Want to increase your not-for-profit’s revenue? First try analyzing current income as a professional auditor might.
Then, you can apply your conclusions to setting annual goals, preparing your budget and managing other aspects of your organization.
Continue Reading Think Like an Auditor to Find New Revenue Opportunities
The COVID-19 pandemic has affected businesses and not-for-profit organizations alike. With Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law, what options do organizations have to receive funds?
The Not-for-Profit team wants to share with you a special information sheet answering questions you may have:
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One of the strongest predictors of a not-for-profit’s long-term survival is multiple revenue sources. Many organizations with only one or two found that out that the hard way when they failed during the 2008 recession.
The same is likely to be true for not-for-profits that do — or don’t — survive the current novel coronavirus (COVID-19) crisis.
Continue Reading Finding Multiple Revenue Sources During a Crisis
The novel coronavirus (COVID-19) crisis has put enormous financial stress on many not-for-profits — whether they’re temporarily shut down or actively fighting the pandemic. If cash flow has dried up, your organization may need to do more than trim expenses.
Here’s how to assess your financial condition and take appropriate action.
Continue Reading How is Your Not-for-Profit’s Financial Situation?
Borrowing isn’t just for businesses. Many not-for-profits borrow money for major capital purchases, new program funding and even to manage current cash flow. But if you’re hoping to borrow, it’s important to understand that there are likely to be obstacles ahead, including finding a lender that offers reasonable rates.
Continue Reading Finding a Lender for Your Not-for-Profit Can be Tough…
Not-for-profits with multiple sources of support are generally less likely to have budget shortfalls and are better able to grow and expand their services. If you’re looking for new funding sources, consider cause marketing.
Made possible via a partnership with a for-profit business, cause marketing can boost your budget, your public profile and even your volunteer base.
Continue Reading Why Cause Marketing is Good for Not-for-Profits
Restricted gifts — or donations with conditions attached — can be difficult for not-for-profits to manage. Unlike unrestricted gifts, these donations can’t be poured into your general operating fund and be used where they’re most needed. Instead, restricted gifts generally are designated to fund a specific program or initiative, such as a building or scholarship fund.
It’s not only unethical, but dangerous, not to comply with a donor’s restrictions. If donors learn you’ve ignored their wishes, they can demand the money back and sue your organization. And your reputation will almost certainly take a hit. Rather than take that risk, try to encourage your donors to give with no strings attached.
Continue Reading How to Persuade Donors to Remove “Restricted” from Gifts
Is your not-for-profit association offering enough (or the right) programs to keep members active and engaged? Program development requires time, effort and money. So when you commit to developing a new one, you want to get the biggest bang for your buck. Here are some simple dos and don’ts: