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

Brace for Impact: 7 Ways to Protect Your Nonprofit During a Recession

Every news outlet is talking about it, a recession. However, not many are talking about what a nonprofit leader can do to prepare their organizations. In this episode, Michael shares his 7 actions nonprofit leaders can take to prepare their organizations for a recession.
 
Timestamps:
00:45 - Introduction
01:00 - Michael’s 7 tips for nonprofit leaders to prepare for a recession
02:15 - Plan and Prepare
04:05 - Be open with your stakeholders
04:55 - Align expenses with new revenue projections
06:25 - Prepare for staff reductions
08:45 - Review and update your budget
09:53 - Diversity revenue streams
10:30 - Build relationships with community partners
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:
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Visit us at: www.thecorleycompany.com/podcast
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The Board’s Role in Recruiting a New CEO with Charlie Murphy

In this episode of I 501(c) You, we talk about the board's role in a recruiting a new CEO with Charlie Murphy. Charlie, who has participated in over 12 search committees, offers valuable insight on how to recruit and hire a new CEO for a nonprofit organization. Charlie talks about the value of an interim CEO, hiring a search firm, the search committee's obligation to the board, and more.
"The ultimate responsibility of the board is to hire the right CEO for the organization." -Charlie Murphy
After listening to this episode, you'll have a better understanding of how to find and hire your organization's next CEO.
Major Takeaways:
Do not hire someone just to get a CEO in the seat. Wait until you find the right candidate (this is harder said than done). (37:00)
You can make the transition process fun. Use this time as an opportunity to upgrade the position. (3:15)
Utilize a search firm. They can help you with many aspects of the hiring process and find you the best candidate for your organization. (5:30)
Timestamps:
00:00 - Episode Introduction
01:00 - Interview starts and Charlie introduces himself
03:00 - How do you approach the recruiting and identification of a new CEO?
04:25 - How do you rally the board when a CEO exits?
05:25 - When should a board engage a search firm versus conducting the search on their own?
07:15 - Name a search committee
08:20 - Evaluating internal candidates
10:45 - How many people should be on the search committee?
12:10 - What is the search committee's obligation to the board?
14:16 - Benefits of hiring a consultant
14:55 - Interviewing a funder’s recommended candidate
16:20 - Bringing in the final candidates from the search firm
18:00 - Do you want to have an interim CEO?
19:40 - The discipline of hiring the right CEO
22:50 - Preserving the confidentiality of candidates
25:30 - What is the board’s role in onboarding the new CEO?
28:30 - Do you onboard an internal hire differently than an external hire?
30:20 - Leaders need to have a vision
31:05 - How do you approach compensation for a new CEO?
35:00 - Search firms and background checks
36:45 - What should you avoid doing when beginning the hiring process of a new CEO?
39:05 - Any last thoughts?
41:34 - 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:
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Amazon
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Visit us at: www.thecorleycompany.com/podcast
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New Year’s Resolutions for Nonprofit Board Chairs

In this episode, Michael shares his top five resolutions for nonprofit board chairs. These resolutions focus on building relationships, succession planning, and other areas that every board chair can improve upon. Listen to the episode for more information and check below for timestamps for each resolution.
 
Timestamps:
00:00 - Episode Starts
01:13 - #1 - Strengthen relationships with Board members
02:10 - #2 - Establish a consistent rhythm working with the CEO/ED
03:14 - #3 - Establish the priorities for 2023
04:15 - #4 - Conduct a performance review for the CEO
05:48 - #5 - Start succession planning
06:58 - 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
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Visit us at: www.thecorleycompany.com/podcast
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Ready, Set, Inflation: Nonprofit Leaders’ Guide to Preparing for Rising Prices

