In 2013, the Newark Arts Alliance received $25,000 in a bequest from the Estate of Paul L. Schlosser, Jr. (October 7, 1954 – May 1, 2013).
Paul was a longtime friend and supporter of the NAA, and a former member of our Board of Directors. We were heartbroken to lose Paul, who did a great deal for our local art community, including the funding of public works of art.
We were incredibly honored by Paul’s bequest, which has provided this organization with a sense of financial stability and the knowledge that we can manage through lean times. It is often recommended that a nonprofit maintain (at minimum) three months worth of cash reserves on hand, and that six to twelve months of cash reserves is preferred. This cash balance stabilizes an organization’s finances by providing funds for unexpected cash flow shortages, expenses, or losses. It has been reported that the national average for nonprofits is to have approximately nine months worth of cash reserves on hand, and Paul’s gift brings the NAA close to having this balance. We just can’t thank him enough for the faith he placed in this organization.
Our fundraising remains as vigorous as ever, as we continue raising funds to pay for our annual expenses.