Apr 30th, 2021
Service Area: Finance, Tips from Taproot
Communities have long relied on social good organizations and nonprofits when crisis strikes. But often these organizations face a struggle of their own: sourcing the funding, volunteer support, and tools to carry out their mission. Pro bono can help fill those gaps.
We’re breaking down our nonprofit resource, Building Resiliency Through Pro Bono, project by project to highlight how volunteers can help your organization become more resilient and prepare to face whatever the future has to offer. Check out our previous project highlights on using pro bono support to build a communications plan, board recruitment strategy, or pitch deck, and read our latest installment below: partnering with a volunteer to create a finance strategy.
Ready to start a finance strategy project for your nonprofit right now? Request one on Taproot Plus!
How will a finance strategy project help my organization build resilience?
Team up with a volunteer finance professional to assess your current financial situation, pricing strategy, and risk factors. This can include conducting a reforecasting exercise if you have seen a drop in funding. Build a focus on long-term sustainability into this work by requesting recommendations for creating a ‘rainy day fund,’ best practices for achieving a healthy annual surplus, or creating financial scenarios for periods of increased community need.
63% of nonprofits have seen a decrease in funding due to COVID-19.
Source: Taproot Foundation’s 2020 nonprofit resiliency survey
How long will this project take to complete?
A typical pro bono finance strategy project takes from 36-48 hours to complete. It’s good to remember that your volunteer partner will be sharing around two to five hours of their time with your team per week. Once you’ve completed that, check out our common fundraising pro bono projects for more ideas.
Any other tips on making the most of this pro bono project?
Not sure if you have all the financial information prepped and ready for a thorough assessment? Chat with a volunteer during a consultation session for a review of the documents, strategy, and models that will help your eventual project run more efficiently.
What other related projects can I knock off the to-do list using pro bono support?
- Business Development Strategy
- Pricing Exercise
- QuickBooks Set-Up
Download the full Building Resiliency Through Pro Bono resource for more ideas on how pro bono can help you invest in your organization’s capacity and long-term sustainability.