From Growth Challenge to $30M Milestone
How ArtsQuest Strengthened Its Financial Infrastructure
ArtsQuest, a leading cultural institution in Pennsylvania’s Lehigh Valley, was preparing for significant expansion that included a $30 million capital initiative to build two new buildings. To support this growth, President and CEO Kassie Hilgert recognized the need to modernize the organization’s financial infrastructure and ensure its systems matched the scale of its mission.
ArtsQuest’s mission is to make the arts accessible to everyone in the community, supporting local and regional artists, tourism and businesses through festivals, concerts, education, and cultural engagement. That same spirit of innovation guided the organization’s decision to strengthen its finance function.
ArtsQuest’s mission is to make the arts accessible to everyone in the community, supporting local and regional artists, tourism and businesses through festivals, concerts, education, and cultural engagement. That same spirit of innovation guided the organization’s decision to strengthen its finance function.
A Partner for Progress
With new projects on the horizon and financial infrastructure that needed strengthening, ArtsQuest sought expert guidance to modernize their operations and build capacity for growth. TurboExecs was engaged to help the organization streamline operations, enhance reporting, and support leadership in developing a long-term finance strategy.
I don’t know that we had a ‘Plan B,’ so we were very grateful to get a referral to TurboExecs.
The team worked to stabilize financial operations while building toward long-term improvements.
“Meeting Patty and her team allowed us to keep things moving along as we worked in the background to find some new folks and rebuild that financial structure,” Hilgert said.
Opportunities to Build Capacity and Continuity
Over the years, ArtsQuest had grown rapidly, introducing new venues, programs, and community partnerships. That growth, combined with staffing changes, created an opportunity to reevaluate workflows and strengthen internal systems. TurboExecs dove deep, mapping out organizational charts, analyzing roles, and working closely with leadership to understand what needed attention.
Formation of the CFO Function
One key recommendation was to establish a dedicated Chief Financial Officer role to lead the next phase of transformation. Under TurboExecs’ guidance, Tim McNair was hired as ArtsQuest’s first CFO, bringing deep nonprofit finance and strategy experience.
“Knowing when I first got here, they had a good grasp on the day-to-day projects – AR, AP, bringing new staff on board and training them – allowed me to start looking at some of the bigger picture features, which is what a CFO is supposed to do,” McNair explained.
Together, the teams rebuilt reporting structures and introduced monthly GAAP-based financials – a significant upgrade for the organization.
“One of the big differences we’re doing now is full GAAP accounting monthly,” Hilgert noted. “Transitioning to that GAAP reporting was critical. We need that for our banks when we close our loans, and to be more agile and responsive with our donors.”
These changes enhanced transparency, decision-making, and stakeholder confidence.
“We are now producing almost full GAAP-compliant financial statements every month. Our (AR) aging is back under control, collections are phenomenal, and our AP is back on track.”
– Tim McNair, CFO
Modernized Systems, Stronger Results
Within 18 months, the transformation was dramatic. As Tim proudly shared, “We are now producing almost full GAAP-compliant financial statements every month. Our (AR) aging is back under control, collections are phenomenal, and our AP is back on track.”
The improved systems and discipline enabled the organization to successfully close on $30 million in financing for two new buildings – a key milestone in its growth plan. Tim recalled that successfully securing that loan was the biggest tangible outcome of working with TurboExecs.
When you have a solid foundation of good financials, the banks take notice. We sat down with their compliance group and showed them our financials, and they told us, ‘You’ve really shown us something that a lot of not-for-profits don’t, and that gives us a lot of confidence.’ That’s what we were after.
A Model for Sustainable Growth
Today, ArtsQuest’s finance department operates with clarity, consistency, and confidence, supporting one of the region’s most ambitious cultural expansions.
Looking back, Kassie credits TurboExecs with providing something invaluable: multiple layers of financial expertise all under one roof. “You can get CFO-level expertise all the way down to AP or AR. Having all those different levels of expertise guide us strategically around what we needed to do with our finance department, while also managing the day-to-day needs – that’s powerful,” she explained.
Tim puts it more simply: “We’re three years ahead of where we would have been if we hadn’t hired TurboExecs. Getting these buildings built never would have worked without them.”
What this enabled
- Monthly GAAP-based financial reporting for stronger transparency and lender readiness
- Stabilized AR/AP operations with improved collections and operational control
- Leadership capacity to focus on strategy—supported by a dedicated CFO function
- Successful closure on $30M financing to support two new buildings
Support for Your Mission and Growth
Is your organization preparing for growth or seeking stronger financial alignment with its mission?
TurboExecs partners with nonprofits and mission-driven organizations to build the systems, structure, and expertise needed to thrive.
Schedule a conversation with us today to explore how we can help strengthen your financial foundation.