Risk Management for Nonprofits

Our research, based on the first comprehensive financial analysis of New York's nonprofit sector, found that 10% of the city's nonprofits were insolvent and 40% had virtually no cash reserves. Less than 30% were financially strong. If anything, things are getting harder, given market volatility, the move to value-based payments in health care, and increased costs for real estate and labor.Fortunately, we also discovered that nonprofits can take a few concrete steps to reduce their risk of failure and sustain vital programs:Make risk management an explicit responsibility of the audit and/or finance committee.Develop a risk-tolerance statement, indicating the limits for risk-taking and the willingness to trade short-term impact for longer-term sustainability.Keep a running list of major risks and the likelihood and expected loss for each.Put in place plans for how to maintain service in the event of a financial disaster, or even a "living will" that specifies how programs will be transferred to other providers (or wound down in an orderly fashion) in the event that recovery is not possible.Brief trustees regularly about longer-term trends in the operating environment.Periodically explore the potential benefits of various forms of organizational redesign, such as mergers, acquisitions, joint ventures, partnerships, outsourcing, managed dissolutions, and divestments.Compare financial performance to peers on an annual basis.Develop explicit targets for operating results (margins, months of cash, etc.) and contingency plans if minimum targets are not met.Redouble efforts to build and safeguard a financial cushion or "rainy-day fund," even if doing so forces consideration of difficult programmatic trade-offs.Doing any of these will depend on a functioning partnership between capable management and a critical mass of experienced, educated and engaged board members. Therefore, organizations serious about risk management must work hard to recruit board members with a wide range of experience. They need to ensure ongoing education for both new and existing board members and to empower high-functioning committees. Many organizations, particularly large and complex ones, would also benefit from having an experienced nonprofit executive on their board

Reducing patients’ exposures to asthma and allergy triggers in their homes: an evaluation of effectiveness of grades of forced air ventilation filters

Objective: Many interventions to reduce allergen levels in the home are recommended to asthma and allergy patients. One that is readily available and can be highly effective is the use of high performing filters in forced air ventilation systems. Methods: We conducted a modeling analysis of the effectiveness of filter-based interventions in the home to reduce airborne asthma and allergy triggers. This work used “each pass removal efficiency” applied to health-relevant size fractions of particles to assess filter performance. We assessed effectiveness for key allergy and asthma triggers based on applicable particle sizes for cat allergen, indoor and outdoor sources of particles 70% for cat dander particles, fine particulate matter (PM2.5) and respiratory virus can lower concentrations of those asthma triggers and allergens in indoor air of the home by >50%. Very high removal efficiency filters, such as those rated a 16 on the nationally recognized Minimum Efficiency Removal Value (MERV) rating system, tend to be only marginally more effective than MERV12 or 13 rated filters. Conclusions: The results of this analysis indicate that use of a MERV12 or higher performing air filter in home ventilation systems can effectively reduce indoor levels of these common asthma and allergy triggers. These reductions in airborne allergens in turn may help reduce allergy and asthma symptoms, especially if employed in conjunction with other environmental management measures recommended for allergy and asthma patients

Precise Infrared Radial Velocities from Keck/NIRSPEC and the Search for Young Planets

We present a high-precision infrared radial velocity study of late-type stars using spectra obtained with NIRSPEC at the W. M. Keck Observatory. Radial velocity precisions of 50 m/s are achieved for old field mid-M dwarfs using telluric features for precise wavelength calibration. Using this technique, 20 young stars in the {\beta} Pic (age ~12 Myr) and TW Hya (age ~8 Myr) Associations were monitored over several years to search for low mass companions; we also included the chromospherically active field star GJ 873 (EV Lac) in this survey. Based on comparisons with previous optical observations of these young active stars, radial velocity measurements at infrared wavelengths mitigate the radial velocity noise caused by star spots by a factor of ~3. Nevertheless, star spot noise is still the dominant source of measurement error for young stars at 2.3 {\mu}m, and limits the precision to ~77 m/s for the slowest rotating stars (v sin i < 6 km/s), increasing to ~168 m/s for rapidly rotating stars (v sin i > 12 km/s). The observations reveal both GJ 3305 and TWA 23 to be single-lined spectroscopic binaries; in the case of GJ 3305, the motion is likely caused by its 0.09" companion, identified after this survey began. The large amplitude, short-timescale variations of TWA 13A are indicative of a hot Jupiter-like companion, but the available data are insufficient to confirm this. We label it as a candidate radial velocity variable. For the remainder of the sample, these observations exclude the presence of any 'hot' (P < 3 days) companions more massive than 8 MJup, and any 'warm' (P < 30 days) companions more massive than 17 MJup, on average. Assuming an edge-on orbit for the edge-on disk system AU Mic, these observations exclude the presence of any hot Jupiters more massive than 1.8 MJup or warm Jupiters more massive than 3.9 MJup.Comment: Accepted for publication in The Astrophysical Journal. 18 pages, 7 figure

The Case of AB Aurigae's Disk in Polarized Light: Is There Truly a Gap?

