Finance – Nonprofit Stewardship

5 Coping Methods For Those Whose Health Is Suffering Due To Financial Woes

October 10, 2024March 6, 2023 by non-profit.steward

When you think of the usual list of things that are said to harm our health such as smoking, drinking excess alcohol, drug abuse, and overeating, you might find it unusual that finances could be added to that list. Whilst financial health is usually something that financial planners are most commonly employed to fix, a person’s physical and mental health can also be positively affected by financial planners.

Whilst a financial planner is obviously not medically qualified to treat physical or mental illnesses, the fact that they can drastically reduce the amount of pressure, stress, and anxiety a person is subjected to by removing financial worries from their mind, is not an insignificant contribution to that person recovering from their health issues.

Individuals can also take additional steps to enhance their health by utilising several coping methods relating to their finances and the negative impact financial worries can have on their health. If this is something that is a concern for you, read on and you will discover five of these coping methods.

Seek Support:

We have already mentioned one way of achieving this which is seeking a financial planner but there are other sources of help too relating to your situation including your bank, an accountant, or a debt advice centre who may all give you some resolutions to your financial issues.

Also, when we say “support” we do not just mean the financial type. If you are feeling depressed, suffering from anxiety issues, or even recognising some physical health issues as a result of your financial stress, you should seek medical advice or counselling as soon as possible.

Assess Your Finances:

One of the most effective ways of de-stressing a problem is to have as clear a picture of what the problem is as you can. Often a person becomes stressed over their finances, not due to lack of income, but because their head is in a spin trying to keep up with their income versus outgoings.

Evaluating Your Funding Mix Exercise

August 26, 2021January 24, 2020 by non-profit.steward

PURPOSE AND INSTRUCTIONS
In light of COVID-19 and the new challenges it presents, many nonprofits are examining their funding sources and having to adjust their plans for the future.

By knowing exactly where your funding comes from, you can determine if you have a good mix of income streams or whether you are too dependent on only one or two sources. That way, when decisions come up and ideas for new programs or revenue sources are discussed, you’ll know how they’ll fit into the overall picture of your organization.

Print copies of the worksheet, which we’ve provided for free as a PDF. Have your Board Treasurer complete Part 1 (an example of Part 1 is provided). Distribute copies of your Treasurer’s completed version of Part 1 and a blank copy of Part 2 to each board member. Take 10 minutes to have each board member review the Treasurer’s findings in Part 1 and then fill out Part 2 of the worksheet. After the meeting, compile the answers and review at the next board or committee meeting.

Toolbox Monitoring Your Budget

August 26, 2021October 4, 2017 by non-profit.steward

Toolbox: Monitoring Your Budget
PURPOSE
Once a budget has been adopted, it is important to monitor revenue and expenses throughout the budget cycle to ensure your organization stays within the budget. If revenue or expenses are significantly different than expected, you may need to make adjustments to your budget in mid-year.

INSTRUCTIONS
Before your board meeting, ask your bookkeeper or treasurer to prepare a Profit & Loss Statement summarizing your actual year-to-date revenue and expenses with an additional column for the current budget. The line items should be organized in the same format as your budget and cover the same time period, (this is often called a Budget vs. Actual Profit and Loss Statement that is a standard report in accounting software).

At your board meeting take 10 minutes to have all board members compare the budgeted sums to the actual expenditures to see if any adjustments to your budget are necessary.

Mobile Banking in Australia

August 21, 2021March 21, 2012 by non-profit.steward

Reviewing user experience of the banking sector we looked at whether the banks are providing an easy-to-use mobile experience and what tasks were supported.

Developing user experiences on mobile is an interesting challenge, because of things such as the small screen size and the need to make often complex steps as clear and simple as possible, all while considering that the mobile user is likely to be on the move.

We reviewed the mobile web experience of ten of Australia’s banks and financial institutions, including the ‘big four’. We found that Australian banks are mature in their provision of mobile access. All except the Commonwealth Bank of Australia render mobile versions of their websites and all but the Bendigo and Adelaide bank provide mobile apps for both iPhone/iPad and Android devices.

Very few of the banks used location based services for the seemingly obvious ‘locate an ATM/branch’ task. It was also surprising that only one bank offered calculators as this would seem to be an opportunity to help customers decide on the affordability of a purchase or calculate an exchange rate, which in turn is a likely driver for more business for the bank.