This year, MMF began an ambitious financial strategy entitled Sustainable in 2006 which will enable us to be more self-sustaining in the future.
The goals of Sustainable in 2006 aim to increase the sustainability of MMF to provide services to small business owners in Western North Carolina:
1. Increase diversification of funds raised: no more than 70 percent of total funds necessary (for annual fund, building of endowment and building of cash reserve) should come from foundations/institutions/government; at least 10 percent should come from individual giving; at least 10 percent from earned income; and, at least 5 percent from corporations.
2. Increase the cash reserve to three months operating costs, (about $215,000 in 2005).
3. Grow an endowment that will contribute 5 percent per year of the annual fund, beginning in 2007. (About $850,000 would currently be needed)