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Forbes
16 hours ago
- Business
- Forbes
How Nonprofit Organizations Can Diversify Their Financial Resources
Hard times force nonprofits to get creative when it comes to financial matters. With unpredictable economic conditions often influencing both individuals and organizations to assess current budgets and rein in unnecessary spending, this can limit the amount of money going toward organizations that largely depend on the support of others. While it can be difficult to explore other avenues, investing in varied funding sources effectively enables nonprofits to thrive amid market changes. Below, 18 Forbes Nonprofit Council members offer strategies nonprofit leaders can leverage to diversify their financial resources to keep their organization thriving in a tight and uncertain economy. 1. Start Simple And Focused Everyone is talking about, or thinking about, revenue diversification right now—or they should be. Our best tip on beginning work toward that goal is to start simple and focused. Pick one new revenue source to target, or leverage an existing strength. Too often, organizations try to grow two to three sources at once, limiting their ability to grow any one source deeply. Set realistic goals with a targeted focus. - Matthew Gayer, Spur Local 2. Take A Big-Picture View Of Financial Resources A tight and uncertain economy is a good opportunity to take a look at all aspects of your financial resources. Is your bank giving you the best interest rates? Can you find a bank with less fees and better terms? Establishing a line of credit as a bridge for when cash flow is tight is also good to have in your back pocket. - Tara Chalakani, Preferred Behavioral Health Group Forbes Nonprofit Council is an invitation-only organization for chief executives in successful nonprofit organizations. Do I qualify? 3. Identify Fixed Organizational Costs Get a strong handle on your fixed costs to identify areas for savings. Conduct concurrent market assessments to ensure that you understand the environment and the competition. Talk to your customers, listening to their pain points and their needs. Aspire to do a few things well, and don't overextend your resources. Finally, hold fast to the cut-before-you-add rule. - Deb Callahan, National Fenestration Rating Council 4. Get Creative Now more than ever, it's time to think creatively. How can we use resources that are readily available? How can we find ways to adapt them to fit our present and future needs? What collaborations and alliances can we foster to help inspire more community support? Engaging supporters in these conversations sooner rather than later will help to yield new ideas, which can lead to more diversified revenue. - Randy Wong, Hawaii Youth Symphony 5. Reimagine How The Organization Operates I would advise folks to reimagine and repackage their events, appeals, and outreach while also conceiving new ways to deepen board accountability for fundraising. Assessing the nature of your services is also an exercise worth engaging in every couple of years. Determine if you are addressing a need that is perceived as urgent across the philanthropic community. Be open to reimagining impact. - Danielle Moss Cox, Oliver Scholars 6. Invest In Your Staff A big part of fund diversification is ensuring the organization has enough gen-ops dollars coming in the door. The problem is that not enough fundraisers have been trained on how to lead investment-level conversations that yield larger, gen-ops gifts. The time is now to invest in your staff to ensure they gain the skills needed to fundraise in a way that smooths out cash flow problems and builds a sustainable future for the organization. - Sherry Quam Taylor, QuamTaylor 7. Build An Earned Revenue Model Building an earned revenue model that closely aligns with your existing mission or program delivery can reduce dependency on philanthropic decision making, which can fluctuate significantly from year to year. This creates a more predictable line item for longer-term planning and sustainable projections. - Arthur Mills, IV, Mills Management Group 8. Develop New Fundraising Channels Commit to developing one new fundraising channel. Start small and run experiments, such as applying for a first grant or running a bounded peer-to-peer campaign. Grow that channel incrementally over time. The average nonprofit relies on two or fewer fundraising channels. Strategically cultivating new channels every one to two years creates new sources of revenue and de-risks through diversification. - Scott Brighton, Bonterra 9. Expand Your Target Audience We've seen that nonprofits who treat funding like audience development tend to weather uncertainty better. It's not just about new revenue streams but about building the right relationships and telling your story in a way that helps funders see themselves in it. Diversify who's in the room, not just where the money comes from. - Michael Bellavia, HelpGood 10. View Attention As Currency Treat attention like currency. In a tight economy, funding follows focus and our inclination can be