What is The Funding Network? | My Latest Blog | What’s Coming Up | Finance Tips From Julie | Working With Me
Hi there – thanks for checking out my latest Good Governance Newsletter!
I know you are here because you are committed to good not-for-profit governance and leadership, and you want to make sure you do everything you can to steer your organisation in the right direction.
So, to support you with that, through my regular Good Governance Newsletters I strive to bring to you valuable NFP governance and leadership information and updates, happenings and events, that will help you do exactly that!
So take a moment and check out what I have to share with you in this week’s newsletter…
Read on for:
- Potential fundraising opportunities through The Fundraising Network
- My latest Blog – Good Governance: Getting Succession Planning right
- What’s Coming Up – May
Thursday 1st May – Training: Finance Basics
Wednesday 7th May – Webinar: 10 tips for Better Not-for-profit Risk Management
- Finance Tips from Julie – Tracking Volunteer Management Expenses
- Working with me – A free Governance Health Check for your NFP
I’m so glad you have found me and all the resources I share via my newsletters and emails.
I am sure I will have something to help you in the not-for-profit work you do, whether it be as an Executive, a Board member, or a grass-roots community volunteer.
So dive on in and let me know what grabbed your attention this time!
Regards
Megan
CHECK OUT THE FUNDING NETWORK AUSTRALIA!
I recently connected with Maddi from The Funding Network Australia (TFN), and I was delighted to hear about the fundraising opportunities this amazing organisation is providing the not-for-profit sector.
In a nutshell, TFN is a pioneer in finding and funding exceptional grassroots not-for-profits and social enterprises across Australia.
TFN works with compelling social change projects which are addressing entrenched disadvantages, to provide access to a network of people and organisations who want to contribute to and create a better world.
TFN makes giving simple and fun so that everyone can contribute and join a network of givers.
So far, TFN has been a catalyst and amplifier of more than 300 emerging charities and 2,000 NFP leaders, having facilitated over $30 million for the Australian non-profit sector over the past 12 years.
TFN vets and guides the organisations they work with through shortlisting to presenting at live crowdfunding events, and then provides ongoing support to their alumni network, so that the people who donate to them have confidence in their impact and will continue to give to grassroots programs.
Grassroots organisations interested in getting involved can subscribe to TFN’s newsletter HERE to be first to find out about upcoming events and opportunities.
Or contact Maddi HERE for a chat about YOUR organisation.
MY LATEST BLOG
I think by now you would know that good Board Succession Planning is something I am pretty passionate about.
So, with AGM season on the horizon for many of our NFPs, I thought it was timely to provide everyone with some quick tips for better Board Succession Planning.
Check this out in my latest blog article HERE and I do hope you find it helpful for the NFP organisations you are a part of.
If you want to read more of my blog articles, or listen to some podcasts I have spoken on, then check out my back catalogue of Blogs & Pods HERE.
Enjoy!
WHAT’S ON IN MAY
Looking for quality, accessible, and affordable training for your NFP Board?
Then check out my Online Learning offerings coming up in May!
🟡 1 May: Finance Basics online training session.
Julie Doyle is my business finances guru, and I am delighted to collaborate with her to bring you her finance expertise in this online training session.
Thursday 6 March, from 5.30 pm – 8 pm (AEST/Melbourne time).
Tickets are just $167 per person.
Click HERE for further information and to purchase your tickets.
🔴 7 May: 10 tips for better Not-for-profit Risk Management webinar.
Come along to this FREE webinar to hear my top tips for covering off your organisation’s all-important Risk Management obligations.
Wednesday 7 May, from 11 am – 12 pm (AEST/Melbourne time).
Click HERE for further information and to book yourself in.
For the full calendar of my online Events, click HERE to find out more.
FINANCE TIPS FROM JULIE
Julie Doyle is my business finances guru, and this week she is generously sharing some of her wisdom around Managing Technology and Communications Costs for NFPs.
This week Julie says:
Not-for-profit organisations should track their volunteer management expenses carefully to ensure proper financial oversight and accountability ongoing.
These expenses can include various costs associated with recruiting, training, managing, and retaining volunteers.
Identify your volunteer management categories and create specific line items or categories in your budget for volunteer management. This will help you clearly distinguish these expenses from your other program-related or administrative costs.
Such expenses may things like include:
– Recruitment Costs: Advertising for volunteer positions, job fairs, outreach programs.
– Training and Orientation Costs: Materials, instructors, workshops, or any required certifications.
– Volunteer Appreciation: Awards, events, thank-you gifts, meals during volunteer activities.
– Volunteer Support: Costs for uniforms, transportation reimbursement, or any supplies given to your volunteers.
– Volunteer Coordinators’ Salaries: If the organisation pays staff who manage volunteers.
– Software and Technology: Volunteer management systems, databases, and tools used to track hours and assignments.
It is also quite important that you track your volunteer hours as this demonstrates in-kind support and can sometimes be used as leverage in grant applications. If volunteers are reimbursed for expenses (e.g., travel, meals), be sure to not only track these costs but also document the hours involved. Use a volunteer management platform or simple tools (spreadsheets, time-tracking apps) to record volunteer hours. Some platforms even track the cost of each volunteer hour based on organisational standards.
You also need to allocate, and track, any associated volunteer indirect costs, like office rent or general office supplies, allocate a portion of those costs to volunteer activities. For example, if 20% of the staff time is spent on volunteer coordination, allocate 20% of office expenses to volunteer management.
If your NFP uses software to monitor its volunteer base, many of these tools come with reporting features that allow for expense tracking related to volunteer management. You can often then integrate these with your accounting systems to ensure your financial records are up to date.
Regularly monitor volunteer management expenses and compare them to the budget. This helps ensure that spending is in line with expectations. Monthly or quarterly reporting to your board can help keep relevant stakeholders informed of the financial impact of your entity’s volunteer management.
Document and categorise all these expenses – whether you’re using accounting software or spreadsheets, keep detailed records of each expense with proper documentation (i.e. receipts, invoices, etc.). Categorising the expenses correctly in your accounting system will help you generate financial reports that reflect how much the entity is really spending on volunteer management.
You should also be taking the time to track the return-on-investment (ROI) of your volunteer programs (e.g., their work hours converted to a monetary value) as this can help justify volunteer program costs. It also shows the ROI for donor reporting and grant writing.
By systematically tracking all these volunteer costs, you can ensure that they stay within their budget and demonstrate the full scope and impact of your volunteer program to funders, donors, and other stakeholders.
If you have a NFP finance query you would like Julie to talk about via my Good Governance Newsletter, just email it to me on megan@mjbconsulting.net.au.
A FREE GOVERNANCE HEALTH CHECK FOR YOUR NFP
In the midst of trying to stay on top of everything, working out what governance issues to focus on next can sometimes feel rather overwhelming.
Would you agree?
If so, perhaps your NFP is in need of a quick Governance Health Check, to set you on the right path for the year ahead?
To help you get your governance ducks in a row in readiness for the new financial year, between now and the end of May, I am offering you the opportunity for a free NFP governance health check with me for your NFP organisation.
In a 30 minute zoom call we will review 5 key area within your organisation, and you will come away knowing what to do to better position your NFP to thrive in 2025.
To book in an appointment with me for your organisation’s governance health check, CLICK HERE, and let’s make a time to catch up.
I do hope your organisation can take advantage of this free offer, and position yourselves for better governance going forward!
And for full details of all the other work I do with NFPs, check out the Services page on my website.
Or get in touch with me via megan@mjbconsulting.net.au to make a time to catch up and talk about what your NFP might need!
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