Blackbaud To Take $415 Million Charge

Software and tech firm Blackbaud filed a Form 8-K with the United States Securities and Exchange Commission (SEC) stating that the company concluded a material pre-tax noncash impairment charge, which may be up to approximately $415 million, for its educational EVERFI asset group. It will be recorded during the fourth quarter of 2024.

As previously disclosed, due to EVERFI performing below expectations, Blackbaud is considering a range of alternatives for EVERFI, one of which includes a potential divestiture of the business. The impairment charge was determined to be necessary as part of this process.

“To comply with generally accepted accounting principles, we’re planning to record this noncash charge in the fourth quarter,” Mike Gianoni, president, CEO and vice chairman of the board of directors at Blackbaud said via a statement. “We want to emphasize that EVERFI remains well positioned to support its customers and continue helping companies dedicated to social impact reach communities through custom education and workplace solutions for today’s key issues.”

Blackbaud stock is traded on the NASDAQ exchange with a stock price ranging from $66.47 to $88.95 per share during the recent 52-week period.

*****

Feed The Children Selects RKD Group

RKD Group in Dallas is the new direct response fundraising agency of record for Feed The Children in Oklahoma City, Oklahoma. The collaboration will focus on multichannel fundraising strategies and advanced analytics to drive long-term net revenue growth and support Feed the Children’s commitment to ending childhood hunger.

“Feed the Children’s mission to provide the food and essentials kids need to grow and thrive aligns closely with our purpose of championing organizations that create meaningful change,” Tim Kersten, CEO of RKD Group, said via a statement. “We’re thrilled to help them deepen connections with their donors as they strive to make the world more humane, just and compassionate.”

RKD Group will combine data science, digital and omnichannel efforts to create audience-first fundraising campaigns for Feed the Children. The emphasis will be on engaging donors with personalized, impactful messaging across direct mail, digital and other key channels to foster long-term relationships.

“Millions of children are experiencing hunger here in the U.S. and around the world, and Feed the Children is deeply devoted to the cause, Anna Averling, vice president of direct marketing at Feed The Children said via a statement.

Feed The Children’s 2022 federal Form 990 showed revenue of $502 million. Its public support was $496.7 million, up from $387.7 million.

*****

No Kid Hungry Chooses Picks Moore AudienceFirst Media

Moore AudienceFirst Media was selected by No Kid Hungry, a campaign of Share Our Strength, to provide data-driven direct mail list brokerage, data analysis, and strategic list management services. Moore AudienceFirst Media will lead the No Kid Hungry effort, leveraging more than 30 years of experience driving data-driven solutions. 

“No Kid Hungry has immense potential for growth, and we look forward to expanding their donor base and acquiring high-value donors and sustainers as we help them fulfill their mission,” John Ernst, president of Moore AudienceFirst Media, said via a statement. “Our innovative approach, fueled by cutting-edge data analytics, will greatly raise the bar on their fundraising efforts and achieve best in class revenue.” 

No Kid Hungry is a national campaign from Share Our Strength, a nonprofit working to solve problems of hunger and poverty in the United States and around the world. From a humble beginning in a rowhouse in Washington, D.C. nearly 40 years ago, Share Our Strength has become a trailblazer in the nonprofit sector, raising and granting more than $600 million to fund programs designed to help children and families. In 2010, the organization launched the No Kid Hungry campaign, which is both a powerful engine for raising money and awareness and an effective way to work directly with programs on the ground.

Moore has delivered comprehensive media fundraising solutions for No Kid Hungry since 2020, including video creative development and production, media buying, earned media distribution, and turnkey DRTV management for the organization.

Karen Barr, managing director of individual giving for the No Kid Hungry campaign, stated, “Moore AudienceFirst Media’s unmatched industry expertise and their ability to provide strategic, media, data, analytics, and management services made them the right choice to help activate transformational growth within our fundraising program.” 

“Moore is committed to providing our purpose-driven customers with strategies and solutions that go far beyond traditional tactics to help them surpass their goals and accomplish their missions,” said Gretchen Littlefield, CEO of Moore. “Our in-depth data-driven analysis and management capabilities will guide No Kid Hungry toward expansive growth in their efforts to ensure children everywhere have the food they need to live their best lives possible.” 

The post News In Brief: Blackbaud, RKD, Moore appeared first on The NonProfit Times.

Source From Non Profit Times