Stepping into the role of Chief Financial Officer (CFO) in a nonprofit organization – whether for the first time or as a seasoned financial leader in a new environment – comes with unique challenges. From understanding organizational operations to assessing risks and financial sustainability, the first year is a critical period of learning and adaptation.

On March 12, 2025, FAR held an important panel discussion with Bianca Domally CFO at NAACP, Erin Seraydian CFO at Vital Voices Global Partnership and Bruce Friedman CFO at United way Worldwide. This impressive panel of CFOs was moderated by Kathy O’Connor, Founder and President of O’Connor Consulting Services (OCS), who brought some of OCS’ impressive clients together to share their insight.

The group of accomplished nonprofit CFOs shared their experiences and offered invaluable insights into how they navigated their transition. The conversation explored key strategies for success, including evaluating an organization’s financial health, identifying top risks, and ensuring long-term sustainability.

Understanding the Landscape
Each CFO began by sharing their personal journey into their role, providing context on the atmosphere they encountered upon arrival. Some walked into established financial structures, but all faced challenges. Their first priority was to gain a comprehensive understanding of how the organization operated, identifying both strengths and areas of concern.

Assessing Talent and Resources
A crucial part of the transition was evaluating the team’s capabilities. Panelists discussed how they assessed existing staff, identified skill gaps, and determined the support needed to build a strong financial department. They emphasized the importance of fostering relationships across departments and governance to ensure collaboration and transparency and build trust.

Prioritizing Risks and Financial Concerns
The CFOs detailed their methods for identifying and ranking organizational risks. They shared how they determined which financial issues required immediate attention and how they developed risk management strategies to protect the nonprofit’s mission and sustainability.

Revenue Reliability and Donor Dependencies
One of the most pressing challenges for nonprofit CFOs is ensuring stable revenue. Panelists discussed how they evaluated funding sources, assessed donor dependencies, and created plans to diversify income streams. For the organizations impacted, the CFOs  highlighted the importance of balancing grant funding, donor contributions, and alternative revenue sources to maintain financial resilience, especially given this current time of federal grant uncertainty.

Preparing for Economic Downturns and Federal Funding Cuts
With economic uncertainty and shifts in federal funding, nonprofit CFOs must be proactive in preparing for financial fluctuations. Our impacted panelists shared how they developed and executed contingency plans and adapted for the impact of federal funding changes.

Parting Words of Wisdom
The panel wrapped with answering questions from the audience and below are some parting words of wisdom.

Bianca Domally CFO at NAACP – "I believe this comes down to your personal brand. It takes time to build experience and reputation as a non-profit CFO, just like building brand identity takes time. No matter the organization, you should bring the same high level of performance, expectation, and integrity to the role. Organizations will vary in culture, mission, and structure, but they all need the same from a CFO: a skilled partner who knows how to navigate internal and external waters to protect the organization's most important asset - its tax-exempt status, which is key in making sure the mission is realized."

Erin Seraydian, CFO at Vital Voices Global Partnership – “Lead with authenticity, stay true to yourself and be able to blend financial expertise with strong leadership, integrity, and transparency. Communicate openly about the financial outlook, challenges, and vision both with leadership and the broader organization. Admit mistakes when things don’t go as planned, it’s a sign of strength not weakness. Finally, look beyond the numbers – authenticity comes when you understand and advocate for the company’s mission and vision.”

Bruce Friedman, CFO at United way Worldwide – “Becoming a CFO comes not only from years of financial expertise and experience, but even more from life experience, your ability to be empathetic and meet others where they are. Building trust and making difficult decisions with compassion and integrity are what will set you apart, no matter the situation. Own who you are and the position you are in. Many will be putting great faith and trust in you for good reason. Be consistent with the understanding that different people have different needs and perspectives. Most of all enjoy the challenge and be true to who you are.”