to retreat. Diversify not just your revenue streams but your relevance. Create content that clarifies, stories that resonate, and partnerships that expand reach. When you become essential to more people, you attract not just donors but champions, collaborators, and unexpected sources of capital. - Cherian Koshy, Kindsight 11. Communicate The Importance Of Your Organization Nonprofits are fortunate to have many avenues to develop financial resources. Individual gifts, grants, corporate sponsorships, and events all provide platforms for effective development. Always provide the best choice for philanthropic and marketing dollars. People and businesses have always remained philanthropic, so remind them why your nonprofit is the best choice. - Aaron Alejandro, Texas FFA Foundation 12. Form Long-Term Donor Relationships It is critical to identify and sustain long-term relationships with individual donors, corporate sponsors, and strategic partners. This requires consistent, targeted communication about the mission, vision, and priorities to keep stakeholders engaged and valued. Using data to align fundraising with organizational goals strengthens the organization's financial resilience. - Bishan Nandy, University of Illinois Hospital & Health Sciences 13. Adopt A Zero-Based Budgeting Approach It can be scary, but zero-based budgeting is essential. We all need to be good stewards of the finances we receive. That means ensuring that every dollar spent and hour worked is directed toward our mission and having an impact. Just because we funded something doesn't mean we continue to do so in perpetuity. Zero-based budgeting demands we take a close look at programs and separate the needs from the wants. - Patrick Riccards, Driving Force Institute 14. Avoid Limiting Your Actions Don't put all your eggs in one basket. Mix it up with grants, individual donations, corporate giving, and even earned income if it makes sense. As important as relationships are, revenue streams are just as important. In hard economic times, the organizations that survive are usually the ones that planted multiple seeds in the ground. - Gregory Johnson, Foundation for the Mid South 15. Consider Matching Gifts Don't overlook matching gifts. Billions in corporate matches go unclaimed each year. A simple tweak to your donation form and engaging workplace champions can unlock major revenue. Ensure your largest gifts are matched, as small changes here can yield big returns, especially in a tight economy. - Luciana Bonifacio, Save the Children 16. Avoid Leaning Too Heavily On One Source Make sure each funding source is no more than 40% of your annual revenue. This will require exploring other funding sources, including individual donations, corporate engagement and sponsorships, private grants, events, merchandising, donor advised funds and more to provide balance throughout your fundraising and revenue generation functions. This is easier said than done, but you need to start somewhere. - Victoria Burkhart, The More Than Giving Company 17. Move Beyond Traditional Fundraising Methods One key strategy is to diversify beyond traditional fundraising by integrating mission-aligned earned income streams. For example, consider digital services or tools that can serve the community while generating revenue. This reduces dependency on donations and builds resilience in uncertain economic times. - Yujia Zhu, 18. Ensure Philanthropy Remains A Priority One powerful strategy is to keep philanthropy front and center in all revenue streams. Instead of chasing entirely new dollars, unlock what's already there. Add different giving options wherever possible, such as round-up gifts. Or consider tapping into existing charitable giving through donor-advised fund contributions. Show donors how their extra support impacts and extends your mission, especially in uncertain times. - Karen Cochran, Philanthropy Innovators
The Guardian
02-08-2025
- Business
- The Guardian
UK student bank accounts: the best perks, from railcards to cheap meals
This month, hundreds of thousands of students across the UK will receive some life-changing news that will determine where they spend the next few years of their lives. However, amid all the celebrations, as sixth-formers find out if they got into their first-choice university, and the (hopefully temporary) sorrows, as those whose exams did not go to plan scramble for a place through clearing, there are some important financial matters to think about. One of these is sorting out a student bank account. If you are heading to university, this account will be your constant companion over the next few years, so it is vital to pick one that works well for you. Many people select a student bank account after the A-level or Scottish highers results day, when they know where they are going. In England, Wales and Northern Ireland, results day is 14 August, while in Scotland it is this coming Tuesday (5 August). At this time of year, high street banks and building societies dangle various tempting goodies in front of young people, knowing full well that some will stay on as customers for years – or even decades – after they have finished their studies and entered the world of work. However, for many, the most-important feature will be the size of the interest-free overdraft on offer. You are not required to have a student bank account – you could opt for a standard current account. However, those aimed at university-goers typically offer features you cannot get elsewhere. 