By Nick Frigerio, Vice President and Manager, Planning Applications
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Nonprofit organizations play a major role in the areas they serve, and it is important for them to be sustainable within their community. To remain healthy and functioning, nonprofits need the proper means to carry out their mission. Proper financial planning and management are vital to maintaining adequate resources.
The building blocks of strong financial management start with outlining the organization’s financial objectives. Other key considerations include things like the operating budget, investment strategy, liquidity requirements, diverse funding sources, and risk tolerance. With a financial management strategy in place, a nonprofit can invest its operating capital and continue to add more resources to help ensure sustainability and a viable future.
It is important for an investment portfolio to be reviewed throughout the year by an professional, to make sure clearly defined investment objectives are maintained, and that overall asset allocations remain consistent with organizational goals. Having an organized plan in place and knowing investments are being carefully managed allows nonprofit organizations to spend more time focusing on their mission.
If you’re a nonprofit and need guidance, we can help. Our financial advisors welcome the opportunity to work with you, analyzing your retirement plan needs or reviewing and providing feedback on your investment strategies.