Nonprofit organizations face unique financial challenges—and having a trusted banking partner can make all the difference.
Lisa Morgan, a banker at Midwest BankCentre, shares key advice for nonprofits looking to strengthen their financial foundation and establish a long-term relationship with a bank that understands their mission. Whether you’re just getting started or looking to grow, here are three essential tips to help your organization succeed.
Key Takeaways:
Establish a Succession Plan
Leadership transitions can happen unexpectedly. Make sure your nonprofit has a clear succession plan—whether that means involving board members, naming a vice president, or training additional staff to step into leadership roles if needed.
Build a Reserve or Emergency Fund
Don’t rely solely on incoming donations. Budget intentionally to set aside funds for future uncertainties or operational emergencies. A healthy reserve fund is a sign of stability and sustainability.
Develop a Relationship with a Dedicated Banker
A specific banking contact can help guide your nonprofit through everything from loan applications to financial planning. Having someone who understands your goals and challenges means better, more tailored advice.
At Midwest BankCentre, we proudly support more than 1,000 nonprofit organizations. If you’re ready to build a stronger financial foundation, visit one of our branches, give us a call, or connect with us online—we’d love to help.