Rockefeller Charity Art Auction Brings Record $646 Million in First Night

Rockefeller Philanthropy Advisors | May 09, 2018

As we reported yesterday, Christie’s began its auction of David and Peggy Rockefeller’s art collection yesterday, from which all proceeds will go to charities the Rockefellers supported in their lifetimes. The entire collection was projected to bring between $500 million to $1 billion, which, at either end of the range, would make it a record-setter as far as auctions go. With the results of yesterday’s sale of the collection’s 19th and 20th-century art now in, it is clear the higher estimate was more accurate, with a reported $646 million in sales on day one. This must be a relief to Christie’s, which reportedly guaranteed $650 million in proceeds to the family as the auction houses vied for the right to handle the sale.
The piece that went for the highest bid of the evening, as expected, was Picasso’s Fillette à la Corbeille Fleurie (Young Girl with Basket of Flowers), which went for $115 million with fees. The other higher-priced bids were for Matisse’s 1923 Odalisque Couchée aux Magnolias, which went for $80.8 million following an estimate of $70 million, and Monet’s Nymphéas en Fleur (“Water Lilies in Bloom”), which went for $84.7 million with fees. Both were auction records for their respective artists.

Spotlight

Most principals report they wouldn't fundraise if they didn't have to. Even so just knowing the potential pitfalls can help you run a smarter, more effective fundraiser this year. Many schools hold more fundraisers than the average American is willing to participate in, and that doesn't even count other groups' overlapping fundraising events. Fundraising tip: Studies show that schools with fewer fundraisers can actually raise more funds.


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NONPROFIT MANAGEMENT

Survey of US Nonprofits: The Pandemic and an Increased Focus on Racial Equity Are Changing the Sector

Nonprofit Finance Fund | June 09, 2022

The results of the 2022 State of the Nonprofit Sector Survey, released, offer new insights into the well-being of a sector buffeted by the COVID-19 pandemic, deeply impacted by racial injustice, and central to advancing the aspirations of our communities. The survey of 1,168 nonprofits was conducted earlier this year by Nonprofit Finance Fund (NFF) in partnership with Ambit 360 Consulting and EVITARUS. Here is what we learned about the impact of COVID-19 and how the experiences of nonprofits led by people of color compared with those of white-led organizations. As a result of the pandemic, 88% of respondents developed new or different ways of working that led to positive outcomes; 51% of those think these could be permanent changes. As the pandemic took hold, nonprofit leaders pivoted to respond to changing needs – providing home deliveries instead of communal meals, training administrators to provide direct client care, opening childcare for frontline workers, and more. Nonprofits led by people of color saw the sharpest increase in demand, and the survey spotlights the need for more equitable access to resources as communities continue to rely on neighborhood nonprofits." Jen Talansky, vice president of marketing and communications at NFF Demand is rising: 71% of respondents reported that demand rose during the last two years; 86% expect it to continue to rise in 2022, but just 53% think they will be able to meet that demand. While most nonprofits saw an increase in demand for services over the past two years, nonprofits led by Black, Indigenous, and people of color (BIPOC) saw the most marked increase, with 64% reporting a significant (10%+) increase in demand, compared to 47% of white-led organizations. Adapting to demand has had a direct impact on nonprofit employees. Since the COVID-19 pandemic began, 57% of BIPOC-led organizations and 45% of white-led organizations report that employees have carried out duties outside of their job description all or most of the time. "Because of systemic racism, funders need to take purposeful action to advance equity and invest in BIPOC-led nonprofits," said Shakari Byerly, Partner and Principal Researcher at EVITARUS. "We ask a lot from nonprofits, and too often, workers carry the burden when governments and foundations don't pay organizations fairly for the essential services they provide." 70% of respondents overall saw their funding rise during the pandemic from 2019 levels; 71% of all respondents received one or more Paycheck Protection Program (PPP) loans. BIPOC-led orgs were less likely to receive federal funding in 2021 – excluding PPP, 32% of BIPOC-led orgs received federal funding compared with 46% of white-led orgs. BIPOC-led orgs were also less likely to receive corporate donations (58% of BIPOC-led orgs vs 71% for white-led orgs) or to have revenue from investment income (16% of BIPOC-led vs 33% for white-led orgs). "Our organization and the people in our communities benefited greatly from COVID-related support and funding," said Claudia Ramirez, Executive Director of The Society of St. Vincent de Paul of Contra Costa County. "Now, emergency funding has decreased significantly, while we are seeing increased demand for critical services like housing assistance, food, and medical and dental care." Flexible funds help: 57% of nonprofits report that since March 2020, foundation funders have been more flexible with how they use funds. "It is unclear if the improvements in financial health reported at this moment represent a short-term exception due to PPP loans and other emergency funding, or an inflection point for a sector plagued by systemic funding hurdles and persistent inequities," said Larry McGill, Founder and Principal of Ambit 360 consulting. "Having seen trust-based funding work during the pandemic, it's clear that part of the answer is not just increased funding but also loosening funding restrictions so nonprofits can decide for themselves how to spend money in their own communities." Lived experience matters: 57% of BIPOC organizational leaders have lived experience that is representative of the communities their organization serves, as compared to 18% of white leaders. "The survey findings are another clear demonstration of why NFF is doubling down on our commitment to community-centered, BIPOC-led organizations," said Trella Walker, NFF's Interim CEO and President. "It is not enough to sit with declarations of change, it is time to follow the lead of communities of color and support the changes they need." Since 2010, Bank of America has supported NFF's State of the Nonprofit Sector surveys. "Nonprofit organizations continue to be on the frontlines in helping our communities get back on their feet," said Andrew Plepler, global head of Environmental, Social & Governance (ESG) at Bank of America. "The results in the 2022 survey speak to how they've had to recalibrate their efforts and the vital role that public, private, nonprofit partnerships must play if we want to see long-term, sustainable improvement." In the coming months, NFF will offer additional analyses of survey data, including in late July a comparison between the 311 nonprofits who completed NFF's State of the Nonprofit Sector Survey both in 2018 and 2022 to more fully examine the impact of COVID-19 on organizational health. About Nonprofit Finance Fund Nonprofit Finance Fund is a nonprofit lender, consultant, and advocate. For more than 40 years, we've worked to strengthen nonprofit organizations and improve the way money flows to social good. We believe that alongside others we must build a more equitable and just social sector, and are committed to helping community-centered organizations led by and serving people of color access the money and resources they need to realize their communities' aspirations.

