Have you ever looked into ways that you could generate stable nonprofit income? Increasing nonprofit income creates the necessary financing needed to feed the many causes an organization may be seeking to support.
Joanne Fritz shares the view that the nonprofit income generation has grown over the years thanks to the innovativeness of nonprofit organizations. Regardless of the theme, the sources of income donation remain the same.
Here are seven reliable ways to generate stable nonprofit income within your organization:
- Bonding with Foundations
While there are several different types of foundations, the three main types are family, corporate, and community. Each foundation can gift sizeable grants.
Family Foundations consist of a single person or family unit. Family Foundations can be small or large and primarily tend to gift money locally.
Community Foundations are public entities that combine the assets of many donors. They are mostly known to provide grants, scholarships, and services to uplift their local community. They also believe in providing support to local nonprofits.
Corporate Foundations are private entities that have the support of corporate executives. Within this type of foundation, the staff is professionally operated and the grant funds exist separately from the organization.
- Funding that is persistent and periodic
Nonprofit income should include both ongoing (every month or year) and periodic (every other year) funding. Maximizing both funding periods is healthy for your nonprofit as it ensures there is stability in the flow of revenue in an expected and timely manner. Thus, several projects would be able to continue receiving the support they need.
- Make training a must
Incorporating consultation and training services is another good way to generate nonprofit income. Training sessions allow you to communicate your knowledge in your field efficiently. Instead of focusing on creating new projects, this allows companies that practice this to educate the people within the community. This also opens more grants for your nonprofit to receive based on exposure.
- Product and service fees
Nonprofit income can be easily increased by the sale of products or offered services. This income is referred to as earned income under the regulations of the IRS. Planning events that will help people receive some sort of education while having items on sale will boost the revenue remarkably.
This source of revenue provides approximately half of the revenue for most public charities. Public charities are often contributed to, volunteered for, or made known through the use of several different social media platforms.
- Rent your facilities
Terry Ibele believes that by advertising the spaces you use for your nonprofit as available for rent, you can increase your nonprofit income. You gain an immediate source of income and benefit from the networks the rented space creates.
- Maximize social media presence
Social media is a great channel to increase recognition for your nonprofit. This creates an avenue for your entire team to showcase their talents and achievements; this positively impacts your brand which boosts your social media attention.
Focusing on the channels that will successfully boost your nonprofit is essential. Facebook, Twitter, and YouTube are the best social media platforms that generate a reliable income for your nonprofit.
Using these social media platforms will ensure your nonprofit successfully connects with your audience and keeps prospective volunteers and donors informed.
A nonprofit that genuinely desires to increase income should have a solid social media presence.
- Funding within the Corporate Realm
Corporate funding is an important aspect of both small and large companies. Corporate funding addresses both long-term and seasonal initiatives. Nonprofits benefit notably from corporate funding through sponsorship or cause marketing. Cause marketing builds an excellent reputation for the company while the nonprofit is gifted money and exposure on a larger scale.
Understanding Nonprofit Income Generation
Income stability will safeguard your nonprofit business. The ways listed here are sure to bring in the money your nonprofit business requires while upholding ethical criteria in keeping with IRS standards and regulations.
An important aspect to maintain while generating income for your nonprofit is setting an appropriate guideline. A nonprofit policy should have a declaration of values that the business will adhere to when making income.
Funds that fuel your nonprofit should always be consistent with your values. Income that is received that goes against your values of your nonprofit or the criteria found in IRS regulations should be denied.
Generating stable income is essential for the steady progress and growth of your nonprofit. Every nonprofit business has operations that must be conducted daily. A reliable income stream ensures that you can pay employees, transportation, and marketing costs.
What if I need help generating income? StartNoo is here to help! With StartNoo, your nonprofit can post unlimited service opportunities, both in-person and virtual, so you can find skilled and qualified volunteers to help you generate stable income. To learn more and get started, click here!