Finance
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…
Operating Reserves At AMR Management Services, a common question from both current and prospective clients is: “How much should an association maintain in operating reserves?” The answer is nuanced: it depends. Key factors to consider include: These questions are crucial when assessing your operating reserve needs. However, we can offer some helpful guidelines. What are…
Navigating 501(c)(3) and 501(c)(6) with Ease: A Step-by-Step Guide Are you thinking about forming a new association? After you complete some basic elements, including crafting bylaws and applying to become a nonprofit entity in your state, one important step you will need to take is filing for tax-exempt status with the Internal Revenue Service (IRS).…
The Challenge In a world with almost instant online banking and the ability to transfer funds to a friend’s bank account at the click of a button – waiting 2-3 weeks for a check reimbursement for your association is practically an eternity and this delay was a big concern for the Association of Biomolecular Resource…
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