Are you a nonprofit leader concerned about the impact of rising levels of inflation on your organization? In this episode, we will share 7 quick tips to help you prepare for and manage the effects of inflation.
First, it's important to understand what inflation is and how it can affect your organization. Inflation is a general increase in prices and fall in the purchasing value of money. It can occur when the supply of money increases faster than the demand for goods and services, leading to a decrease in the value of money.
Listen to this episode and we will provide you with 7 quick and actionable items you can use to prepare for rising levels of inflation in less than 10 minutes!
Timestamps:
00:00 - Introduction
01:50 - Podcast Starts
02:00 - #1 - Talk to your leadership team
02:35 - #2 - Educate your staff
03:04 - #3 - Scrutinize your expenses to eliminate waste
04:10 - #4 - Consider a budget adjustment
05:20 - #5 - Start to track your funding sources
05:58 - #6 - Explore an earlier launch of a fundraising campaign
06:35 - #7 - If you have earned income, raise your prices
07:22 - Conclusion
08:15 - Honor your mission
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:
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Spotify Podcasts
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Visit us at: www.thecorleycompany.com/podcast
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How to Run an Effective Nonprofit Board Meeting

Too often do we participate in a board meeting and think “this could have been an email” or "this board meeting is really a bored-meeting". We never want your board members to think that about one of your board meetings. On episode 11 of I 501(c) You - The Podcast for NonProfit Board Members, we are going to provide you with actionable items you can use to run a more effective nonprofit board meeting.
We appreciate anyone who is willing to step up and be the Board Chair of their nonprofit organization. It takes work, time, and effort to be the chair. That is why we want to provide you with some quick, easy to implement, actionable items that can turn your next board meeting into a strategic discussion with purpose.
Michael takes you through how he plans for and runs a nonprofit board meeting step by step. He has been a board chair of multiple organizations for several years and a board member for even longer. Please enjoy Michael's step by step breakdown of how to run an effective board meeting.
Timestamps:
00:00 - Introduction
01:06 - Topic starts
01:40 - Importance of the board meeting
02:55 - Get clarity and purpose of the board meeting
03:44 - Building the agenda and board packet
05:45 - Get RSVP’s
06:15 - Start the meeting on time
08:15 - Importance and utilization of the consent agenda
09:37 - Guest speaker
10:36 - Discuss strategic items
11:28 - Being a facilitator of the board meeting (manage participation, flow of discussion, speak last)
14:00 - Importance of the Executive Session
15:40 - End the meeting on time
17:50 - Post-meeting
18:50 - Michael’s opinion on Robert’s Rules
 
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:
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Spotify Podcasts
Amazon
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Visit us at: www.thecorleycompany.com/podcast
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Using Deferred Compensation to Attract and Retain your CEO w/ Chris Rich

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:
A common practice among nonprofits currently is to inject performance metrics into compensation plans. (4:50)
The time in an organization's trajectory when they should implement a deferred compensation plan is sooner, rather than later. (25:00)
Nonprofit board members are curious about the trends in for-profit deferred compensation and how they can be brought to the nonprofit sector. (28:30)
 
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:
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Spotify Podcasts
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Visit us at: www.thecorleycompany.com/podcast
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4 Common Misconceptions about joining a Nonprofit Board

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:
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Spotify Podcasts
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Visit us at: www.thecorleycompany.com/podcast
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The Mystery of Nonprofit Financials with Rob Lane

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:
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.
The 990 is one of the most transparent documents you will share with the public. It is important that more than just the accountant and CPA firm are involved with the creation of the 990.
Ensure you have controls around restricted gifts. You want to be able to show your donors that you can preserve their intentions.
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
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Visit us at: www.thecorleycompany.com/podcast
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Why being on a Nonprofit Board is the BEST leadership development experience

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:
Being on a nonprofit Board allows you to EXPERIENCE other local leaders in action. (6:55)
Being on a nonprofit Board gives you an opportunity to PRACTICE your leadership skill in real-time. (3:45)
Being on a nonprofit Board allows you to GIVE BACK to your community. (7:44)
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
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Your role as Board Chair is facilitator! With Brian Deming

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:
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.
When running a board meeting, be on time, start on time, end on time, know when its time to stop discussing and start deciding.
Use a consent agenda!
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