Nonprofits are facing all of the same inflationary pressures as others across our communities. In this episode, Nancy and Sarah talk about how a nonprofit can respond to inflation, particularly related to finance and fundraising. They share some ideas for thinking about salary adjustments, communicating with donors and supporters, and engaging board members in scenario planning. They highlight the importance of true cost accounting and advocacy as ways to expand the amount of money you have to work with. You got this.
Question to reflect on before you listen:
How is your nonprofit responding to inflation?
- What resonated with you about this conversation? What would you like to take back to your organization?
- How has your organization integrated scenario planning into your financial conversations?
- How are you communicating with your donors or supporters about the effect inflation is having on your budget?
- How might true cost accounting– where you include all of the costs of a program, not just direct costs– help you to raise more money for salaries and other things?
Episode on financial forecasting (August 2020)
Building financial strength (May 2020)
Preparing Nonprofits for the Next Recession (conversation between Idaho Nonprofit Center’s Kevin Bailey and National Council of Nonprofits’ Tim Delaney)
Word of the week: Inflation
How can your organization be pro-active in addressing the finance and fundraising challenges inflation is placing on your work?