New Year’s Resolutions . . . for your Nonprofit
For many of us, beginning a year wouldn’t be complete without the tried and true New Year’s resolutions. Scores of us vow to start eating healthier and exercising regularly.
If you’re a fan of setting individual goals for the year, don’t forget goals for your faith-based or nonprofit group. It’s a great time to examine your organization’s financial health and look for ways to keep it on track. Why not make a resolution to get you and your association in tip-top shape?
Consider adhering to a few healthy business practices for your nonprofit in 2018:
- Develop a detailed cash flow forecast:
- Review your books on a weekly basis;
- Make revenue projections based on past contribution sources;
- Evaluate your operating budget in relation to expenses incurred;
- If an unanticipated monetary situation arises, rectify it in a timely manner.
- Identify and update your primary revenue sources, such as:
- Grants, from both government and private sources;
- Contributions, from both private donors and corporations;
- Fees for services;
- Income from rent, membership dues and/or special events.
- Review growth and revenue objectives:
- Compare your revenue and contribution margins from the past year to the year before. How effective were you in meeting your goals?
- Assess expenditures versus intake to determine upwards or downwards trends;
- Review historical data to project anticipated timing of revenues versus expenditures;
- Prepare for unforeseen expenses now to prevent future financial challenges.
The beginning of a new year is an exciting time. You wipe the slate clean while planning for the new year’s successes. To make 2018 the best year yet for your nonprofit organization, consider adhering to some tried and true business resolutions.
And we’re here to help you stick to your plan. At Online Stewardship Accounting and Consulting Services, we maintain a special commitment to faith- and community-based groups.
We help you manage the business aspects of your nonprofit, so you can focus on your core mission. Contact Lynn@OnlineStewardship.com or 904 398-4747.
