Reaching Out
The search for a technical partner had begun months before Jacob picked up the phone. In 2019, ULGC Program Director Vickye Bone found out that the Urban League needed a new headquarters. When she realized the full size and scope of the task, she knew the organization would need some help.
At a conference that year, ULGC learned about VSC and contacted JPMorgan Chase. A few months later, in January, Bone was explaining ULGC's needs to Jacob and the rest of the team, and asking them to develop a customized real estate financial model that would help the organization find a new home at a price it could afford.
“We were looking to create a simple but highly customizable model that would serve as a tool to project future property costs," says Chicago investment banker Adrian Hui, a member of the team. “We built it in a way such that ULGC could easily include or remove specific cash flows, which they would have more clarity on."
A Wish List
Over the next three months, the VSC team learned more about ULGC's needs and financial resources. One major question was whether the organization should rent or buy. Like most nonprofits, cost was a major concern, as every dollar they saved on their building could be put back into the community.
Other factors included the accessibility of the new space, the proximity to public transportation, the technical capabilities and any needed building maintenance. The VSC team assigned a value to all of these factors—and more—when they built the assessment model.
In a matter of weeks, the VSC team had a customized model ready to go, and by April the team was training the ULGC's leadership on how to use it. To demonstrate its application, the team worked with a local real estate agent to find four properties they could use the model to compare. While none were a perfect match, each showed how ULGC could use the model to evaluate new buildings.
“The tool will allow us to develop a financial justification for moving forward with specific options," says Bone. “It is invaluable as we create a pitch for our Board of Directors and funders."
A Virtual Team Effort
While ULGC's new tool is helping transform its search for a new headquarters, the way it came together also proved increasingly relevant. Designed as a virtual engagement from the start, Jacob and the VSC team were easily able to move forward with their work, even as COVID-19 began to affect the way businesses operate. “We did it all virtually before virtually was really a thing," says Carol Goldstein, a team member who works for CCB Card Services in Wilmington, DE.
In the end, the team built the tool from start to finish without holding a single face-to-face meeting or sharing a single handshake. VSC demonstrates that a team can grow—and help communities in need—even when its members are outside of the workplace. “Looking back, it's amazing to think we were all strangers a couple of months back, driven by a common desire to give back, and now we're a tightly integrated team," Jacob says.
While ULGC's search for their new headquarters continues, Bone says they're approaching the search with newfound confidence thanks to the work from the VSC team.
For the employees who stepped up to help, the appreciation goes both ways.