In the challenging landscape of nonprofit management, financial stability is crucial for mission success. This case study explores how The Door, a renowned New York City youth services organization, strategically partnered with BTQ Financial to transform their financial operations during a critical organizational transition.
The Door’s financial transformation journey offers valuable insights for nonprofit leaders facing similar challenges in today’s fast-moving and resource-constrained environment.
The Door: A Beacon for NYC’s Youth
Since 1972, The Door has served as a vital resource for thousands of teenagers and young adults in New York City annually. This multi-service nonprofit organization provides comprehensive support services including:
- Health care and mental health services
- Education and legal assistance
- Workforce development
- Supportive housing
- Arts, sports, and nutrition programs
The organization’s innovative whole-person approach has gained worldwide recognition as one of the most effective models for delivering human services to young people.
The Challenge: Navigating Organizational Transition
In 2021, CEO Kelsey Louie joined The Door with the mission of leading the organization through a significant transition:
- Ending a two-decade partnership with University Settlement
- Rebuilding administrative functions
- Establishing new systems while maintaining uninterrupted services
This transition presented unique challenges, particularly in financial management. The organization needed to maintain fiscal stability while implementing new structures and training staff—all without disrupting their essential youth services.
Solution: BTQ’s Finance as a Service (FaaS)
With 14 years of experience working with BTQ across two executive roles, Kelsey recognized the value of their Finance as a Service (FaaS) model. Driven by a “No margin, no mission” philosophy, he approached BTQ to strengthen The Door’s financial position.
Key Objectives for Financial Enhancement:
- Remain good stewards of public and private funding
- Build stakeholder confidence (staff, donors, partners)
- Promote greater fiscal transparency and accountability
- Gain better forecasting tools and financial visibility
- Maximize resources to serve community needs
Why Choose Outsourced Finance vs. In-House?
The decision to partner with BTQ instead of hiring an in-house CFO and finance team was based on several strategic considerations:
- Speed and Efficiency: BTQ offered immediate expertise without lengthy recruitment processes
- Cost-Effectiveness: The FaaS model delivered better value than maintaining an in-house department
- Talent Retention: Circumvented the challenge of finding and keeping qualified finance staff in a competitive job market
- Expertise: Access to a team of experts rather than relying on a single person’s knowledge
Change Management: A Thoughtful Implementation
Recognizing the sensitivity of financial transitions, Kelsey emphasized the importance of careful change management. BTQ’s people-first approach ensured a smooth process through a three-pronged strategy:
- Reviewing audits and fiscal reporting
- Building financial operating structures and systems
- Implementing day-to-day operations
BTQ provided crucial guidance throughout the transition, helping prepare Kelsey for discussions with the board and staff while maintaining a comfortable pace of change.
Beyond Outsourced Finance: A Knowledge-Sharing Partnership
The relationship with BTQ has evolved beyond traditional outsourcing to become deeply integrated with The Door’s operations.
Current BTQ Services:
- Producing monthly financial reports, including cash flow forecasts and dashboards
- Conducting monthly spend review meetings with department heads
- Creating year-end spend projections for each department
- Continuously monitoring accounts receivable and cash flow
- Ensuring audit and tax filings remain up-to-date
- Providing regular reports to the organization’s finance committee
Additional Value:
- Strategic Partnership: BTQ serves as thought partners, not just financial advisors
- Subject Matter Expertise: Access to specialized nonprofit financial knowledge
- Knowledge Enhancement: Rather than relying on a single CFO’s experience, The Door benefits from BTQ’s collective expertise—a “brain trust” of financial and nonprofit professionals
Lasting Impact: Strengthened Mission Delivery
By partnering with BTQ, The Door has positioned itself for sustainable growth and enhanced mission delivery. The relationship has:
- Elevated donor and stakeholder confidence through improved fiscal management
- Enabled The Door to focus more resources on serving youth
- Provided tools for better financial forecasting and strategic planning
- Ensured financial stability during a significant organizational transition
As Kelsey notes: “The number-one reason The Door went with BTQ was their expertise and financial strength. But in a fast-moving landscape in which recruiting quality talent is hard and resources are difficult to access, the advantages of our partnership extend across our entire organization, securing our ability to thrive.”
About BTQ
BTQ, a division of Consero Global, provides quality financial management and medical billing services specifically for nonprofits. Since 2001, we have helped organizations build strong financial functions that support their missions and ensure sustainable operations.
Our approach combines decades of nonprofit financial management expertise with high-performing digital technologies, empowering organizations to thrive in today’s challenging landscape.
Get in touch for assistance with your organization’s financial transformation.