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NONPROFIT MANAGEMENT

GoFundMe Announces Greg Mrva as Chief Financial Officer

GoFundMe | June 29, 2022

GoFundMe, the trusted leader in online fundraising, announced that Greg Mrva is joining the company as Chief Financial Officer. Greg has over 25 years of experience building finance, strategy and operating teams at leading technology companies and leading investment banking teams advising global technology businesses. He will be responsible for leading GoFundMe’s finance, accounting, business operations and corporate development functions which includes Classy, a leading software platform for nonprofits. Greg will join the company’s executive team and will report to CEO Tim Cadogan. He will play an instrumental role in advancing the company’s vision of becoming the most helpful place on earth. Most recently, Greg was the President of TPG Pace Tech Opportunities, where he led the organization's successful business combination with Nerdy Inc. Prior to TPG Pace Tech Opportunities, Greg was the CFO of StubHub where he sat on both the StubHub and eBay finance leadership teams and was responsible for financial planning, accounting, analysis, operations, management, and strategy. Greg has also held leadership positions at Morgan Stanley, Barclays and Yahoo!. The focus and experience Greg brings to our leadership team will be invaluable as we scale our business, expand into adjacent markets, and continue to build industry-leading tools to help people help each other. Greg’s mix of financial, strategic and operating expertise will be essential as we accelerate growth globally across both GoFundMe and Classy.” Tim Cadogan,GoFundMe CEO “GoFundMe is a unique technology company as people rely on the power of its platform and global community during life’s most pressing moments and to provide support to each other during nearly every world event,” said Greg Mrva. “I’m thrilled to join a company that has become a household name for providing a trusted and efficient way for people to help each other and their communities as well as providing nonprofit organizations with mission critical software to unlock giving.” Mrva joins GoFundMe during a period of sustained momentum. In May, the company announced that it completed the acquisition of Classy, the leading nonprofit fundraising software company. The acquisition creates a global leader in modern giving across B2C and B2B, unlocking new opportunities to service the nearly $500 billion U.S. philanthropic market and reach more people and organizations across the world. About GoFundMe Since 2010, GoFundMe has become a trusted global leader in online fundraising, helping to raise and deliver more than $17 billion from over 200 million donations. Our vision is to become the most helpful place in the world. In 2022, GoFundMe acquired Classy, which has helped nonprofits mobilize and empower the world for good by helping them raise $4 billion on its platform since 2011.

