CHALLENGE:
Create a more sustainable and stable community infrastructure
APPROACH:
Improve the financial management and governance structure
RESULT:
Sponsorship revenues doubled within the first year; event and membership revenues increased significantly
SENTAC came to Affinity Strategies wanting to establish a more sustainable and stable community infrastructure. To do this, we first established a strategic, long-term goal: improving the financial management and governance structure.
We then used a number of tactics to achieve the ultimate goal:
- Conducted a situation analysis of the current governance structure and financial control mechanisms, and determined that the structure needed to be rebuilt from the ground up.
- A new governance model was developed and implemented with an updated board of directors, committees, and staff members that had more diverse sets of experiences and backgrounds.
- Training was provided to enhance their leadership and governance skills.
- Built a more sustainable financial model, including revenue diversification and cost-cutting measures.
- New fundraising campaigns were executed that brought in much needed grants and industry partnerships.
As a result, SENTAC saw:
- Doubled revenues within the first year by adding new industry partners and sponsors.
- Significantly increased revenues from event and membership revenues.
- A revitalized and sustainable association due to new governance and financial management procedures.