{"id":1392,"date":"2017-02-10T12:29:35","date_gmt":"2017-02-10T20:29:35","guid":{"rendered":"https:\/\/vccf.org\/?p=1392"},"modified":"2025-01-29T07:49:17","modified_gmt":"2025-01-29T07:49:17","slug":"foundation-getting-back-on-track-with-finances","status":"publish","type":"post","link":"https:\/\/vccf.org\/da\/foundation-getting-back-on-track-with-finances\/","title":{"rendered":"Foundation kommer tilbage p\u00e5 sporet med \u00f8konomien"},"content":{"rendered":"

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Board chair named<\/strong><\/p>\n

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By Stephanie Sumell<\/div>\n
ssumell@theacorn.com<\/a><\/div>\n<\/div>\n<\/div>\n

A better mortgage rate, a reduction in staff and cost-cutting on overhead have helped the Ventura County Community Foundation<\/span> weather a financial crisis that nearly sunk the Camarillo-based nonprofit.<\/p>\n

Now that it\u2019s on better financial footing, CEO and president Vanessa Bechtel said, the future looks \u201cpromising\u201d for the foundation, which manages hundreds of scholarship and grant funds that benefit local students and numerous charity groups.<\/p>\n

Bechtel said the foundation distributed over $1.5 million in grants late last year \u2014 a sign of better times.<\/p>\n

\u201cI feel very confident in the progress we\u2019ve made over the past two years,\u201d she said. \u201cThe business that we\u2019re in is in full swing, and (its mission) is to support our local nonprofit communities.\u201d<\/p>\n

(Please read\u00a0full article below or visit Moorpark Acorn at http:\/\/www.mpacorn.com\/news\/2017-02-10\/Front_Page\/Foundation_getting_back_on_track_with_finances.html)<\/a><\/p>\n

Shortly after Bechtel took over for former CEO Hugh Ralston<\/span> in February 2015, the executive learned the cash-strapped foundation had too many employees on the payroll and couldn\u2019t cover its overhead costs.<\/p>\n

That put VCCF at risk of shutting down, and Bechtel was faced with a long list of difficult decisions to keep it afloat.<\/p>\n

The discovery prompted Bechtel to sift through mountains of paperwork and cut staff from 22 to five. The remaining staff saw their salaries cut by 20 percent.<\/p>\n

The CEO was also faced with an impending $4-million balloon payment on the foundation\u2019s mortgage loan that would have crippled the nonprofit.<\/p>\n

Bechtel considered moving VCCF into a smaller office to lower costs \u2014 its 53,000-squarefoot headquarters on Mission Oaks Boulevard<\/span> was once listed for $9.8 million \u2014 but she and the board of directors opted to stay put after a new lender agreed to better loan terms for the foundation.<\/p>\n

Because the loan is still being finalized, Bechtel declined to comment on its specific terms or name the lender, who, she said, has funds \u201cspecifically designed to help nonprofits fulfill their missions.\u201d<\/p>\n

Bechtel did say the new deal will help improve the foundation\u2019s financial future.<\/p>\n

\u201cThose pressures have been alleviated,\u201d she said. \u201cBecause of the refinancing and the terms we\u2019ve been receiving, our intention is to keep the building.\u201d<\/p>\n

Although the foundation is no longer slated to move, Bechtel said it will reduce the amount of office space it is using and rent the unused space to other nonprofits to generate income.<\/p>\n

She said there is talk to add a few new employees in the coming months.<\/p>\n

\u201cThe good news is that we will be able to add a position or two once all the financing is confirmed because of the terms being so favorable,\u201d she said.<\/p>\n

But it wasn\u2019t just financial woes that plagued the foundation.<\/p>\n

Soon after learning about the foundation\u2019s money problems, Bechtel self-reported her findings to the Californien<\/span> attorney general\u2019s office to ensure VCCF was complying with state law as a charitable trust.<\/p>\n

In the time since, she said VCCF has worked very closely with the state, providing regular updates on its \u201cfinancial turnaround.\u201d<\/p>\n

Though there\u2019s work to be done, the CEO and president said VCCF is on the right track.<\/p>\n

It has revamped its website and welcomed new board chair Scott Hansen in October.<\/p>\n

Hansen, the regional managing director of wealth management for the Santa Barbara<\/span> og Westlake Village<\/span> markets of Wells Fargo Bank<\/span>, has served on the boards of numerous community organizations, including the CSUCI Planned Giving Council<\/span> og Big Brothers Big Sisters<\/span> of Ventura County<\/span>.<\/p>\n

Bechtel said Hansen is a \u201cnatural leader\u201d and a \u201cphenomenal addition\u201d as board chair.<\/p>\n

Hansen said he is glad to be of assistance.<\/p>\n

\"Jeg er sikker p\u00e5, at Ventura County Community Foundation vil forts\u00e6tte i de n\u00e6ste tre \u00e5rtier med at servicere indbyggerne og nonprofitorganisationerne i Ventura County,\" sagde Hansen. \"Vi ser frem til en lys fremtid, mens vi tackler vores samfunds mest presserende behov.\"<\/p>\n

Those needs include education. Bechtel said the foundation recently ended its scholarship application season and plans to give out about $1 million in scholarships to Ventura County students during the spring.<\/p>\n

\u201cIt\u2019s very exciting,\u201d she said. \u201cI feel very confident about the future of the Ventura County Community Foundation.\u201d<\/p>","protected":false},"excerpt":{"rendered":"

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