'Students may be enticed by the free perks, but it is essential they compare the whole bundle alongside the 0% overdraft in the first instance,' says Rachel Springall, a finance expert at the website Interestingly, this year Martin Lewis's and the Save the Student website have chosen the same providers when it comes to their top four student accounts: Santander, NatWest and its Royal Bank of Scotland (RBS) brand, and Nationwide. Once again, NatWest and RBS have been highlighted as the banks offering the most generous interest-free overdraft deals – up to £3,250 in the third year of study. That's assuming you are eligible for that amount. Santander is not as generous but it scores highly. That is partly because, with most banks, the quoted overdraft amounts are 'up to' and may only be available in your final year at university or only to those with a decent credit rating, whereas with Santander you are guaranteed the full £1,500 in years one to three, provided you meet the basic criteria, explains the Save the Student money advice website. Santander's free four-year young person's railcard is also a big draw. Here we look at the perks and interest-free overdrafts on offer from the main players. The freebies: £85 cashback (although down from £100 last year) and a free tastecard, valid for four years and offering two-for-one meals out and other dining discounts. NatWest and RBS say the tastecard is worth £79.99 a year, although at the time of writing, annual membership was available for £29.99. Interest-free overdraft: up to £2,000 from year one (limited to £500 in your first term). Up to £3,250 from year three onwards. Anything else? NatWest and RBS again came top in Save the Student's banking survey earlier this year, with student satisfaction scores of 4.34 and 4.32, respectively, out of five. The freebies: the Edge student account comes with a free four-year 16-25 railcard that the bank says is worth £115, offering students up to a third off most rail fares. There's a prize draw for those who open, or transfer to, the account before 17 October this year, with prizes ranging from £20 to £100,000. Also, you can pay into a regular savings account paying 5%, and get access to cashback and offers via the bank's Santander Boosts rewards programme. Interest-free overdraft: £1,500 for the first three years, provided you meet the basic criteria (registering for online banking and paying in a certain amount). This can increase to £1,800 in year four and £2,000 in year five if students continue with their studies. Anything else? Santander was once again the most commonly used bank among those surveyed by Save the Student, although its market share has dropped slightly to 18% from 21% last year. 'Even when I was at university, Santander were very popular,' says Tom Allingham, the communications director at Save the Student. 'They definitely make a conscious effort in that space.' However, in terms of overdrafts, NatWest and RBS 'are offering more than £1,000 more at the maximum level', he adds. The freebies: the building society offers £100 cashback and £120 worth of Just Eat vouchers, paid out as £10 a month over the first year. Interest-free overdraft: provided you meet the basic criteria, you are guaranteed a £1,000 0% overdraft in year one. It is then up to £2,000 in year two, and up to £3,000 in year three (and beyond, if applicable). Anything else? If you have, or open, a savings account with Nationwide as well, you could get an annual Fairer Share scheme payment. For the last three years running it has paid out £100 to eligible members. Some students will like the fact that Nationwide is a mutual (owned by its members rather than shareholders), gives 1% of its profits to charities, and has made a pledge to keep branches. The freebies: £100 cashback (down from £110 last year), plus £90 in Deliveroo vouchers (£15 a month for six months) provided they make a minimum number of transactions. Interest-free overdraft: up to £1,500 in years one to three, and then up to £2,000 in years four to six (if applicable). Anything else? With Lloyds's Everyday Offers scheme, students can earn up to 15% cashback at selected retailers. If they sign up to Deliveroo Students at the start of term, they will pay no delivery charges with Deliveroo Plus Silver on takeaway orders above £15 (restaurants) or £25 (grocery and retail shops). The freebies: no major freebies for new student account customers at the time of writing. Interest-free overdraft: up to £1,000 when you open the account. You can ask for an increase to up to £2,000 in year two and up to £3,000 in year three. Anything else? Students can access the bank's home&Away scheme, which offers discounts on matters such as shopping, dining