in community and economic development
Federal Reserve Bank of Atlanta
Volume 9, Number 1
In This Issue
Ten Habits of Highly Successful Nonprofits
Ten habits of highly effective nonprofits are discussed.
Community-Based Organizations: Making the Transition from Supporting to Building Communities.
Excerpts from Breaking Ground: A Beginner's Guide to Nonprofit Development.
A summary of new nonprofit IRS filing requirements (Form 990).
Home Buyers Assistance Foundation
The Home Buyers Assistance Foundation offers innovations in downpayment assistance.
Sixth District Organizations Selected for Funding under the CDFI and BEA Program
Sixth District BEA and CDFI award recipients are recognized.
We thought it would be fun to ask...
What is the best single piece of advice you would give to a non-profit about working with a financial institution?
The Promise of Spring
Every now and again we all step back to see how far we have come, and to evaluate the challenges ahead. Springtime in particular evokes such promise and renewal that it seems appropriate to focus on lessons learned and to challenge ourselves to do better. In our professional endeavors in Community Affairs, it's a good time to consider the importance of leverage and the value of working with effective partners.
This newsletter is dedicated to promoting effective partnerships by identifying some of the principal players engaged in community development activity, reviewing many of the issues they confront, and the solutions they implement. In this issue, we pay particular attention to the nonprofit sector because they are a vital link in the chain of successful community development activity.
Nonprofit organizations come in all shapes and sizes. Most have obtained an Internal Revenue Service 501(c)(3) designation, which carries certain restrictions and reporting requirements related to their activities. They are required to file an annual income tax return, typically IRS Form 990 (see related article). These forms are of paramount importance to potential partners for gaining insight into the nonprofit's mission, its board members, officers, and financial capacity.
Building and sustaining sufficient capacity is a significant issue that frequently haunts the nonprofit industry. Over the past ten years, Community Affairs has gained invaluable insight from community leaders, bankers and lenders, government officials, and others related to the successes and failures of nonprofit organizations. This issue offers practical advice derived from this experience on some of the roles and responsibilities of nonprofit organizations. We are also pleased to present a recap of several recently announced award-winning Community Development Financial Institutions and Bank Enterprise Award programs. And finally, we present an article on an interesting new foundation, the Home Buyers' Assistance Foundation, which is funded in part by financial institutions and developers striving to help new homebuyers. The foundation is now expanding its geographic scope beyond Georgia to include Alabama and North Carolina.
As is always the case, we hope the newsletter inspires new ideas and helps you implement safe and sound community development practices. Please feel free to call on any of the Reserve Bank's community development professionals listed on the back page because we welcome all comments and suggestions, and we look forward to potential partnerships with your organization!