As forces for good in the community, nonprofit organizations have plenty to juggle in their daily operations. Having a financial partner who provides guidance and strategic solutions to streamline and support processes can make all the difference for community partners.
While all businesses face scrutiny regarding their bottom lines, nonprofits receive added attention since private grants and donations are primary revenue sources. Most, if not all, nonprofit leaders worry about cash flow constraints or unpredictable income streams. Here are a few ways a banking partner can lighten the load:
- Ask if your bank provides dedicated services for community organizations. Many financial institutions will offer discounted or no-cost services for 501(c)(3) groups and their staff members. Your banker can talk to you about automating payroll, setting up credit card and online donation options and whether a sweep account is right for your organization. With the right suite of products and services for your unique needs, you can focus on your mission while your banker helps optimize your cash flow.
- Local banks with local employees will have a natural investment in your mission since you provide essential services to a shared community. Ask if you can share your organization’s mission at a staff meeting or invite staff to participate in a volunteer event. You might even recruit potential board members, skills-based volunteers and donors.
- Financial institutions are often leaders in community giving. Cultivate relationships with key decision makers to determine how your mission aligns with their philanthropic efforts. Find out how and when to request a gift, realizing the initial ask may be to confirm when to ask again.
- Many financial institutions will provide complimentary meeting space for community organizations. Whether you need a convenient and professional setting to engage a new donor or a larger space for a board meeting or retreat, it’s worth asking what’s available.
- Look to local financial professionals for education and information on risk management topics, such as the importance of setting up financial controls, how to detect and prevent or mitigate fraud and what trends to pursue and avoid in emerging payment technologies.
Nonprofits play a vital role in enhancing the quality of life of the people they serve and the community at large. Whatever the cause — healthcare, education, human services, animal welfare, environmental conservation and the arts — all missions work together to build a stronger community. Look for a bank interested in your growth and goals and how their services can support your plans.
A relationship bank can help lift a nonprofit and give it greater visibility through community connections and access to resources. You’ll have direct access to a banker dedicated to providing you with a high level of support. The right banking relationship will fuel your mission and enhance your reach.
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