March Madness
It’s that time of year when basketball and brackets seem to overtake the office. The NCAA tournament is a time when small schools (with small athletic budgets) have a chance to upset the higher seeded teams from power conferences. That’s one of the reasons I love tourney, the chance to watch mid-majors like George Mason reach the Final Four.
Build a Winning Program
For nonprofits, there might be another lesson here: How can you transform your team from just another mid-major hoping to get invited to the dance into a legitimate contender each every year? How can you be the nonprofit version of Gonzaga’s basketball program?
Here are some ways to improve your financial practices and lay the groundwork for a sustainable organization.
Recruiting Your Team
In order to be successful, you need the right team members for your organization’s staff and board. Here are some resources to help you recruit and work with board members:
- Treasurer and Finance Committee – Who to Recruit and How to Use Them
- Recruiting and Vetting Nonprofit Board Members
Coaching and Strategy
A successful coach sets their team up for success. They draw up plays that have the best chance of scoring, but ultimately trust their players to implement it. Likewise, boards and staff leadership engage in strategic planning, develop realistic budgets, and put their organizations on the path to success.
- This Scenario Planning Worksheet is a step by step guide to contingency planning. This resource will help you consider several possible scenarios and get ready to make informed budget and management decisions.
Practice, Practice, Practice
Successful teams spend the necessary time developing and honing their skills. At Nonprofits Assistance Fund, we have a resources and trainings that can help you improve your financial management.
But practice is more than just training and skill development. It’s also about working together effectively, staying in rhythm, building on what’s working and rethinking what is less successful. Nonprofits need to keep their financial reports, cash flow projections, and other key benchmarks up to date. Without this information, it’s hard to know where to focus your efforts.
- Managing Cash Flow and the Cash Flow Template are resources to help you understand your organization’s cash position . Many organizations have an uneven cash flow. Recognizing when you may need additional capital will help you plan.
Rally Supporters
Successful teams have fans. So do nonprofits. Effective nonprofits are able to leverage their volunteers and in-kind donations to save resources and strengthen their organization.
- Blue Avocado has an excellent resource, Tracking Volunteer Time to Boost Your Bottom Line: A Complete Accounting Guide, to help you get the most out of your volunteers, including how to improve your financial position by accurately reflecting the value of this donated time.
- If you’re looking for a good primer about in-kind donations, Alan the Nonprofit Accountant, answers many common questions, including how to record donations at auctions and other events.
For another take on how March Madness can inspire nonprofits, check out Razoo’s March Goodness.