Rachel DeMatteo, a Director at Your Part-Time Controller (YPTC), discusses the importance of strong relationships between nonprofits and foundations. YPTC specializes in financial services for nonprofits and is launching a foundations vertical. Dematteo emphasizes the need for nonprofits to be audit-ready and highlights the difference between external and internal reports. She encourages foundations to consider nonprofits' capacity and offers suggestions for improving communication and support.
The discussion focuses on challenges with grant requirements and templates, with Dematteo advising foundations to use standardized categories for financial reporting. The interview mentions the changing landscape of philanthropy and the shift towards trust-based relationships. Dematteo suggests that foundations reevaluate grant requirements and seek feedback to streamline processes.
The conversation concludes by discussing the percentage of revenue nonprofits should receive from foundations and the need for flexibility in grant-making. Effective communication and collaboration between nonprofits and foundations are highlighted as crucial for successful philanthropy.
Watch on video: https://bit.ly/3WutAiW
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