In the nonprofit world, when you think about the list of things that impact your organization’s financial health, what normally comes to mind are things like grants, donations, operational expenses, and employee salaries. But there is another, less obvious variable that can have a strong impact on how your brand, and ultimately, your bottom line….
Annual Reports – Bringing Creativity to the Year-End Ritual
For most Americans, the date June 30 represents the early days of summer and the promise of warmer weather. But for many nonprofit organizations, it marks the end of the fiscal year. Like fireworks in July or turkey in November, this milestone also comes with its own set of traditions—most of them financial in nature….
Transparency – A Delicate Balancing Act for Nonprofits
In today’s nonprofit landscape, charitable organizations are under tremendous pressure to maintain a high level of transparency in their operations. By sharing information, a nonprofit is perceived to be more trustworthy, more accountable to its constituents, and hopefully, more deserving of donations. Also part of the landscape, are organizations like GuideStar and the Foundation Center…
A 360-Degree Look at Giving Circles
“It is one of the beautiful compensations of life that no man can sincerely try to help another without helping himself.” This quote by Ralph Waldo Emerson eloquently highlights the internal reward that we naturally experience as a consequence of helping others. Perhaps this internal reward is the reason that more than ever, people are…
Seven Tips That Make Creating a Budget a Little Easier
Seven Tips That Make Creating a Budget a Little Easier June 30 marks the end of the fiscal year for many nonprofits. In the weeks prior, these organizations are busy setting the strategy for the year ahead and creating a budget that will help them achieve their mission goals. But creating (and passing) a budget…
The Three Essential Duties of a Nonprofit Board Member
In the first few weeks of any new year, there is a ritual among nonprofit organizations that is as regular as the changing of the guards at Buckingham Palace. Boards of directors come together to map out the year ahead, review budgets, and welcome their newly elected members. Typically, new members have been selected because…
Five Tips for Greater Financial Sustainability in 2015
It is an incontrovertible truth. Nonprofits cannot survive on good intentions alone. No matter how noble the cause, every nonprofit must first establish a certain level of ongoing, financial sustainability to support their operations. But this isn’t always as easy as it seems; many leaders will attest that more of their working hours are spent…
Self-Dealing in St. Louis and Lessons Learned
In April of this year, the news outlets in St. Louis, Missouri turned their attention to a story about the Zoo-Museum District board that awarded a multi-million dollar contract to a design firm to build a pavilion within the St. Louis Science Center. The contract, ranging from $1.2 to $2.5 million was, unbeknownst to the…
Does Your Bookkeeper Drive an Airbus?
Fifty billion dollars. It’s a staggering sum of money that most people can only fantasize about, and when asked, what you would do with such an outrageous amount of money, there is a struggle to translate into everyday terms. To provide some perspective, here’s a fun shopping list of things you could buy if you…
Why Understanding Your Form 1023 is “Mission Critical”
Last month I gave a seminar on revenue diversification to a group of people who serve on the boards of a wide variety of nonprofit organizations. In my work, I have the pleasure of meeting dynamic leaders who are dedicated to serving others and to providing their organizations with the oversight that will help them…