“The report from Kate [Barr] was very crisp and concise. It was just spot-on, in terms of what she found looking at the organization and what her recommendations were.”

Carolyn Olson, President at GMHC

 

Greater Metropolitan Housing Corporation (GMHC) is a nationally-recognized organization dedicated to addressing the shortage of affordable housing in the Twin Cities. Their mission is to preserve, improve, and increase affordable housing for low-income households, organize demonstration projects, and assisting in housing revitalization.  In the wake of the downturn in the housing market, GMHC was faced with the challenge of how to rebuild the financial model of their organization. “Because projects weren’t getting done fast enough, our money was staying out much longer,” says Carolyn Olson, President of GMHC.  “Where cash flow used to be on a three year cycle, now it was five or six years.” In 2012, Carolyn turned to Kate Barr, executive director at Nonprofits Assistance Fund, for advice. NAF completed an in-depth analysis of GMHC’s financial structure and trends. Kate then met with staff members of GMHC and their board members, as well as key sponsors and funders. At the conclusion of the project, GMHC had a financial plan to increase their equity, as well as a roadmap to strengthen their lending policies and internal financial reporting. With the guidance and advice of NAF, Greater Metropolitan Housing Corporation is embarking on an exciting plan to build a strong financial structure to better serve the housing market.