Now, More Than Ever
from Fundraising Success Magazine:
5 Tips for Nonprofits in an Economic Downturn
As America slips further into an economic downturn, how are nonprofit organizations faring? Following are some things to think about in your efforts to continue to fund your missions in these tough economic times:
1. Run a nonprofit like a for-profit business. Running a nonprofit is almost exactly like running a for-profit corporation. The executive has to hire, train, negotiate benefits, strategize, forecast economic trends, raise money, and prepare and balance budgets. The major difference is that a nonprofit must be 100 percent transparent, and every dollar is not only significant but also must be accounted for.
The risks of failure for a nonprofit have much bigger consequences than reporting a slow quarter to shareholders — this is because the bottom line for many charitable organizations affects the quality of life for those they serve.