Fundraising is at the heart of any nonprofit’s strategy—not because it’s the most important thing that nonprofits do, but because it enables nonprofits to do the crucial work for their mission through impactful programming. When your nonprofit designs its fundraising strategy, you initially come up with financial goals that relate directly to the philanthropic objectives for the year. Then, you come up with the fundraising ideas and campaigns that will best help you reach those fundraising goals.
The COVID-19 pandemic shut down the world as we knew it. All of a sudden, all of our interactions with other people, companies, and nonprofits were forced to take a 180-degree turn. Many organizations and small businesses closed their doors, doomed to never open them again. Luckily, your organization wasn’t one of those unlucky organizations. You kept your doors open and continued moving forward, potentially even thriving during the pandemic.
Although a nonprofit organization is primarily committed to serving a specific mission, the term nonprofit is often misleading. A nonprofit organization must, for example, still generate a profit if they hope to fulfil their goals. Like any business, having multiple streams of income can help save an organization if one source falls through. It is a measure undertaken by many to ensure long term success, and can help continue service, uninterrupted--no matter the influence of external factors on one source of funding.
Discussions of nonprofit organizations and finances can quickly become murky because so many people simply do not understand that nonprofits still deal with money. In fact, they’re at least as aware of it as their for-profit peers. One area in which nonprofits sometimes struggle is in knowing how to approach and deal with overhead. If your organization struggles to sell the concept of overhead to donors who delight in offering money for the more “meaningful”, this one’s for you!
One of the best ways to utilize a finite amount of money is to protect it. Perhaps nowhere is this more true than in the nonprofit world, where budgets can be limited and fraud rampant, despite good intentions and perceived safeguards. Often, nonprofit fraud isn’t the result of ill will (although sometimes it is), but people down on their luck, simple mistakes, or pure opportunity born of a lack of internal controls.