KPIs: What are they, and which ones count?
Management needs timely, accurate feedback to guide operating decisions, anticipate problems, and take advantage of emerging opportunities. Unfortunately, comprehensive financial statements take a long time to generate. Reporting key performance indicators (KPIs) on a monthly or weekly basis is a simplified alternative to gauge performance in real time. Popular financial metrics KPIs measure an organization’s […]
Why excess benefit transactions are out-of-bounds
Emily was a dedicated board member of her community’s most prominent social-services charity. But her commitment to the cause and the nonprofit’s programs didn’t prevent her from inadvertently violating the rule against excess benefit transactions. This happened when the organization wanted to build a new facility and bought land from her even though similar, and […]
Even nonprofits can benefit from AI technology
You might think that artificial intelligence (AI) is just about using computers to perform complex tasks that otherwise would require human intelligence. That’s part of AI. But several technologies fall under the AI umbrella, including machine learning, natural language processing (NLP), and robotic process automation. Here’s how tools such as these can help nonprofits cut […]
Nonprofits shouldn’t venture abroad without a map
Budgetary shortfalls may have your nonprofits looking for new sources of support. If those sources are international, be careful. Activities such as soliciting donations, recruiting members, and selling products in foreign countries can raise tax and legal issues. Is there a need? Before your nonprofit adopts a global strategy, make sure that the need for […]
Keep nonprofit board meetings short and sweet
Whether your not-for-profit is continuing to hold videoconference board meetings or is back to in-person gatherings, you don’t want to waste members’ time. Board meetings need to be long enough to accomplish agenda items and keep your organization on track, but not so long that the meetings become tedious and unproductive. The key is good […]
Put some muscle behind your nonprofit’s capacity-building effort
Economic instability caused by the pandemic may have your nonprofit scrambling to find funding. But just as important is making internal adjustments that build your nonprofit’s capacity to fulfill its long-term mission. However, you may want to tweak the standard capacity-building process. Making a case The National Council of Nonprofits defines “capacity building” as the […]
Reaping the benefits of cause marketing
Starbucks, Nike, Pepsi, Uber, and scores of other major companies regularly use cause marketing to burnish their image and reach customers. The not-for-profit organizations that partner with these companies can reap multiple benefits, including financial support and raised awareness of their mission. Cause marketing can take many forms, so it’s important to find both the […]
Is your nonprofit ready to hire, or is outsourcing a better solution?
Many Americans remain unemployed due to the COVID-19 pandemic — at least 9.8 million at the end of April, according to the U.S. Bureau of Labor Statistics. But that’s expected to change quickly as employers ramp up hiring activities. If your not-for-profit will soon need new staffers, you might want to start putting out feelers now. Obviously, […]
5 Trends to Watch During the Pandemic Recovery
The economic recovery from the COVID-19 pandemic will be different from the recoveries that followed past recessions, Marci Rossell told AICPA governing Council members. Economic downturns typically originate in a sector such as housing, finance, or manufacturing and ripple through the economy from there, said Rossell, an economic forecaster and former chief economist at CNBC. […]
Is a Merger in Your Nonprofit’s Post-Pandemic Plans?
As the COVID-19 pandemic finally seems to be fading in the United States, your not-for-profit organization may be making plans for its post-pandemic future. Is a merger with another nonprofit part of these plans? A merger can provide your organization with greater stability and resilience so that you can survive any new challenges that comes […]