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![When to Prioritize Legal Review of Your Nonprofit’s Contracts [SUBSCRIBERS-ONLY]](https://images.squarespace-cdn.com/content/v1/5e6ccadfb4659c1d51df14d5/1708201158757-AN5GFIOEEH16FPDUUTMK/agence-olloweb-d9ILr-dbEdg-unsplash.jpg)
When to Prioritize Legal Review of Your Nonprofit’s Contracts [SUBSCRIBERS-ONLY]
Contracts are the lifeblood of any nonprofit organization’s day-to-day operations, just as with for-profit businesses. In an ideal world free from budget and time constraints, nonprofits would have every contract reviewed by a reputable attorney with the relevant subject matter expertise. However, for some organizations legal review is not always feasible.
![Strategies to Keep Board Members on Track with their Commitments [SUBSCRIBERS-ONLY]](https://images.squarespace-cdn.com/content/v1/5e6ccadfb4659c1d51df14d5/1708200617091-DK4DWQU4IP8UL8CIJF0Q/rails-3309912_1920.jpg)
Strategies to Keep Board Members on Track with their Commitments [SUBSCRIBERS-ONLY]
Getting Board members to follow through on their commitments of time and money to the nonprofits they serve can be very challenging. Often, we let our emotions rule, getting frustrated and blaming the Board members for lack of engagement. This is misguided. We need to work harder to help Board members engage at higher levels.
![Financial Teaching Moments are All Around Us [SUBSCRIBERS-ONLY]](https://images.squarespace-cdn.com/content/v1/5e6ccadfb4659c1d51df14d5/1708096404290-Y7EAM90HQ4IWEW0RXWKQ/kansai-university-84363_1280.jpg)
Financial Teaching Moments are All Around Us [SUBSCRIBERS-ONLY]
As financial professionals, we are immersed in the language of finance and all its silent and not so silent nuances. To everyone else, the language of finance is mysterious at best and frightening to most. We must constantly strive to make the language of finance accessible to non-financial managers and build their financial acumen and confidence.
Operating Reserve Policies are a Perfect Vehicle for Targeting Your Budget’s Bottom-Line
Nonprofit organizations would greatly benefit from adopting a standardized policy for strategically targeting and managing their annual budget bottom-line. You could argue that there is no greater safety net for overall financial health than having a formal policy, or at least a budget working rule or guideline, for this important metric.
![Three Key Planning Steps to Get a Head Start on Your Next Audit [SUBSCRIBERS-ONLY]](https://images.squarespace-cdn.com/content/v1/5e6ccadfb4659c1d51df14d5/1707742656867-6IWUY7P983UL1RLRZCWJ/pencil-1891732_1920.jpg)
Three Key Planning Steps to Get a Head Start on Your Next Audit [SUBSCRIBERS-ONLY]
With disruptions from COVID-19 continuing into the foreseeable future, it is best to start planning for your next year-end financial statement audit early. Odds are that your next audit experience will be different than your last one due to the many programmatic and operational changes that most nonprofits have experienced this year. Investing some extra time in front-end logistical planning will lead to smoother sailing and better outcomes.
![A Revenue Aligned Budget is the Safe Way to Go [SUBSCRIBERS-ONLY]](https://images.squarespace-cdn.com/content/v1/5e6ccadfb4659c1d51df14d5/1707673315940-XFXSSKR83RU6Y3ESIJXN/pexels-katerina-holmes-5905610.jpg)
A Revenue Aligned Budget is the Safe Way to Go [SUBSCRIBERS-ONLY]
I feel the time is right to stretch our budget planning and begin to envision operations from the perspective of a balanced budget aligned to a conservative estimate of revenue and funding for the next 12 months. I am now advocating for using a “revenue aligned budget” strategy that is realistic in nature, obtainable, with low risk and a high degree for success.
![Some Legal Issues to Consider When Trying to Get Out of Your Office Lease [SUBSCRIBERS-ONLY]](https://images.squarespace-cdn.com/content/v1/5e6ccadfb4659c1d51df14d5/1707312051593-RLCDOAQJEBI9UGBCHWQ9/new-york-city-2533361_1920.jpg)
Some Legal Issues to Consider When Trying to Get Out of Your Office Lease [SUBSCRIBERS-ONLY]
As the financial pressures on nonprofit organizations mount and many employees continue to work remotely from home, nonprofits are increasingly examining their options for getting out of their current office leases. This issue is particularly problematic for nonprofits whose current office leases are set to expire years into the future. A careful assessment of your organization’s legal rights and options is critical to navigate this issue effectively.
