Initiative Aims to Strengthen the Financial Management Skills

CHICAGO, April 22, 2010 – Today, the Chicago Department of Family and Support Services (DFSS), together with Fiscal Management Associates, LLC (FMA), kicked off its Strategic Financial Management initiative at The Art Institute of Chicago, 111 S. Michigan Avenue. Developed for Chicago’s out-of-school time providers and generously funded by The Wallace Foundation, this initiative will provide 18 months of comprehensive training to strengthen the financial management skills of more than 100 Chicago community-based organizations.

“During this difficult financial climate, it is critical that we provide our community-based organizations with the resources and assistance they need to make sound financial decisions,” said Ric Estrada, first deputy commissioner, Chicago Department of Family and Support Services. “By providing this comprehensive training program, we are able to strengthen our network of providers so they can make the most of their funds and to continue to offer quality programs to our communities.”

“Out-of-school time providers often face administrative and managerial challenges as they strive to provide high-quality services for children,” said Nancy Devine, director of communities, The Wallace Foundation. “Our hope is that this training program will help providers meet those challenges – and also yield lessons that will be useful for other providers around the nation.”

Today’s kick-off event will provide community-based executive directors, CEOs, lead finance executives and program directors with an opportunity to participate in workshops focused on critical concepts in nonprofit financial management as well as interactive discussions. Following the event, participants will continue to engage in a range of educational sessions including:

Scenario planning, budget development and forecasting;
Budgeting for and managing government contracts;
Understanding indirect costs and cost allocations;
Managing cash flow; and
Preparing for the audit process.
“We are delighted to now have a Chicago base,” says Hilda Polanco, managing director and founder of FMA. “We look forward to continuing to meet and work with the great nonprofits that make Chicago the great city it is.”

FMA offers a range of fiscal management, accounting, organizational and technology consulting services customized to the specific needs of each organization. The multidisciplinary FMA team comprises a diversity of cultures, languages and educational interests.

For more information about the Strategic Financial Management Initiative, please call 312-743-0938.

About the Chicago Department of Family and Support Services
The Chicago Department of Family and Support Services (DFSS) is dedicated to supporting a continuum of coordinated services to enhance the lives of Chicago residents, particularly those most in need, from birth through the senior years. The department works to promote the independence and well-being of individuals, support families and strengthen neighborhoods by providing direct assistance and administering resources to a network of community-based organizations, social service providers and institutions. For more information about the Chicago Department of Family and Support Services, call 312-743-0300 or visit www.cityofchicago.org/fss.

About Fiscal Management Associates
Fiscal Management Associates (FMA), www.fmaonline.net, is a nationally known and respected fiscal consulting firm that empowers nonprofit organizations with the knowledge and skills to successfully serve their constituents and fulfill their missions.

About The Wallace Foundation
The Wallace Foundation is an independent, national foundation dedicated to supporting and sharing effective ideas and practices that expand learning and enrichment opportunities for all people. Its three current objectives are: strengthening education leadership to improve student achievement; enhancing out-of-school learning opportunities; and building appreciation and demand for the arts. The Foundation maintains an online library of research reports and other publications that may be downloaded free of charge at: www.wallacefoundation.org.