PHILADELPHIA, PA, May 28, 2014 - "Most capital projects fail because of poor planning and research. Building projects are often started before they are sufficiently funded. As a result, many important cultural institutions in Philadelphia and elsewhere are struggling with huge debt service and limited resources for maintenance.”
These were among the many key points that J. F. Smith & Associates' (JFSA) President & CEO, Joel Smith, shared during a presentation titled “Avoiding the Brink” at the Pennsylvania Bar Institute’s 12th Annual Nonprofit Institute today. Mr. Smith was joined by Marc A. Sobel, Executive Vice President and General Counsel, JM Zell Partners, Ltd and Joseph O’Neil, Esq., Montgomery, McCracken, Walker & Rhoads, LLP. The panel was moderated by Donald W. Kramer, Esq., Editor, Nonprofit Issues®, Montgomery, McCracken, Walker & Rhoads, LLP. Over 120 individuals attended the event which was simulcast to several other locations in Pennsylvania.
Mr. Smith and the other panelists provided insight into the case study of a fictitious arts organization that built a new building before it was fully funded and started new programming just prior to the 2008 recession. Advice was given on how to avoid this problem and what to do when a nonprofit finds itself in this situation including bankruptcy options.
A strategic advisory and management consulting firm, J.F. Smith & Associates (JFSA) is dedicated to improving the people, processes, and performance of the Greater Philadelphia Region's companies and nonprofits. The firm's 13 Practice Leaders empower clients to realize their full potential by providing targeted consulting assistance in business and management; and the five functional areas most affected by growth, transition, and uncertainty: Finance, Human Capital, Marketing, Information Technology, and Operations. JFSA's Nonprofit Practice helps nonprofit leaders understand how these important business pillars will help them continue their mission. The practice also focuses on strategic planning, provides fundraising counsel and governance support.