For nonprofits like yours, effective financial planning is essential to furthering your mission. Not only does it allow you to fund your various programs while still being able to pay the bills, but it also sets your organization up for long-term growth and sustainability.
The most important financial planning tool at your nonprofit’s disposal is your annual operating budget. This document details all of the expenses your organization expects to incur in a given year, as well as all [...]
Nonprofit organizations take a unique approach to their accounting systems. This is because they must segment their funds, allocate them appropriately and according to specific restrictions, and reinvest all profits back into the organization’s mission. This makes it imperative for them to find sustainable revenue streams to support the nonprofit and to maintain a sustainable system of recording their financial transactions.
The tool that nonprofits can use to segment their funds and [...]
Nonprofit financial sustainability is necessary for organizations like yours to develop lasting strategies that help you not only maintain your current standing but also grow.
CharityProud’s article on sustainability explains that economically sustainable nonprofits “operate within their financial means and use their inherent resources responsibly. Your resources include both tangible (donors, technology) and intangible (staff skillsets, community partners) things.” [...]