available, although the deadline for the program was June 30. Legislators are expected to determine whether to
extend the PPP application deadline as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, but some lenders have closed their portals.
The updates for the PPP Flexibility Act include:
- Extended period for loan forgiveness: The loan forgiveness covered period — the timeframe for which the borrower needed the PPP loan proceeds as they tried to continue operations, was originally set for eight weeks. However, the SBA has extended the allowable covered period time frame to 24 weeks. In other words, organizations now have the flexibility to use the PPP loan proceeds with a specific 24-week time frame instead of an 8-week time frame.
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Muncie Community Schools has hired
Andy Klotz as chief communications officer. Klotz previously served as marketing and promotions director at WFYI Public Media in Indianapolis, following stints at Angie’s List and the Indiana State Fair Commission.
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The Center for At-Risk Elders has named
Leo Rafail as director of philanthropy. Rafail’s career has included positions in social services and fund development throughout the non-profit community.
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Easterseals Arc of Northeast Indiana has promoted
Thomas Summerville to chief operating officer. Summerville previously served as the organization’s vice president of Employment and Community Supports.
– Inside Indiana Business
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The Indianapolis Chamber Orchestra (ICO) has named
Dana Stone as executive director. Since 2010, Stone was executive director of the Anderson Symphony Orchestra. --
Leadership search conducted by Charitable Advisors
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Charitable Allies has hired
Olivia Cloer as marketing and communications specialist and legal assistant. Cloer previously worked in marketing and development at the Indiana Center for Prevention of Youth Abuse.
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Charitable Advisors has hired
Shari Finnell as editor of the Not-for-profit News. Finnell, who has extensive experience in communications and digital marketing, also serves as Director of Communications for Eastern Star Church.
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The new Martindale-Brightwood Branch of
The Indianapolis Public Library (2434 N. Sherman Dr.), recently opened its doors to the public. The $5.9 million project on the city’s east side is part of a series of capital improvements identified in the library’s strategic plan.
Read more.
Indianapolis Business Journal is accepting nominations for the
2020 Michael A. Carroll Award in memory of the former deputy mayor and civic leader. The award recognizes an individual who has demonstrated determination, humility and devotion to the Indianapolis community.
Submit nominations by Aug. 7.
Mishawaka-based
Lighthouse Autism Center has announced the acquisition of Autism Therapy Services LLC, based in Indianapolis. Lighthouse operates nine facilities in Indiana after first opening in Mishawaka in 2012.
Read more.
Families First has been awarded a Top Workplaces 2020 honor. The Indianapolis Star’s list is based solely on employee feedback through a third-party survey.
Read more.
COVID- 19 grant awards
Central Indiana COVID-19 Community Economic Relief Fund (C-CERF) made a final round of unrestricted grants totaling more than $3.9 million to 48 community organizations in Marion County. This fund is governed by the C-CERF Task Force, which includes leaders from founding partners Lilly Endowment Inc. and Central Indiana Community Foundation (through the Glick Fund and The Indianapolis Foundation).
See list C-CERF approved grants.
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JGA: A look at new donor engagement techniques webinar on July 14 at noon. Learn how to engage, cultivate, and steward donors in this new environment and discuss innovative ways to conduct successful donor events during a pandemic. Cost: free.
Register.
Indiana Evaluation Association: Bias habit-breaking
online training on July 15 at 9:30 a.m. -12:30 p.m. Led by Dr. William Cox, the training is built on more than 30 years of research on the prejudice habit model. Cost: free for IEA members/ $20 non-members.
Register.
United Way of Central Indiana: Understanding the roots of racism is presenting a four-part online discussion series on July 15, Aug. 19, Sept. 16 and Oct. 21 from 5 to 6 p.m. Topics include: food, housing, transportation and health. Cost: free.
Register.
Finding your social media sweet spot webinar on July 22 at 11 a.m. to noon EDT. Focused on utilizing social media to boost nonprofit fundraising, this webinar provides tips to center your messaging with a focus on telling the right stories in the right format on the right channel. Cost: free.
Register.
The magic of appreciation: Build a strong relationship with your virtual event P2P fundraisers webinar on Aug. 5 at noon to 1 p.m. EDT. Learn practical examples of ways to engage your P2P fundraisers, draw them more deeply into your organization and help them raise more money. Cost: free.
Register.
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Girls Rock! Indianapolis is seeking additional members for its marketing committee, particularly those with social media content development and/or email marketing experience. Contact Marissa Smith-Kenny at
[email protected]
Seniors in Hamilton County needs volunteers to drop off food, and personal care and cleaning items to seniors.
Learn more.
Wheeler Mission needs volunteers for Sunday dinner service. Duties include preparing trays, rolling silverware, handing out drinks and assisting with clean-up.
Learn more.
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A nonprofit's guide to data security. Nearly 6 million data records, including those belonging to nonprofits, are lost or stolen daily. Do you have a plan of action for how to handle a potential data breach?
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A guide to fundraising in the new normal. In the wake of the COVID-19 pandemic, we have shifted to a new normal. Review this “survival guide” for effective tips for engaging donors and hosting events online.
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OneAmerica: A relationship-oriented provider of impactful retirement plan solutions, OneAmerica® acknowledged its third-place ranking in the J.D. Power 2020 U.S. Retirement Plan Participant Satisfaction Study, in the medium plan segment. The study, based on responses from more than 10,000 retirement plan participants, was conducted in February and March of this year.
Read more.
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STRATEGIC PLANNING
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ASSET MANAGEMENT
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MEETING ROOM OR EVENT SPACE
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Reserve a room for your next meeting or training at St. Paul's Indy.
Looking for a meeting space on Indy's Northside? St. Paul's Indy has six rentable spaces that can accommodate groups from six to 250. Building is handicap-accessible and has a large parking lot and ample street parking. Guest wifi and A/V equipment included. Interested in learning more?
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