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NONPROFIT MANAGEMENT

Blackbaud Names Chris Singh Chief Customer Officer

Blackbaud | June 22, 2022

Blackbaud, the world's leading cloud software company powering social good, appointed Chris Singh as Chief Customer Officer. Singh is the first leader to hold the newly created position at Blackbaud, representing a significant next step in the company's commitment to customers and their end-to-end experience. I'm thrilled to announce Chris's promotion to Chief Customer Officer. We're dedicated to delivering a best-in-class experience for our customers, and this central position focused on their success will help us provide better support as a trusted partner and enable our customers to drive even more impact for social good." Mike Gianoni, president and CEO, Blackbaud Singh first joined Blackbaud in May 2021 as senior vice president of Customer Success and has already demonstrated impact in his first year with the company by: Conducting more than 300 customer enablement sessions with over 53,000 attendees to help customers get the most out of their Blackbaud solutions through strategic insight Creating a critical response center to identify and manage high priority customer issues with diligence and speed Working cross-functionally to programmatically mature customer product usage and utilize data strategy to deliver value to customers Increasing proactive customer engagements with a focus on outcome and strategy In his new role, Singh will oversee strategy and execution of the customer experience across Blackbaud under a shared vision to deliver at every stage of the customer life cycle. "The addition of the Chief Customer Officer role solidifies Blackbaud's stake in putting customers first," said Singh. "This role will ensure that throughout the customer life cycle, we are delivering on outcomes and great experiences in a seamless and consistent way. It will ensure that investments are made to scale and continuously transform our end-to-end customer experience as technology and businesses evolve. It means Customer Success will have board visibility and be fully accountable to deliver on the promise of great customer experience and value realization." Prior to joining Blackbaud, Singh served as senior vice president of Customer Engagement and Experience at SAP, where he created the SAP brand of SAP Preferred Success—a best-in-class Customer Success Management program that helped thousands of customers in 53 countries meet their business and strategic goals in the cloud. He has held key senior leadership roles in product and software development, innovation, engineering and customer success. He has demonstrated success in achieving significant gains in customer satisfaction, references, renewals and incremental cloud subscription revenues. In addition, Singh serves on several boards as an advisor and is a social media influencer and thought leader on customer success, innovation and value-based technology trends. He is deeply passionate about people and making communities stronger, and he supports many social good causes. About Blackbaud Blackbaud is the world's leading cloud software company powering social good. Serving the entire social good community—nonprofits, higher education institutions, K–12 schools, healthcare organizations, faith communities, arts and cultural organizations, foundations, companies and individual change agents—Blackbaud connects and empowers organizations to increase their impact through cloud software, services, expertise and data intelligence. The Blackbaud portfolio is tailored to the unique needs of vertical markets, with solutions for fundraising and CRM, marketing, advocacy, peer-to-peer fundraising, corporate social responsibility (CSR) and environmental, social and governance (ESG), school management, ticketing, grantmaking, financial management, payment processing and analytics. Serving the industry for more than four decades, Blackbaud is a remote-first company headquartered in Charleston, South Carolina, with operations in the United States, Australia, Canada, Costa Rica and the United Kingdom.

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NONPROFIT MANAGEMENT

ezCater Solves Tax Exemption on Workplace Food for Top Nonprofits Nationwide

ezCater | June 24, 2022

ezCater, the most trusted provider of corporate food solutions, announced a new tax-exempt ordering platform for nonprofit organizations. With ezCater, organizations set their tax-exempt status once and it automatically applies to catering orders from over 95,000 restaurants on the ezCater platform, saving them time and money. Ensuring catering orders are tax-exempt is complicated and time-consuming for nonprofits, requiring each person to file a tax certificate with every restaurant that they order from. This is even more complicated for organizations that order food across multiple states. We've taken something that should be simple and made it simple. Nonprofits have many important things to worry about, and this solution allows them to put time back into their missions, instead of wasting it on unnecessary paperwork." Diane Swint, Chief Demand Officer at ezCater "ezCater makes handling the tax-exemption process for my team an easy feat," said Matthew Boone, Head Coach of Track and Field at Jacksonville State University. "Keeping track of paper receipts and creating multiple expense reports was such a headache. Not only do I have peace of mind that ezCater is storing the information for me, but my team has easy access to high-quality meals on the road." The Children's Inn at the National Institutes of Health (NIH) is a nonprofit that supports children, teens, and young adults with rare and serious diseases by providing a free 'place like home' for them to stay while participating in clinical research trials. The Inn has selected ezCater to order meals for the families. However, meeting various dietary restrictions and avoiding food waste becomes complicated. With ezCater, meals arrive individually selected, packaged and labeled, and The Inn's tax-exempt status is automatically applied to every order. "Our job is to serve and provide support to families during some of the most difficult times of their lives," said Emily Johnson, Family Program Operations Manager for The Children's Inn at NIH. "ezCater's ability to automate tasks like ordering each meal and researching restaurants that accept our tax exemption allows my team to focus on what really matters." With an ezCater Corporate Account, businesses have easy access to all products within ezCater's suite of corporate solutions. This includes features like invoicing, custom checkout and reporting, organization-wide tax-exempt ordering, recurring employee meals, and concierge food ordering. About ezCater ezCater is the most trusted provider of corporate food solutions. With a network of 95,000 restaurants across the US, ezCater provides flexible and scalable food solutions for everything from daily employee meals to sales meetings. ezCater is purpose-built for business and supported by best-in-class customer service, enabling companies to centralize and manage their food spend in a single, customizable platform.

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Spotlight

Most principals report they wouldn't fundraise if they didn't have to. Even so just knowing the potential pitfalls can help you run a smarter, more effective fundraiser this year. Many schools hold more fundraisers than the average American is willing to participate in, and that doesn't even count other groups' overlapping fundraising events. Fundraising tip: Studies show that schools with fewer fundraisers can actually raise more funds.

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