Hosted by the Aging and Disability Business Institute at USAging, the Financial Acumen Learning Collaborative (FALC) will provide aging and disability community-based organizations (CBOs) with the knowledge and skills necessary to build and strengthen their financial operations and agency sustainability efforts related to contracts with health care entities. Up to 15 organizations will be selected for participation in the FALC.
For the purposes of this collaborative, financial acumen is defined as the understanding of what drives agency revenues and expenses and how key financial metrics can be used in defining agency goals. Improving its financial acumen will help your CBO better manage the financial components of health care contracting and enhance its financial and accounting practices. The skills and knowledge FALC participants will gain will help improve budget management, increase revenue and assess the financial value of potential contracting opportunities.
FALC participants will engage in a curriculum that addresses financial acumen topics and practices such as accurately costing out agency services, assessing net income from various pricing methods and levels, evaluating and managing financial risk, and calculating the return on investment to potential health care partners. This effort is intended to address such areas (and more) to support the pursuit of health care contracts.
· Application open: October 28, 2021
· Application deadline: December 3, 2021
· Selected participants notified: December 20, 2021
· Monthly webinars: Webinars will take place on the following dates from 2:00-4:00 PM ET
o Thursday January 27, 2022
o Thursday February 17, 2022
o Thursday March 10, 2022
o Thursday March 24, 2022
Learning Collaborative Eligibility
· Applicants must have read the Financial Acumen Learning Collaborative Charter, which describes the purpose, expectations and benefits of FALC participation.
· Applicants must be nonprofit or government-based community-based aging and/or disability organizations, including Area Agencies on Aging, Centers for Independent Living, other aging and/or disability services providers. CBO network lead entities (NLEs) are also eligible to apply. For-profit entities are not eligible for participation in the FALC.
· Applicants must agree to participate in the entire three-month FALC curriculum and dedicate four to five hours per month to prepare for monthly FALC lectures and other learning activities.
· Answer all questions and adhere to the specified word limits.
· Define all acronyms in parentheses after the first use of the word or phrase.
· Proofread all submissions and carefully avoid errors.
Please contact Maya Op de Beke with any questions regarding the Financial Acumen Learning Collaborative or this application.
The Financial Acumen Learning Collaborative is funded through a grant from The John A. Hartford Foundation.