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Taking Care of Business - National Education Association · Taking Care of Business Succession...
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Taking Care of Business Succession Planning for Smooth Leadership Transitions
Sandra Tisdale Director of Business and Finance Idaho Education Association
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Competency: Business
• Level 2: Mobilizing & Power Building
– Themes:
• Identify best practices for training local leaders and affiliates in financial acumen
• Identify the resources available to promote financial acumen among local leaders and affiliates
• Defines succession planning and outline the critical steps to develop a succession plan
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Competency: Business
• Level 2: Mobilizing & Power Building
– Themes (cont.):
• Teach essential “financial housekeeping skills” necessary for new boards and leadership to ensure smooth recordkeeping and financial reporting transitions
• Discuss the importance of implementing financial standards to make them a part of a local or affiliate’s culture
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Financial Acumen
• Acumen:
– “The ability to make good judgments and make quick decisions” ~Oxford Dictionaries.com
• Financial Acumen:
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Financial Acumen
• List 3 things you need to know about your organization in order to make sound financial decisions for your organization.
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Financial Acumen
• 3 Fundamental Skills
– Financial
–Business Quality
–Global
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Financial Skills
• Budgeting
• Forecasting
• Reporting
• Compliance
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Business Skills
• Costs and Resources
• Processes and standards (succession planning)
• Tools and analysis
• Resource management
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Global Skills
• Importance of governance
• Risk
• Strategy
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Succession Planning
• What is succession planning?
• Why is succession planning important to your organization?
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Succession Planning
• Whose responsibility is it?
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Succession Planning
• Planning Tips
– Obtain Commitment of the Board
– Identify Challenges
– Create job descriptions
– Do some “financial housekeeping”
– Develop a plan for smooth transition of leadership
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Obtain commitment of the Board
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Identify Challenges
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Succession Planning
• “Before companies can start thinking about their succession plans, they have to understand their jobs.” ~ Sharlyn Lauby
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List/Create Job Descriptions
• Document list of duties/when due
– Roles
– Term of Service
• Identify skills necessary/preferred
• Identify resources available
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Financial Housekeeping
• Calendar critical deadlines
• Locate crucial documents
• Verify compliance with Federal and State laws
• Update banking information
• Develop document retention plan/schedule
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Calendar Critical Deadlines
Due dates
Meetings
Essential timelines
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Locate Crucial Documents
• EIN – Employer Identification Number
• IRS tax-exempt recognition letter
• Financial Statements for prior period
– Fiscal year-end
• Organizing documents
• Governing documents
– Constitution & Bylaws
• Tax Returns
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Verify compliance
• Federal compliance
– IRS Form 990
– Tax-exempt recognition and status
– 1099s
• State compliance
– Organizational filings
– Non-profit recognition
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Banking Information
• Identify bank and account information
• Update signers
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Document Retention
• How long do you keep documents?
• Which documents do you keep?
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Leadership Transition
• Develop a plan for a smooth transition of leadership
– Groom potential future leaders
– Plan for transitional leadership and on-the-job training
– Create a centralized system of document storage
– Adopt an emergency plan
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Groom Potential Future Leaders
• Use job descriptions to create a list of qualities that you look for in leaders…then scout for them
Which way did they go? How many were there? How fast were they going? I must find them! I’m their LEADER!!!
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Transitional Leadership
• Identify and review terms
– Are they sufficient? • Too long? Too short?
• Mentoring and shadowing
– On-the-job training • VP becomes President
• Past President/Treasurer stays on for 1 year in an advisory role
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Document storage
• Create a centralized system of document storage – Storage
• Electronic vs. paper
– Develop a list of what documents need to be transitioned to whom
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Emergency Plan
• Expect the unexpected!
• Develop a plan
– Interim leadership
– Cross-training
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Financial Standards
• What are the financial standards?
• Where can we find them?
• How are they essential to our culture?
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Resources
• NEA Academy
• State Associations
– Treasurer Training
– Local Presidents Training
– Summer Institutes
• Local and National Nonprofit Associations
• Community Education
• Local Colleges and Universities
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Session Outcomes
• The content from this session can be used in the following ways in your current position/role:
– To assist you in training local leaders and affiliates in financial acumen and succession planning
– To develop a succession plan for your own local/state/organization
– Strengthen your local/affiliate/organization’s fiscal health
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Questions?
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Please complete the evaluation for this breakout session!