Finance Committee Update

There is a silly (but 100% true) nickname for Boston Workers Circle’s Finance Committee–”BCE” or “Best Committee Ever.” Our committee, composed of members of all backgrounds and length of membership at BWC, has one major operating task: keep the finances of our organization intact so we can provide our community with excellent programs, a beautiful building, and ensure our staff are well supported.

The Finance Committee spends time in our monthly meetings reviewing our up to date financials, discussing any questions we have with staff around fundraising or expenses, sometimes attending to things like the annual audit, and overall ensuring our money keeps rolling in and out as it should! 

Right now, the Finance Committee is focused on two major projects: our upcoming fiscal year budget (prepared for the first time by the amazing Ali Rice), as well as some components of the strategic plan for the coming years. 

The strategic plan priority we’ll be focusing on is about achieving long-term financial sustainability so that our organization can continue to grow and thrive, decrease our structural deficit, and identify new mission aligned avenues for revenue generation. We will explore a few possible avenues for this, including but not limited to:

  • Working alongside our new Membership Committee to increase the percentage of our revenue that comes from membership dues
  • Start to plot ways to move toward more equal balance between our different areas of income, including major donors, grants/institutional funders, programming, and our space
  • Grow our major donor and foundation giving
  • Develop multi-year financial modeling so we can forecast and plan for the future!

If that sounds like a lot–it is! But our strategic plan allows us the next 3 years to plot next steps and execute on them, and our committee is excited to dive into these juicy areas. Don’t forget to come to the Annual Meeting on June 18th so you can hear all about the strategic plan and more!

Finally, as we approach June we will say thank you to our amazing long time Finance Committee chair, Sarah Axelrod. While Sarah will remain on the BCE, she is taking a much deserved step back from steering the ship. Sarah is a sharp mind, full of wit, and has led us so capably for many years. As she passes the torch to our Board Treasurer, Emilia, we are thrilled to have her wisdom staying on to ensure we are in good hands.

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