NSP’s Financial Management Assessment Program pairs your organization with a skilled consultant to review your financial condition, current systems and process, and generate a list of recommendations for improvement. This program is available at any time to organizations with annual operating budgets of $300,000 and up.

The assessment is not an audit. The consultant will work in partnership with you to make fitting recommendations for your organization. The areas reviewed by the consultant include: financial staffing; training needs; accounting software; financial reporting; policies and procedures; internal controls; and budgeting process.

NSP’s Financial Management Training Program offers nonprofit leadership teams an opportunity to learn to better understand, communicate and oversee their organization’s finances. This free program runs for approximately four months and is offered periodically, based on demand. You must apply and be accepted in order to participate and there is no fee to participate.

Through a series of highly interactive workshops, participating organizations: come together to share ideas, resources and best practices; complete a self-assessment and financial profile; receive one-on-one coaching to put workshop concepts into practice; and create an action plan for improvements.

Once an assessment or the training program has been completed, your organization may then apply for a Financial Management Grant to implement priority recommendations, such as: hiring finance staff or outsourcing the finance function; engaging a consultant to assist with implementation of projects; purchasing accounting software and related hardware; and providing training to staff or board on financial topics.

Financial Management Implementation Grants are reviewed individually and are based on the organization’s annual operating budget and generally range from $25,000-$50,000. Statewide agencies or those serving a region beyond Greater Hartford are eligible to apply for an amount that is proportional to the percentage of services provided in the Hartford Foundation’s region.

The Nonprofit Revolving Loan Fund is administered by HEDCO and offers low interest loans/lines of credit to organizations in the Greater Hartford region for the following purposes: “bridge" cash-flow when contract or grant payments are delayed; provide working capital to cover costs until an anticipated source of revenue becomes available (e.g., the proceeds from a special event); and equipment purchases such as computers, copy machines, telephone systems, furniture and fixtures, etc.

Term loans/lines of credit of up to $100,000, at an interest rate of 4%, are available to organizations that operate with the Foundation's service area, have a 501(c)(3),and an annual audit. Applicants for these low-interest loans must have a clear source of repayment.

Ready to talk next steps? Contact Kim Hawkins at 860-527-1301 to discuss securing a loan or line of credit with HEDCO.