NYRP maintains a firm approach to financial discipline that is best demonstrated by providing an understanding of how we operate within each of the following areas:
- Managing Resources
- Planning for the Future
- Avoiding Debt
Managing Resources – Each year, NYRP’s budget focuses not only on achieving our 10-year Strategic Plan goals, but also on promoting the NYRP “brand” – leveraging it to raise maximum revenue – and establishing fundable and sustainable programs. We develop strict spending plans to avoid deficit-spending and monitor our financial results monthly, maintaining optimal expense ratios and fundraising efficiency.
Planning for the Future – In 2007, NYRP published its 10-year Strategic Plan, which sets forth four distinct strategies focused on growing and expanding our mission through brand awareness, stewardship and partnership. Building sustainable/fundable programs is the overall goal, while forward and innovative thinking coupled with partnership building, growing our endowments – including that which ensures the long-term maintenance of NYRP’s community gardens – and building working capital provide the muscle to get us there.
Avoiding/Managing Debt – Remaining debt-free allows NYRP’s resources to be flexible and elastic and allows more operating resources to flow directly to the organization’s programs. In other words, NYRP has a high stress tolerance – achieving historical growth not through financing, but through strategic internal expansion of fundable programs.
NYRP maintains a strong system of internal controls to physically and integrally safeguard its assets. NYRP’s internal control policies address all aspects of its operations – from physical security systems to adequate staff training to sufficient data backup and storage. We are compliant with The Sarbanes Oxley Act of 2002 and have a working Policy & Procedure Manual with a Whistle-Blower Policy in place. By performing periodic risk assessment surveys, NYRP identifies weaknesses and puts compensating controls in place in a timely manner.
Adequate oversight is essential to the continued existence of any organization. NYRP is governed not only by regulatory agencies and principles (federal, state, local, GAAP), but also by a 14-member Board of Trustees. The Trustees are elected based on their reputation in the community and their ability to provide guidance and resources to the organization. At the management level, NYRP employs qualified, highly skilled senior managers to administer day-to-day functions, as well as advance departmental and strategic objectives.