October 29, 2013
Nonprofits that fail to follow some important fundraising rules may find themselves headed for a crisis that they are not prepared for, according to The Memphis Daily News. Taking advantage of current windfalls and preparing for future setbacks is why organizations need a fundraising plan.
Nonprofits need a fundraising plan and a committee that can establish rules, budgets and recruit volunteers. The article also recommends that groups measure monthly progress of fundraising projections and create plans for a diverse revenue base. Those that rely on government grants should also determine the possibility of those grants being renewed and how operations will work without them.
Preparing for sudden decrease or complete termination of a particular funding source should be in the mind of every nonprofit leader and board. For nonprofits that rely heavily on their fundraising efforts, revenue should be analyzed as often is necessary to determine if changes need to be made. Fundraising is not a set it and forget it component of nonprofit operations.
Nonprofits that are not prepared for disaster will likely find themselves unable to administer services and will not have the financial strength to remain solvent until new funding methods are secured. Plans need to be in place before financial setbacks occur. Reviewing past financial data to forecast for future months will help develop more efficient fundraising efforts. Nonprofits should also keep track of volunteer efforts and track the retention rate of volunteers.
Financial services with a nonprofit focus
Nonprofits that are overwhelmed or understaffed but realize their fundraising plan is inadequate can enlist the help of outside experts. First Nonprofit Companies is one group that offers financial services designed specifically for nonprofits. First Nonprofit can help organizations develop a comprehensive plan that can help meet future funding requirements. A comprehensive plan can also prepare organizations for legislation changes, client population and sudden funding changes.
Nonprofits can also improve their financial stability by reviewing prior financial statements with experts and assessing trustee boards and member training. Not all nonprofits will have the same financial needs and may find themselves proficient in fundraising but unable to design a successful comprehensive plan. Seeking out the help of professional financial services in the present is the best way for nonprofits to prepare for the future and maintain their essential community services.
Content presented by First Nonprofit Companies, the leading provider of state unemployment insurance solutions for 501(c)(3) nonprofit employers.
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