The Financial Clinic

Honoree Spotlight: Mary McCormick

Caucus & Celebration Honoree Mary McCormick talks about jobs, reaching millions, and...NY Mag?

By Amy Schroeder

“Jobs, jobs, jobs, jobs, jobs.”

That was Mary McCormick’s instantaneous answer to question, “What are the top five items on your wish list for financial growth and sustainability in New York?”

Her focus is steadfast, and rightfully so. As the President of the Fund for the City of New York, McCormick leads a focused mission to improve the quality of life for all New Yorkers.

“The Financial Clinic is a national leader in financial development—
not just financial literacy.”

With a variety of programs ranging from Cash Flow Loans to Incubator/Partner Project Program, The Fund's accomplishments are the result of creative partnerships with foundations, government agencies, community-based organizations, the private sector and universities in New York. As the leader of The Fund, it’s no wonder she was deemed one of the “Most Important Living New Yorkers” in New York Magazine. Shortly before she is honored on October 12 at The Financial Clinic’s five-year anniversary event, Caucus & Celebration, McCormick reflects on impetus of The Clinic’s tremendous accomplishments—and why the organization is poised for incredible growth.

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Amy: How did it feel to be included in New York Magazine’s “Who’s the Most Important Living New Yorker?” feature? How do you leverage your accomplishments and connections to create social and economic change?

Mary: Even though I was recognized by New York Magazine, it’s not about me. It’s about the people involved with the Fund for the City of New York. We recognize a collection of accomplishments of extraordinary people who work on the fund—and we serve 500 or 600 nonprofits in any given year. We’re an invisible piece in the role that nonprofits play in New York to provide stability and add to its dynamic quality. It was nice to be recognized, but it’s not about me. It’s about the great work of the Fund.

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Amy: What makes The Financial Clinic stand out from other nonprofits?

Mary: Based on watching The Financial Clinic grow from an idea, and from being a partner over the last five years, Mae Watson’s leadership and executive team make for a superb nonprofit. There are two primary elements of a successful nonprofit: You have to have clarity of vision of the program, and you have to have capacity in management and administration to deliver the program. So often we find groups with wonderful ideas, but they don’t have the ability to put together quality implementation. Or, they have a robust administrative system, but lack the vision to apply and further social good. At The Financial Clinic, both elements come together—and this is more rare than we’d like it to be.

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Amy: Why do you think the Financial Clinic is so necessary—especially in this moment in time?

Mary: The Financial Clinic is so necessary because one cannot be a contributing citizen or resident of any community if he doesn’t understand and have access to financial institutions. We all depend on education and financial institutions for our livelihood—and with globalization, this has become more true. One or two hundred years ago, with a cash economy, financial education wasn’t needed. Now, though, everyone needs to know what their rights are and how to be smart consumers of the system.

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Amy: What do you think has been The Financial Clinic’s strongest accomplishment since it began five years ago?

Mary: Among many accomplishments, the one that impresses me most, under Mae’s leadership, The Financial Clinic started with a particular vision of what the opportunity was and how to address it. As she became more aware of issues, she saw broader ramifications, so she evolved, and The Financial Clinic’s mission has evolved. The Financial Clinic is a leader in financial development—not just financial literacy. The Financial Clinic has taken five steps beyond. It’s rare to see this and then to do it. The Financial Clinic has become a thought leader in the United States in financial development.

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Amy: The Financial Clinic has already served thousands of people. How do you foresee The Financial Clinic growing to accomplish its goal of reaching millions?

Mary: This is a tough question because you need two things: Resources and the capacity to reach millions.
Based on where The Financial Clinic started—as a new program with no customers—and where they’ve arrived, there’s no doubt they will be able to do it. More importantly, The Financial Clinic will be able to reach millions and maintain quality. We often see organizations and corporations that expand but at the suffering of quality. I am confident that this will not happen with The Financial Clinic.

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Amy: Collaborations and partnerships are becoming increasingly popular and necessary in all sectors, particularly nonprofit. Why do you think partnerships are so valuable? Can you give an example of a particularly successful Financial Clinic partnership, and why it worked?

Mary: Part of the Fund’s philosophy has been working in collaboration and partnership. In any aspect of our lives, we all have strengths and weaknesses, and when we work together, the outcomes are stronger and better.

We created our Incubator/Partner Project about 20 years ago, because people were starting new organizations, and it’s the chicken and egg syndrome 100 times over in that you have to know everything about everything, which is impossible.

For instance, law and accounting usually are not the strong suits of innovative, creative leaders. To help them, we created a program to take care of management and financial aspects to free up time for leaders to focus on programming, funding, and what they’re best at, along with their boards.

Also, many organizations cannot get capital. If you are getting government grants, the delay can be fatal. One of the strengths of partnering with The Financial Clinic is that the Fund provides working capital at no cost. That has saved huge amounts of money and time. Without that, as part of the bedrock of the organization, they would not be where they are.

We take partnerships very seriously and are delighted when leaders like Mae use the opportunity to create a vibrant nonprofit serving thousands—if not millions—of people.

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