As federal funding cuts sweep through Washington, D.C., via DOGE inquiries and executive orders, nonprofit CFOs across the country have been tasked with positioning their organizations in ways that make them as prepared as possible for potential funding cuts while also ensuring they stay mission critical.
While many nonprofits have longstanding histories and donation pipelines that can sustain them in perpetuity, smaller ones face a significant challenge. For Generation West Virginia, a nonprofit in the Mountain State formed to help combat the state’s brain drain problem, CFO Candice Holcomb is taking this challenge head-on.
Through efforts to diversify revenue streams, embrace new ideas to change fundraising tactics and ensure their impact is both seen and felt across the state, Holcomb and her team are focused on helping develop what has been called the “richest state in country with the poorest population” into an economic landscape where homegrown talent can build and sustain lives for generations to come.
Candice Holcomb
CFO, Generation West Virginia
First CFO Position: 2023
Notable Previous Employers:
- West Virginia University Institute of Technology
This interview has been edited for brevity and clarity.
ADAM ZAKI: Are you worried about your funding given the cuts in federal spending being implemented by the current administration?
CANDICE HOLCOMB: Let’s just say we are definitely not unaffected. A lot of our income comes from federal sources, but I have really focused on making sure that all our eggs aren’t in one basket, so to speak. We’ve been able to forecast these changes and work on developing other revenue streams that can help supplement cuts in funding.
We have great relationships with our donors, and our philanthropy efforts have been impactful. However, we would not exist without our federal funding. That money comes with a lot of strings attached on how it can be used, and you’re locked in a bit in terms of scope and purpose. It’s an administrative burden to be proactive with these funds once decisions are made, so looking for ways to earn our own revenue has been a focus for a bulk of my time here.
Over the past month, we’ve been having a lot of strategic conversations about this. We are watching closely, making sure we remain mission critical and making it known that what we do is making an impact. However, we are all still focused on providing native West Virginians with opportunities to build amazing careers and lives in this state.
Your organization helps employ lots of young people out of college. What would you say are the most important elements right now that leaders have control over that can attract strong Gen Z talent?
HOLCOMB: They want respect for their time and respect for their voice. For example, salary transparency is a big deal right now. We have implemented this in our organization and do not allow any employers to post on our job board without some type of well-defined salary range. Personally, I think it’s ridiculous that people go through three rounds of interviews and then have to negotiate salary without any idea of what the range is. Even in my role here, I knew exactly what the salary was when I took it.
I think this is a trend that will continue and is one of the many things young people want that maybe some of their older counterparts didn’t. Here in West Virginia, and I’m sure elsewhere, young people need to know what type of compensation they will earn before even pursuing the interview process. We push that really hard internally, to our members and to the companies that we feature on our job board.
Have you gotten pushback from employers when you’ve requested salary transparency from these companies looking to hire?
HOLCOMB: Sometimes, but it’s never a fight or a major deterrent. They understand, and as a finance person, I understand their side too. I know what my budget is when I hire someone, and plenty of companies would love to save $10,000 or more by lowballing an offer.
Eventually, this will catch up to them. It will cause a great employee to leave. So, I think offering a fair salary that is known to the applicant early on is really important, and this idea is becoming much more popular as more Gen Z applicants enter the workforce.
Can you give me an example of how finance has had a direct impact on the evolution of fundraising tactics?
HOLCOMB: This inaugural conference we are having is a great example of this, and we’re hoping it can be our goose that lays golden eggs. We used to do a gala, where we provided drinks and an event in exchange for donations. They were successful, but we wanted to create a space where we could bring in revenue while also providing a benefit to attendees that goes beyond entertainment. We wanted to facilitate meaningful conversations about the challenges we see across our state.
I’ve seen numbers that say Gen Z will make up 60% of the workforce by 2030, but West Virginia has a brain drain problem that you’ve well documented. We have the highest rates of young adults living in poverty. We have a lot of unique challenges here.
So, if we can provide a conference experience that addresses the challenges around the state’s economy while also highlighting the reasons we love it here so much, the value — on top of the revenue it brings in — can be impactful. There is a significant workload for the organization, as well as for finance, but being able to provide an opportunity to our supporters that embodies our mission is something really special that I’ve enjoyed being a part of.
Are there any new industries that have begun to employ large numbers of residents in West Virginia?
HOLCOMB: Data analytics has been an area of focus for us. We have a program called NewForce that supports this field. We made a curriculum update to data analytics from software development this year because of recent market research. The market was starved for software developers five years ago, but now that demand has slowly waned. Software development is a very tricky industry to time right when you enter, but it can be a life-changing career with the proper guidance.
Most people don’t have four years to give up to pursue a new degree, especially those who are reskilling, so being able to learn data analytics in four to five months is an opportunity that can provide residents with new career options.
Where have some of the organization’s allocation efforts lately been most impactful?
HOLCOMB: We’ve been really focused on continuing the rollout of our broadband program, which aims to get people in the most rural parts of the state connected to the internet. But it’s more than just giving them a connection; it’s about teaching them how to do things like pay bills online, use telehealth, practice cybersecurity and find ways to participate in the digital economy.
We’ve been able to execute multiple initiatives, including providing county-level digital equity plans to 18 distressed counties in the state. Each has its own custom digital inclusion plan and a way to communicate about the challenges of the connection process and a way forward.
I’ve heard areas in the Eastern Panhandle around Harpers Ferry and Charles Town are now being considered as suburbs of Washington, D.C. Is this true?
HOLCOMB: I think it’s partially legitimate. I know a few West Virginians who chose to live there because they wanted to stay in the state but wanted better access to the Northeast. I know people who commute on the train from Harpers Ferry to D.C. Housing is very expensive around D.C., and that area around Harpers Ferry is so beautiful, so I definitely see the appeal of moving there and making that commute.
