Finance

ELC DEPARTMENTAL UPDATES

FINANCE

Drawing A Strategic Financial Roadmap

The Finance department has worked diligently during the year to develop a strategic roadmap focused on several, targeted outcomes. Working in tandem with ELC office administrators and The ELC’s IT department, Finance’s strategy prioritized the member experience by leveraging technology and data to engage ELC members, internal operations, and income diversification in order to build The ELC’s internal infrastructure capable of supporting the organization’s long-term growth and office reconfiguration. And to execute against the organization’s financial targets for 2022, the department aggressively pursued a number of initiatives across the organization that are geared toward continuing to improve The ELC’s operational efficiency.

Key Finance Highlights from 2022

While there was a myriad of financial initiatives conducted throughout the year, several stand out as true game changers for the organization’s internal operations:

 Shored up The ELC’s internal controls and regulatory compliance efforts, completing the 2022 audit and IRS form 990 tax reporting and filing, in partnership with Mitchell Titus, in an efficient and timely manner.  Optimized The ELC’s invoicing process for the 2022 ELC Recognition Gala and other ELC events reducing collection efforts after the fact.

 Transitioned to Concur for The ELC’s expense reporting, vendor payment and travel processing, streamlining and automating vendor invoice processing, approval, and payments processes.  Migrated The ELC’s accounting system from a physical server to the cloud, significantly improving the efficiency and timeliness of our financial reporting cycle.

 Accelerated the SBA PPP Loan forgiveness process, resulting in a net bottom impact of $553,234.

 Implemented My ELC, The ELC’s new member portal and relationship management system (MRM) which provides a digital meeting place for members to engage in community, facilitate increased opportunities for networking, self-manage their member profile and contact information, as well as access to their membership dues invoices.

 Transitioned the management of The ELC’s investment portfolio to a new investment management firm, through an OCIO arrangement with Rock

Creek, revising the investment policy to reflect the change necessary for long-term sustainability.

A Look Ahead

Finance will focus on three main priorities: 1) improving cashflow management through program delivery, a seamless payment experience, and revenue mixing; 2) utilizing metrics that focus on member engagement, the reinvestment into The ELC, and revenue growth that leads to increases in net assets and a stronger balance sheet; and 3) creating greater financial capacity to fund strategies by increasing The ELC’s margin on programmatic activities, evaluating the tradeoff of leveraging internal versus external resources and consultants, and leveraging state-of-the-art technology to drive efficiency throughout The ELC.