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Building a Better, Smarter Budget

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A well-planned budget can be the difference between long-term financial sustainability or dissolution due to insufficient funding. Not only is it important to have a detailed budget to forecast revenue and spending but it also reveals a larger picture of how your nonprofit operates. This insight will help your financials stay closely connected to your mission. 

Why Budgeting is Important for your Nonprofit &
How to Do it Properly - Article by Bloomerang

"Understanding what a budget is and its importance is crucial for every organization because it can be a way to achieve financial sustainability. But what is a budget exactly? Some people see it as a forecast, meaning a prediction in the future. Others see it as a target or even a wish list. However, it is nothing similar. A budget is just a financial document that provides an overview of how an organization is planning to spend their money. It must be centered around the primary goals and objectives of the organization." Read more

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Cash Flow Forecasting Is Your Lifeline

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Cash flow forecasting is an invaluable tool in easing the financial anxiety of your nonprofit. Since nonprofit cash inflows can dramatically fluctuate throughout the year; cash flow forecasting becomes an essential element of your organization's financial health. Forecasting will allow your organization to be better equipped to manage and track your finances. Some benefits include, 

- Reliable Strategic Planning
- A Clearer Picture of Monitoring Expenses
- Creates Controls Over Spending and Receivable Collections
- Provides Alerts to Warning Signs with Real-Time Insights

If your nonprofit is struggling with cash flow or is in need of guidance, we're here to help!

Cash Flow in the Nonprofit Business Model Article

"Cash flow is simply the mix and timing of cash receipts into and cash payments out of an organization’s accounts. It is where the numbers on budget spreadsheets and financial reports translate into the reality of money changing hands. And as such, it is a very specific lens on the reality of a business model—one that takes into account not just what an organization’s revenues and expenses look like, but when they come and go." Read more

Nonprofit Audits - Are you prepared?

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In Illinois there are complex rules and many factors to consider before your audit. This is an important process for your organization as it provides your donors with transparency and builds trust. 

Preparing for an audit is a critical step in receiving a successful result for your organization. If you need help preparing for your audit, our trusted advisors are ready to serve you. See below for some resources that will be beneficial for you.

7 Steps To Planning A Successful Nonprofit Audit

"Year-end financial statement audits serve a valuable purpose in helping maintain the financial integrity of not-for-profit organizations so they can successfully complete their missions. These audits can be more effective and less challenging with a little bit of preparation and planning on the part of the not-for-profit management and finance team." Read more

The Art of Fundraising

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As the spring season approaches, now is a great time to reconnect with your supporters. Whether it's starting a new campaign or conducting surveys for donor feedback, it all comes down to the art of fundraising. Below is an article with some fundraising tips that we found may help you jumpstart the season.

8 Nonprofit Professionals Offer Their Best Fundraising Advice

"Fundraising is an essential activity for any nonprofit organization. Because this involves asking people for donations, rather than exchanging money for a direct product or service, nonprofit leaders need to get donors engaged and emotionally invested in the organization's cause and work. Building and maintaining relationships during a fundraising campaign can be challenging, but with the right strategies, you can create a bond that will last long after a donation has been made." Read More