Getting Our Money Right

Getting Our Money Right

The biggest challenge I’m facing in my chapter right now is finding a good and available finance director. The one I have is great, but has a lot of other activities in the community. I’ve had another express interest, but once again, he’s also very busy in the community.

In theory I could get along without having a finance director. Most of our events are at places where we reserve the space for free and people willingly buy their own food and drinks. However, for couple of our events, we did a 50-50 split where we put some money to our catering and other money to our organization.

As a result, I began the process of incorporation in the state of North Carolina. Incorporation was necessary so we could cash all the checks that we have and also start raising some money through PayPal. Also, our city requires all organizations, including nonprofits to have a business license and our foundations require 501c3 status or affiliation with one to grant money.

Another reason I’m working hard to get our finances together is that it’s imperative that we are able to continue to fund our sector. We may be non-profit driven, but official currency is the most popular means of exchanging goods and services. Our missions require us to make sacrifices to raise, spend and sometimes cut money.

We have organizations that compensate leaders at high levels, yet do hardly anything for their constituencies. Nick DiColandrea recently took a look at some of the sports related nonprofits in this vein. Other organizations do too much too soon and have to disband for lack of funds and support. Some go