Using the NICMOS coronagraph, we have obtained high-contrast 2.0 micron imaging polarimetry and 1.1 micron imaging of the circumstellar disk around AB Aurigae on angular scales of 0.3-3 arcsec (40-550 AU). Unlike previous observations, these data resolve the disk in both total and polarized intensity, allowing accurate measurement of the spatial variation of polarization fraction across the disk. Using these observations we investigate the apparent "gap" in the disk reported by Oppenheimer et al. 2008. In polarized intensity, the NICMOS data closely reproduces the morphology seen by Oppenheimer et al., yet in total intensity we find no evidence for a gap in either our 1.1 or 2.0 micron images. We find instead that region has lower polarization fraction, without a significant decrease in total scattered light, consistent with expectations for back-scattered light on the far side of an inclined disk. Radiative transfer models demonstrate this explanation fits the observations. Geometrical scattering effects are entirely sufficient to explain the observed morphology without any need to invoke a gap or protoplanet at that location.Comment: Accepted to ApJ Letter

Imaging Cool Giant Planets in Reflected Light: Science Investigations and Synergy with Habitable Planets

Planned astronomical observatories of the 2020s will be capable of obtaining reflected light photometry and spectroscopy of cool extrasolar giant planets. Here we explain that such data are valuable both for understanding the origin and evolution of giant planets as a whole and for preparing for the interpretation of similar datasets from potentially habitable extrasolar terrestrial planets in the decades to follow.Comment: Science white paper submitted to the Astro 2020 Decadal Survey on Astronomy and Astrophysics. Replace version to fix typo in co-signer name and add figure credit

Review of small-angle coronagraphic techniques in the wake of ground-based second-generation adaptive optics systems

Small-angle coronagraphy is technically and scientifically appealing because it enables the use of smaller telescopes, allows covering wider wavelength ranges, and potentially increases the yield and completeness of circumstellar environment - exoplanets and disks - detection and characterization campaigns. However, opening up this new parameter space is challenging. Here we will review the four posts of high contrast imaging and their intricate interactions at very small angles (within the first 4 resolution elements from the star). The four posts are: choice of coronagraph, optimized wavefront control, observing strategy, and post-processing methods. After detailing each of the four foundations, we will present the lessons learned from the 10+ years of operations of zeroth and first-generation adaptive optics systems. We will then tentatively show how informative the current integration of second-generation adaptive optics system is, and which lessons can already be drawn from this fresh experience. Then, we will review the current state of the art, by presenting world record contrasts obtained in the framework of technological demonstrations for space-based exoplanet imaging and characterization mission concepts. Finally, we will conclude by emphasizing the importance of the cross-breeding between techniques developed for both ground-based and space-based projects, which is relevant for future high contrast imaging instruments and facilities in space or on the ground.Comment: 21 pages, 7 figure

ERIS: revitalising an adaptive optics instrument for the VLT

ERIS is an instrument that will both extend and enhance the fundamental diffraction limited imaging and spectroscopy capability for the VLT. It will replace two instruments that are now being maintained beyond their operational lifetimes, combine their functionality on a single focus, provide a new wavefront sensing module that makes use of the facility Adaptive Optics System, and considerably improve their performance. The instrument will be competitive with respect to JWST in several regimes, and has outstanding potential for studies of the Galactic Center, exoplanets, and high redshift galaxies. ERIS had its final design review in 2017, and is expected to be on sky in 2020. This contribution describes the instrument concept, outlines its expected performance, and highlights where it will most excel.Comment: 12 pages, Proc SPIE 10702 "Ground-Based and Airborne Instrumentation for Astronomy VII

Legal determinants of external finance revisited : the inverse relationship between investor protection and societal well-being

This paper investigates relationships between corporate governance traditions and quality of life as measured by a number of widely reported indicators. It provides an empirical analysis of indicators of societal health in developed economies using a classification based on legal traditions. Arguably the most widely cited work in the corporate governance literature has been the collection of papers by La Porta et al. which has shown, inter alia, statistically significant relationships between legal traditions and various proxies for investor protection. We show statistically significant relationships between legal traditions and various proxies for societal health. Our comparative evidence suggests that the interests of investors may not be congruent with the interests of wider society, and that the criteria for judging the effectiveness of approaches to corporate governance should not be restricted to financial metrics

Women In the weighing room: gender discrimination on the thoroughbred racetrack

Women jockeys are a small minority on the thoroughbred racetrack and securesignificantly fewer racing mounts than their male counterparts. This suggests female jockeys are facing discriminatory barriers, in one of the only major professional sportswhere men and women compete against each other on equal terms. This exploratorystudy considers discriminatory barriers that exist and the effects they have on women’scomparative profile and participation in the flat racing industry. Six participants wererecruited for the study from different areas within the industry, and with at least threeyears experience. Information was derived from semi structured individual interviews. The data was analysed using discourse analysis techniques. Five main themes wereevident: a culture of sexism, including the sense that women are more nurturing;opportunities, including for women to become trainers; body shape and strength; riskand danger; industry fashion and trends. The results from this study suggest women face discrimination in horseracing onaccount of a number of factors, the three main perceived reasons are due to theirphysical strength, body shape and the tradition and history embedded within theindustry. Whilst there is a shift starting to occur where more women are coming throughin flat racing, this is slow. Participants consider that women may find these barriers andperceptions held by others difficult to overcome, which may result in their inability toachieve equality in this sport. Given the exploratory character of the study, conclusionsare tentative and we propose a number of areas for further research