Nonprofit organization often experience financial struggles for many reasons. Whether it was due to inadequate funding, a shortage of staff, or lack of resources, almost every nonprofit has gone through a difficult time financially. While there will always be a nonprofit struggle, some of these Forbes tips for managing nonprofit finances may help:
- 1. Make your finance office a thoughtful partner in operations and leadership.
- 2. Keep the team informed when it comes to organizational finances.
- 3. Understand all aspects of the underlying organizational business model and how much it costs to run each program.
- 4. Evaluate all potential funding sources to fully understand how much they will cost you in terms of time, manpower, etc.
- 5. Maintain a reserve fund.
In addition to implementing these steps, educating yourself and your staff regarding nonprofit budgeting can be extremely beneficial in the long run. The Foundations of East Chicago (FEC) is partnering with Ivy Tech Community College to bring free nonprofit budget workshops to East Chicago this summer.
These workshops will take place on July 7 and August 4 from 9 a.m. to noon at the Ivy Tech East Chicago Campus, room 206F. They will cover topics pertaining to general nonprofit budgets, as well as some specific to FEC grantees.
The workshops are free, but space if limited so RSVPs are required. For more information, call FEC at 219-392-4225, or visit www.FoundationsEC.org.