Finance
For many associations, credit card processing fees are a necessary but frustrating expense. While members often appreciate the convenience of paying by card, the organization is left absorbing the costs. With the overall cost of doing business skyrocketing, credit card fees are also going up because associations have to charge more to cover expenses. One…
For decades, membership dues were the backbone of association funding. Today, however, that old foundation is shaking under economic uncertainty, shifting member expectations, and a crowded competitive landscape. Relying solely on dues is no longer a sustainable approach. To thrive, associations must diversify revenue sources and build a resilient portfolio that balances dues with new,…
Picture this: your association has a revolutionary idea that could transform your field. There’s only one thing standing in the way of your idea and its realization—funding. The need for diversified funding is the one thing that unites associations across the board. That’s why more associations are turning to grants as a key financial strategy.…
Over-reliance on membership dues isn’t a sustainable strategy for an association, especially since factors out of our control can cause membership numbers to fluctuate. Diversifying your revenue opportunities promotes financial stability and allows for better long-term planning. Associations have tons of untapped potential through non-dues revenue strategies. The key is building a year-round strategy that…
Association financial management is a unique beast. Not only does your association have to handle many different types of revenue and expense allocations, but you also need to ensure compliance with regulatory requirements for fundraising and spending for tax-exempt organizations. However, effective financial management is essential for your association to achieve its goals. By correctly…