The Inside Scoop
Not-For-Profit leaders, board members, and aspiring founders—this episode is packed with insights just for you. Whether you are thinking about starting a not-for-profit or working to strengthen an existing one, today’s conversation will give you a clearer picture of what it really takes to operate successfully.
Our guest Lisa Lumbard, CPA, CGFM is the CEO of Lumbard Consulting LLC.Lisa provides consulting services for not-for-profit leaders at all stages from start-up through turn-around.
Core Lessons From This Conversation
#1 Yes, not-for-profits do need to make a profit. A lot of people think not-for-profit means no profit—but that is a big misconception. These organizations still need to generate revenue beyond their expenses so they can build reserves, invest in growth, and stay sustainable during tough times. Profit isn’t the goal—it is the fuel that keeps the mission moving.
#2 A passionate team is great—but skills matter too. Yes, heart and purpose are essential in the not-for-profit world—but they’re not enough on their own. To really thrive, you need a team (especially your board) that also brings solid skills, real-world experience, and the know-how to guide the organization effectively. Passion fuels the mission, but expertise keeps it running.
Episode Breakdown
[1:27-4:47] We kick off the podcast with a quick introduction of Lisa’s firm: Lumbard Consulting LLC. She shares with us the core focus of her business and the services she provides. We also have an insightful discussion on the basics of not-for-profit organizations and what makes them different from non-profit ones.
[5:29-7:49] Who usually starts not-for-profit organizations, and what are the motives behind it? In this segment, Lisa answers this question and discusses some of the similarities and differences between not-for-profit organizations and typical businesses
[11:41-15:03] When setting up a not-for-profit organization, what are the factors that people tend to overlook? Lisa answers this question in detail and shares valuable advice for anyone who’s looking to start a not-for-profit organization.
[17:30-19:15] Lisa talks about the kind of qualities you need to keep in mind when building a team for your not-for-profit organization.
[22:15-29:44] In this segment, Lisa shares her inspiring entrepreneurial journey and how her career started very early in school. She also shares her experience taking the CPA exam.
[32:59-39:04] Before wrapping up the podcast, Lisa talks to us about the tools and software she uses to perform important activities such as accounting and audits. She also mentions the importance of hiring an outside accounting firm to do your audits.
Your Go-To Resource List
Connect with Lisa: lisa@lumbardconsulting.com
Follow Lisa on Social Media: LinkedIn
Dig Deeper with These Resources
Arizona Society of CPAs – As the leading organization for CPAs in Arizona, the Arizona Society of Certified Public Accountants (ASCPA) creates opportunities for members to maximize their potential through advocacy, connections and education. As an advocate, we build relationships and promote the interests of CPAs with governments, regulatory agencies and other organizations.
Arizona Impact for Good – AZ Impact for Good is a trusted statewide membership organization, resource, and advocate for Arizona’s nonprofit and philanthropy communities. AZ Impact for Good envisions a vibrant and equitable Arizona where all people and living things thrive. Its mission is to unite nonprofits and philanthropy to transform Arizona through education, advocacy, and innovation.
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