and travel. They are also able to put money into an HSBC regular savings account paying 5%. The freebies: no major freebies on offer at the time of writing. Interest-free overdraft: up to £1,000 in year one (up to £500 during the first term), then up to £1,500 in year two and beyond. Anything else? Barclays has been the subject of demonstrations by anti-war activists and others. It has been criticised by some for providing financial services to defence companies supplying Israel. It says: 'Barclays provides a range of financial products and services to UK, US and European defence companies that supply Nato and its allies … Barclays does not directly invest in these companies.' The freebies: £100 cashback (down from £110 last year), plus £90 in Deliveroo vouchers (£15 a month for six months) provided they make a minimum number of transactions. Interest-free overdraft: up to £1,500 in years one to three, and then up to £2,000 in years four to six (if applicable). Anything else? With Halifax's Cashback Extras and Bank of Scotland's Everyday Offers, students can earn up to 15% cashback at retailers including Costa Coffee, Just Eat and Sainsbury's. The freebies: no major freebies on offer at the time of writing. Interest-free overdraft: £500 in the first six months, rising to £1,000 in months seven to nine, and up to £1,500 from month 10. Anything else? Students can earn 5% interest on account balances up to £500. They can access offers and discounts via the bank's My Rewards portal. As a student there will be many mornings where you stare lamentably at your bank balance. So you might as well pick an account that can offer some respite. In my case it was the Santander Edge student current account. I was sold on the free four-year 16-25 railcard. Throughout each year at university my railcard has come up trumps in a variety of ways. In my first year at university, it made home feel just that little bit closer. With a 33% saving on each fare, I was constantly spotted on platform 1 with a big bag of laundry. In my second year, my railcard served as a gateway to explore more of the country. I've ticked off new sporting venues, as well as Bristol and Stansted airports. Moving into my final year, as the crunch begins, my railcard will act as an enabler to complete valuable internships and work experience. My account also comes with a 0% overdraft, which is a reassuring presence should any part of university life catch up with me. There were a variety of options that didn't quite capture my eye. NatWest offered a tastecard letting you take advantage of restaurant deals and food discounts. In my case I found that after the first semester, the likelihood of eating out quickly diminishes. Student finance only stretches so far! Other accounts offered cashback at certain retailers, which, considering my limited record of high street spending, would have been wasted on me. Talking of the high street, the fact that there's a Santander branch in my university town was also a factor. My family is still wedded to the chequebook, so a place to deposit cheques, even in 2025, is greatly appreciated. Alfie Howlett is studying a three-year BA journalism degree at the University of Gloucestershire
Irish Times
23-05-2025
- Business
- Irish Times
Jarlath Burns to attend Mayo county board meeting amid questions over county's finances
GAA president Jarlath Burns and director general Tom Ryan are to attend a special meeting of the Mayo county board on Monday evening. Although county officers have made no comment on the meeting's agenda, it is believed to relate to financial matters. Mayo have been in the spotlight recently concerning a Revenue audit during the course of which a voluntary disclosure of €119,778 was made in relation to potential tax liability for the Cúl Camps programme. More recently, a loan extended to Mayo by the GAA's Central Council in 2015 to assume the county's debt has been the subject of speculation, denied last week by county treasurer Valerie Murphy. READ MORE According to a report of the meeting in the Western People, Murphy 'dealt specifically with two accusations, firstly that Mayo GAA never benefited from a write-down of its debt which Croke Park negotiated with lender Ulster Bank, and secondly that Croke Park held a surplus of Mayo GAA's money in an 'unexplained account'.' The treasurer said the write-down had been passed on to the county but was subject to a non-disclosure agreement with the bank. She also said the county had moved money from a bank account to a Croke Park fund, offering better interest payments to units of the association. After March's National Football League final, which Mayo lost to Kerry, Burns made remarks in his presentation speech supportive of Mayo officers. His attendance at Monday's meeting along with the director general is seen as extending further support as well as giving delegates an opportunity to clarify any queries. The meeting will be held at Knockranny House Hotel in Westport. Clubs have been invited to send one of their officers, chair, secretary or treasurer, together with their county board delegate.
