Strategic Planning: Using a “Real-time” Approach to Guide Your Future

As we move toward a post-COVID-19 economy, it’s a great time to do some strategic planning. And the way nonprofits go about strategic planning may be ready for an update as well. By adopting a more fluid and ongoing approach known as “real-time strategic planning” (RTSP), nonprofits can quickly and efficiently identify, understand and act…

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Independent contractor or employee: What’s the current test?

With a labor shortage and COVID-19- related budget crunches, some nonprofits have turned to freelancers and contractors to fill staffing gaps. But are those individuals actually employees? Employers that misclassify workers can face harsh consequences, so it’s important to know the proper standard. Now is a good time for nonprofits to review the test that…

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3 Tips for Getting Your Budgeting Back on Track

The pandemic has wreaked havoc with many nonprofits’ budgets over the past two years. Some organizations have taken a more permissive approach to budgeting, but they can’t afford to continue it indefinitely. If your nonprofit is in this position, it’s time to buckle down. Here are three tips to help you develop the realistic budgets…

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Candid Shares Key Nonprofit Data for 2021

Candid, the information services organization formed by the merger of GuideStar and Foundation Center, has released its annual snapshot of the nonprofit sector. Among other things, Key Facts on U.S. Nonprofits and Foundations, 2021 reports that individuals still provide the majority (69%) of giving. Community and private foundation giving accounts for a modest (17%), but…

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Don’t Roll the Dice: Rules for Charitable Gaming Activities

Gaming can seem like an appealing and low-cost option for boosting nonprofit revenues. But bingo, poker tournaments, raffles and the like are subject to some strict tax rules and local laws where noncompliance could lead to penalties and even personal liability for board members. Here’s what you need to know: Unrelated business income Income from…

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5 Critical Issues for Your Nonprofit’s Finance Committee

The role of a nonprofit’s finance committee is probably more important now than at any time since the 2008 financial crisis and ensuing Great Recession. Here are some of the areas your committee should focus on almost two years into the COVID-19 pandemic. 1. Cash flow Financial reserves have taken a hit across all types…

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Employee Retention Credit: Get the Credit You Deserve

In response to the financial impact of the COVID-19 pandemic, the CARES Act established the employee retention credit (ERC) to encourage employers — including nonprofits — to keep employees on the payroll. The credit has been expanded and increased for 2021, but it’s also not too late for eligible employers to amend their 2020 employment…

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Adding It Up: The Roles and Responsibilities of a Nonprofit Treasurer

When you think about it, it’s a bit inaccurate to refer to your organization as “nonprofit.” In fact, money is rarely far from the minds of your organization’s leaders. At least, it shouldn’t be. Like your for-profit counterparts, you can’t succeed without maintaining sound fiscal health. That’s why the title of “treasurer” is so much…

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Most Couples Make Giving Decisions Together

When it comes to making charitable giving decisions, it turns out that most U.S. couples work together. But the number of such joint decision makers is on the decline. According to a study from the Lilly Family School of Philanthropy at Indiana University, about 62% of couples consult with each other. That’s down from 73%…

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The Value of Volunteers: Benefits of an Effective Program

Nonprofit organizations generally operate on lean budgets. This means volunteers are a necessity for most nonprofits. Knowing their worth and having an effective and organized volunteer program will help your cause — and your bottom line. How much are they worth? Nonprofit advocacy group Independent Sector has estimated the value of the average American volunteer…

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