Client Stories: arts and culture
Below are just a few stories from the many clients we've helped over the years.
Alvin Ailey Dance Foundation The Alvin Ailey Dance Foundation is one of ten participants in the Leading for the Future Initiative (LFF), which is a 5-year program generously supported by the Doris Duke Charitable Foundation. NFF created LFF to address nonprofit mis-capitalization by deploying 'change capital' to help arts organizations adapt their programming, operations and finances in ways that improve their long-term health. NFF is working closely with Ailey's leadership to transform the organization's use of technology in engaging and retaining patrons. Ailey has undertaken an institution-wide re-thinking of ways to serve audiences and forge new connections among several of the core businesses of the organizations: its two companies, school, boutique, and development operation. |
ArtsQuest On 1,600 acres, the abandoned Bethlehem Plant of the Bethlehem Steel Corporation is the nation's largest brownfield development, located in a severely distressed area in Bethlehem, PA. ArtsQuest, an organization dedicated to arts and culture in the Lehigh Valley, is partnering with the City of Bethlehem to construct an arts, culture and education campus on 4.5 acres within the brownfield. ArtsQuest approached NFF to supply a $10 million New Markets Tax Credits (NMTC) allocation, as part of the overall NMTC transaction structure for the SteelStacks project. For ArtsQuest, the beneficial interest rates and terms of the NMTC loan made possible a mission-driven project that might not have been feasible under any other financing structure, and will allow them to have equity in the project after seven years. |
Jose Mateo Ballet Theatre NFF and Jose Mateo Ballet Theatre have enjoyed a decades-long working relationship to build financial capacity at Ballet Theatre in support of the creation of first-class dance. Over time, NFF engaged with Ballet Theatre on several projects in both a lending and consulting capacity as the organization has grown and made strategic choices. This extensive relationship has included services such as loans, business analyses, quantifying the long-term financial needs of Ballet Theatre’s facility, alignment of drivers-based financial projections and strategy, and development of a results-based management approach."We have had the good fortune to work with NFF intensively over the past 17 years. During that time, NFF has broadened its services to the sector by developing many new and robust financial management products. However the one thing about NFF that has not changed is their commitment and ability to meet clients where they are. When this organization started to work with NFF, the organization had posted operating deficits for many years in a row, audits were issued with ongoing concerns, and the future looked shaking at best. Seventeen years later, the organization is consistently posting operating surpluses and working to build a robust balance sheet. I can not speak highly enough about NFF. NFF staff are true capacity builders and leave organizations with an enhanced understanding of the role of finance in service to mission." Scott Fraser Managing Director |
On the Boards On the Boards (OtB) is recognized as a leader in contemporary performance. As with so many nonprofits that expand, growing pains were inevitable. In 1998, a wonderful performance space was for sale, and OtB found the support to purchase and renovate it. Though their audiences loved it, revenue couldn't cover the increased expenses of the new facility. “As a direct result of the MPO Initiative, we are 100% debtfree, we have significant operating and building reserve funds, we have a long-term strategy for the management of our facility, and we have developed a culture that allows us to think proactively about investments in our artistic activities. We gained a tremendous amount through the NFF technical support; in particular the systems replacement plan, the program profitability, and the tailored dashboard are tools that have changed and are changing our base practices. It is not an exaggeration to say that the MPO Initiative allowed us to move from an organization that was struggling to exist to one that is healthy, stable, and has the capacity to implement our artistic mission.” Sarah Wilke Managing Director |
The Mann Center for the Performing Arts Since 1935, The Mann Center for the Performing Arts has been presenting diverse, world-class entertainment to the Philadelphia community in a beautiful park setting at affordable prices. As part of its Access to the Arts program, 50,000 complimentary admissions are made available through 350 local community service and charitable organizations.
In 2007, The Mann Center received government contracts for both capital and operating purposes. In the normal course of events, grants are contracted and payments are made on schedule by the government. However, two years later, The Mann Center had not yet been reimbursed for the contracts. This payment delay created liquidity problems for The Mann Center, which, in 2009, threatened to impact the season opening. NFF expedited a bridge loan in 2009 against the government receivables, turning around the request within seven days. This allowed the Mann Center to pay their contractors and begin their season on time."NFF has been a key partner in helping The Mann Center sustain community engagement programs which make an array of diverse artistic performances accessible to Philadelphia and the surrounding area. Their responsive leadership has proved invaluable in continuing The Mann Center's forward momentum as a provider of high-quality programming to benefit the community this season." Tom Metz Vice President, COO & CFO, |
Wagner Free Institute of Science Wagner Free Institute of Science, founded in Philadelphia in 1855, is a free exhibition space for natural history specimens and hall for public lectures. Designated a National Historic Landmark, Wagner provides library and archive services, publications, tours and classes for school groups, and evening lectures. Wagner came to NFF while planning a capital campaign to stabilize its building and collections, restore historic features of the building, and address deferred maintenance issues. The project included roof replacement, building repairs, and installation of a new HVAC system. NFF has provided four loans totaling almost $2 million to bridge funds from the Institute's capital campaign. This includes $650,000 in New Markets Tax Credits, which attracted additional private investment in the project. |
