State Farm Bank Assists Nonprofits in Increasing Business Acumen

COW Header

State Farm Bank Assists Nonprofits in Increasing Business Acumen

Carrie Mack, Illinois Wesleyan University Action Research Center, shares nonprofit assessment tool research findings with nonprofit leaders.

Carrie Mack, Illinois Wesleyan University Action Research Center, shares nonprofit assessment tool research findings with nonprofit leaders.

State Farm Bank partners with Illinois Wesleyan University’s Action Research Center to assist local nonprofits in strengthening their community.

Recently, State Farm Bank and the Action Research Center developed and administered a comprehensive nonprofit assessment tool to help identify organizations’ strengths and weaknesses. Executive directors, board members and staff participated in the self-assessment.

To encourage nonprofits to participate, State Farm Bank provided $2,500 to each participating nonprofit. The organizations graded themselves on a scale of 1 to 5 on the following areas critical to a successful nonprofit:

  • Board governance
  • Financial management
  • Legal
  • Public Relations and Marketing
  • Human Resources
  • Volunteers and interns
  • Planning and evaluation
  • Programs and services
  • Fundraising and development
  • Facilities management

Based upon self-identified areas of weakness, State Farm Bank employees serve as consultants with their technical expertise to aid the nonprofits in those areas. The Bank also engaged State Farm’s Innovation team to provide Service hours to those nonprofits requesting support with organizational improvement.

A couple weeks ago, the Action Research Center conducted a boot board camp for potential and existing board members. This was an outgrowth of the nonprofit assessment tool and an expressed common need by the organizations. At the board camp, governance issues and how to read a financial statement were addressed.

State Farm Bank looks forward to continuing to partner with IWU’s Action Research Center and local nonprofits to improve the delivery of services to local community members.

Learn more about State Farm Bank click here.

Congratulations State Farm Bank!