I know in this blog I tend to favor sharing learnings by highlighting nonprofit boards that have mismanaged or otherwise proven their inefectiveness. However, trying to be effective after failure provides learning opportunities as well. The Slavery Museum is today's case in point.
The Wall Street Journal, in an article yesterday, noted that the Museum Board was stepping out of Chapter 11 with a plan that would address its debts and its longer-term sustainability issues through a combination of fundraising and increased revenues. In my humble opinion and based on all I know about the Museum's focus, the goal of raising $900,000 from individual donors, to repay debt, should be achievable. And increasing revenues from operations should be achievable too.
More importantly, I am thinking that the experience of the Museum's Board is worth documenting for all nonprofits. For example, how typical is it for a board to mirror many small business entrepreneurs who are driven by mission and hope to the point that they put aside prudence when all that flies are yellow caution flags? And, how much of the board's membership needs to change, if any, for the board to get to a place that it can renew its optimism while applying prudence?
I am hoping some academic institution will help answer these types of questions. In the meantime, if you would like to know more about what's next for the Museum, do check-out the Wall Street Journal article and click-on the link that will take you to the Museum's actual Chapter 11 plan for the future.