Finances

Over the next 3 years, Horizons New York City will focus on expanding its network to serve 1500 children in New York City and continuing to support our existing Horizons program sites so they are thriving and sustainable. Since the projected number of students served will triple, the budget will likewise roughly triple. We regard this as a challenging, but reasonable goal based on the demonstrated demand for our programs, our current expansion efforts, and our fundraising targets.

Financial and Advancement Goals 2023 – 2025

• Increase revenues from our current budget FYE 2022 of $590,000 to FYE 2025 estimated budget of $1.7 million.

• Produce accurate annual budgets and develop the fundraising capability to support them.

• Diversify our funding by seeking additional long-ter m institutional partners.

• Direct contributions to further invest in the sustainability of the region.

• Commit to a long-ter m goal of having a half-year’s projected costs in reserves.

• Invest as needed in additional staff by FY 2025, including development and marketing professionals.

• Expand and diversify the HNYC Board (see Section IV).

3-Year Projected Budget 2023 – 2025

Governance

Board of Directors

Composition:

• Expand board to 13 members, including two Program Representatives with voting rights and the Regional Director as ex-officio non-voting member.

• Prioritize diversity of all kinds in building the board.

Terms:

• Regular Board Members: 3-year terms. Renewable if appropriate. Maximum term of 9 years.

• Program Representatives: 2-year terms to be rotated among HNYC programs.

• Regional Director: Term to last for duration of employment in that position.

Responsibilities

Regular Board members:

• Select, support, and annually evaluate the performance of the Regional Director.

• Determine the HNYC mission and establish policies and organizational plans that further it.

• As fiduciaries, provide financial oversight, approve budgets, and ensure compliance with all legal obligations.

• Advocate for HNYC, encouraging outside partnerships that enhance and grow the program (foundations, universities, educators, etc.).

• Attend virtual/in-person meetings and be accountable for decisions at these meetings.

• Serve on at least one committee

• Make an annual financial gift, treating HNYC as a top priority for their philanthropic giving.

• Visit at least one Horizons program each year, to better promote the program and its benefits.

• Attend and/or support fundraisers to celebrate HNYC and attract new donors.

• Look for opportunities to promote HNYC in public forums and communities.

Program Representatives:

• Provide insights and perspective based on experience at their NYC Horizons programs.

• Participate in the work of the HNYC board while prioritizing and maintaining their commitments to their NYC Horizons programs.

• Vote as members of the HNYC board.

• Recuse themselves from board discussions focused on Regional Director evaluation and compensation. Program Representatives may be recused from other board conversations at the discretion of the chair or Regional Director.

• Make a financial contribution to HNYC to reach 100% board giving.

Goals for 2023-2025:

• Grow the board, prioritizing the selection of new members with skills and backgrounds identified by the board and RD as valuable to HNYC.

• Establish committees essential to the board and HNYC over the next three years: Executive, Governance, Expansion, and Finance/Advancement.

• Review and update existing by-laws.

• Establish annual evaluation/review processes for Regional Director and board.

• Create annual board calendar.

• Revisit the strategic plan at least twice each year and revise as needed.

Other Governance Goals for 2023-2025:

• Work with the Regional Director to determine additional staffing and consulting needs and priorities.

• Review existing insurance, including liability

• Secure office space.

• Create a board handbook.