Many not-for-profits have been too busy trying to stay afloat to put a lot of resources and energy into public relations. But as the new year begins, you might start thinking about how you’ll promote your organization, mission and programming in 2021. Here are five suggestions: 1. Report regularly. Raise your nonprofit’s profile by releasing…
Your accounting and development departments are central to the continued financial health of your not-for-profit. So what happens when communication between these two functions break down? It could result in conflict between staffers, inaccurate financial statements and, in a worst-case scenario, the forfeiture of grant funds. Here’s how you can encourage collaboration. Note different accounting…
Many not-for-profits experience a flood of last-minute donations at the end of the year. Although cash is easy to value, valuing noncash property donations is trickier. If you’re struggling to assign amounts to contributions — either for a donor or your own records — review this cheat sheet. Price on the open market Most noncash…
If your charity or association depends financially on membership fees, you know that non-renewals are cause for concern. During this time of economic and occupational insecurity, you may be experiencing membership drop-offs and some anxiety about your organization’s future. How can you help retain members and attract new ones to your not-for-profit? By focusing on…
If the events of 2020 have taught not-for-profits anything, it’s that financial reserves are essential to long-term survival. An endowment is different from operating reserves and generally is designed to provide steady income to a nonprofit while its core investments grow untouched. But that steady income can be a financial safeguard in times of crisis….
Holiday-inspired generosity and the desire to reduce tax liability makes the end of the year a busy time for charitable giving. According to Network for Good and other sources, approximately 30% of charitable gifts are made in December alone. For nonprofits, an important part of processing these donations is sending thank-you letters that acknowledge gifts….
It’s been a tough year for not-for-profits. Many have experienced an increased demand for services just as revenues have plummeted. Until the COVID-19 pandemic is over, your organization’s board of directors will likely play a special role in ensuring that it remains on track financially. In particular, the board should focus on two issues: 1….
In 1993, a consortium of philanthropic organizations came up with the Donor Bill of Rights to guide not-for-profits in their interactions with financial supporters. For the most part, the basic principles remain valid. But over the past quarter century, some in the nonprofit and donor communities have suggested amendments and additional “rights.” If you aren’t…
Does anyone actually read footnotes? If they’re financial statement footnotes, the answer is usually “yes.” Footnotes can provide donors, governmental supporters and other stakeholders with critical information about your not-for-profit. So it’s important to work with your CPA to make sure your footnotes are accurate and thorough. Operations and accounting policy snapshot One important set…
Delegation ideally gives not-for-profit executives time to focus on mission critical tasks and provides growth opportunities to staffers. However, you need to approach delegation strategically. This means assigning the right tasks to the right staffers — and following up on assigned work to ensure it’s completed to your standards. Projects and people First, consider potential…
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