Jun 10, 2014
Charities regularly face the business challenges of balancing revenue and operating expenses, and it's comforting to discover that financial stability can be found in the very community service a nonprofit provides. Sustainability comes from a commitment to the cause that keeps contributors happy and charities accepting online donations.
In one case of nonprofit success, Saugatuck Center for the Arts in Michigan adopted an audience-driven strategy, refining their "product" of an art environment to meet the interests of their community. Creativity - whether in product or programming and marketing - can be essential to convincing donors the cause is worthwhile, according to sources for MiBiz. Nonprofits need to stay relevant while being true to their missions and responding to their surroundings in order maintain benefactor interest and donations.
Yet, when donations alone can't cut it, nonprofits have the option to pursue loans or lines of credit, reported Las Cruces Sun-News. Foundations offer program related investments which are similar to loans with an application process and timeline like that of grants. If the need is more urgent and the nonprofit doesn't meet bank guidelines, it's worth considering organizations like New Mexico's Loan Fund, which directs public and private funds into business loans supporting the community.
Financial stability for nonprofits is key, and creativity in the form of marketing, direction or loan application is as important as enlisting reliable online donation services to manage the funds.