It is Time to Be Proactive With Your Office Lease Situation
A familiar scenario has played out month after month for many nonprofit organizations during this prolonged period of financial uncertainty, remote work, and virtual programs and meetings. The time has come again to pay another month’s rent for your headquarters office. Frustrated that your office space is going mostly unused, you cut the check and feel like this is a wasted expense. While it is easy to feel helpless in this situation, it is time to start the proactive planning process and take control. There are only no options when you have convinced yourself there are no options.
The Finance Calendar: An Essential Tool that is Useful to All
I need to be more grateful for my “over-worked” and “under-appreciated” finance calendar. In my experience, nonprofit organizations gain comfort from its content and a sense of order and completeness from its structure, as do their many end-users, both inside and outside of the organization.
![Planning Considerations Before Launching a Capital Campaign or Building a New Endowment Fund [SUBSCRIBERS-ONLY]](https://images.squarespace-cdn.com/content/v1/5e6ccadfb4659c1d51df14d5/1707662639369-M908SC575XP2448P43WS/construction-crane-1707150_1920.jpg)
Planning Considerations Before Launching a Capital Campaign or Building a New Endowment Fund [SUBSCRIBERS-ONLY]
Having a vision for the future with aspirations for growth and new major efforts is exciting and can spark energy and enhance a culture of vitality for your organization. Capital campaigns and building an endowment fund can be game-changing tactics, but they come with a whole new set of challenges and risks. It is easy to get excited about these types of funding but hard to have success, especially for nonprofits who have no experience raising these kinds of funds and managing their use.
![Planning for the Next Annual Budget Cycle: Where Do You Start?[SUBSCRIBERS-ONLY]](https://images.squarespace-cdn.com/content/v1/5e6ccadfb4659c1d51df14d5/1707662595108-57DPZU9J8H2KWC84XO51/tartan-track-2678544_1920.jpg)
Planning for the Next Annual Budget Cycle: Where Do You Start?[SUBSCRIBERS-ONLY]
Compiling the annual budget for the next fiscal year is always a challenge and requires as much pre-planning as possible. During periods of unpredictable volatility, we need to get started early and consider new strategies we might not have used in the past. Top-down budgeting and stress testing your funding sources might be the best way to get started on next year’s budget.
![You Cannot Let Your Guard Down When It Comes to Cyber Security and Fraud [SUBSCRIBERS-ONLY]](https://images.squarespace-cdn.com/content/v1/5e6ccadfb4659c1d51df14d5/1697715107397-1G607IL5YXDLKUWSZ0RJ/monitoring-1305045_1280.jpg)
You Cannot Let Your Guard Down When It Comes to Cyber Security and Fraud [SUBSCRIBERS-ONLY]
Attempted fraud and cyber security breaches are increasing. At the same time, distractions from our chaotic world and new operational realities are averting our attention. This is a bad mix. We need to double-down on efforts to protect our organizations. Reputations and sustainability are at risk, and navigating these threats is even harder during a time of crisis.
The Personal Liability Risks of Nonprofit Board Service
Serving on the Board of Directors of a nonprofit organization can be a rewarding experience that offers the chance to give back to a meaningful cause while providing a learning experience and opportunities to deepen one’s connections and stature within the community. However, this positive experience comes with a level of personal liability exposure under certain circumstances.
It’s Never Too Early to Start the Process of Finding the Right Treasurer
All officer positions on the Board are important. Finding the right experience, diversity, and balance matched to your organization’s evolving needs are key drivers of performance and sustainability. However, the position of Treasurer is special and requires a unique skillset. Thus, starting the process of finding the right Treasurer early and thoughtfully will benefit your organization substantially.
A Window of Opportunity for Collaboration Between Nonprofits is Opening
Numerous changes have been thrust upon nonprofits in quick succession this year. While these changes have brought on stark challenges, they have also opened up new possibilities for collaboration between organizations. This window of opportunity may not be open for long, so nonprofits should act now to take a serious look.