Operating and investing reserves are crucial for nonprofits and dedicated savings plans. Several best practices and considerations are in play when planning financially within the association industry. It is vital to understand the importance of including these reserves within the annual budget.

As a board member, keeping a close eye on your association’s financial health is one of (if not the) most important responsibilities of your position. This responsibility includes looking ahead at the association’s projected financial situation to assess stability and room for growth. Budgeting and forecasting are tools that can help you achieve this. But, what do they actually do? And, how do you develop and keep track of them?

Associations continue to look for strategies to pave the way to success and growth. These three tips can change the game in your plan for non-dues revenue and provide win-win value to your members and sponsors.

For some board members, finances and accounting can be pretty intimidating. It makes sense when accuracy is so critical and numbers are such a key component. However, even if your role within an association is not directly related to financial management, it’s important to have some understanding of the dos and don’ts of nonprofit and association financials.

You might have found yourself watching your association’s piggy bank dwindle over the last few months or at the very least, stop growing. Although revenue might be sparse right now, do not give up! If the most recent recession taught us anything, it was to think differently and act quickly. You are not too late to grow your association’s non-dues revenue.