News.com.au
15-05-2025
- General
- News.com.au
Australian law changes to affect pets, property and finances
Pet and property owners watch out – Australia's family law is changing how separation disputes will be resolved. Coming into effect next month, these key changes will affect how our pets, property and financial matters are resolved for former couples. So what's changing for our pets? Separating couples sharing pets should usually make arrangements for what happens to their prized pooches and furballs without going to court. However, those that cannot agree on arrangements can apply to the family law courts to make orders, with a specific list considered by the system. This takes into account: any animal abuse, including threatening behaviour as a form of family violence the attachment of each party, or children, to the family pets However, there are limits and courts cannot make orders for joint ownership or shared possession of pets. My relationship ended — what happens to our shared property and finances? Usually, couples splitting ways should strive to make arrangements related to their shared property and finances, sometimes using dispute resolution outside of courts. But couples struggling to reach an agreement can apply to family law courts to determine a property settlement. Changes affecting Family Law Act 1975 include: how the courts will determine a property settlement what the courts will consider when determining a property settlement. This includes the economic effect of any family violence, where relevant This would apply to all separating couples – whether a property settlement has been determined by family law courts or has been negotiated outside of court. Key areas that courts will consider: identify all property and liabilities (debts) of the parties assess each party's contributions to the property pool and to the family's welfare assess each party's current and future circumstances. The family law courts will consider matters such as each party's age and state of health and the care and housing needs of any children only make orders that are, in all of the circumstances, just and equitable Family violence The Family Law Act defines family violence as 'violent, threatening or other behaviour by a person that coerces or controls a member of the person's family, or causes the family member to be fearful'. Key amendments include: the economic effect of family violence, where relevant, when making decisions about property and finances after separation. economic or financial abuse may constitute family violence – including if a person has controlled all of the finances or spending. What's staying the same? Family law courts cannot sentence someone for engaging in family violence conduct. Prosecutions for family violence offences are made in state and territory criminal courts. Compensation for harm caused by family violence Compensation may be available under a victims of crime compensation scheme or under an order from a state or territory civil court. Family violence orders to protect someone from family violence or altering existing orders made by state or territory courts to protect someone from family violence. Again, orders for protection against family violence are made or amended by state or territory courts. Duty of financial disclosure — what changes? Couples separating have a duty to provide all relevant financial information and documents to each other and the court. From next month, this duty will be governed by the Family Law Act 1975 instead of the Federal Circuit and Family Court of Australia (Family Law) Rules 2021. This applies to all disputes concerning finances and property after a break-up and is treated as an ongoing duty. If failure to do so, consequences can affect separating couples such as: take noncompliance into account in a property settlement impose sanctions, such as costs orders punish a party for contempt of court with a fine or imprisonment, or defer or dismiss all or part of the proceedings. What stays the same? Existing financial or property orders remain unchanged and people with existing orders should continue to follow those orders. While the changes will apply to all new and existing proceedings, there is an exception where a final hearing has already begun. The new law applies to all matters (unless a final hearing has begun), even if an application was filed before June 10, 2025. People who are already in court and do not have a lawyer can seek legal advice on how the changes may impact them. Child support is generally dealt with separately to a family law property settlement. The changes to family law will come into effect from June 10, 2025.
