Industry Topics & Trends
In the nonprofit sector, the fragility of life is always very present. Likewise, for nonprofit leaders the fragility of our organizations is also always present. Fears of an impending recession and the decline in the percentages of individuals donating to nonprofits have made the sustainability of organizations a top concern for Executive Directors for quite some time. But none of us expected the sudden disruption of our lives and society brought on by a pandemic.
Read MoreThere are as many types of budgeting approaches as there are municipalities! And on top of that, every municipality knows the budgeting process is an inevitability and is necessary to keep your city up and running. But the truth is, the municipal budget preparation process can be downright difficult. So in order to succeed, it’s critical to make sure your process is smooth and well thought out.
Read MoreThird, underfunded pension and other postretirement benefits account for a majority of the debt of these "sinkhole cities." In New York City, 64% of the total debt is due to pension and other retirement promises. In Chicago, that's 69%; Philly, 63%; Honolulu, 80%; and San Francisco, 65%. And not all of these are cases such as Chicago's, with its horrifically low funded ratio of 28%. San Francisco, for example, nominally has a funded ratio of 87%, according to its most recent actuarial report, with an unfunded amount of $3.3 billion. However, that figure is as of July 1, 2017, TIA reports, and the true amount of unfunded pension liability is $5.0 billion, along with $4.2 billion in unfunded retiree healthcare; Chicago, by comparison, has comparatively little unfunded retiree medical liability.
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