How To Save Money For Your Not-For-Profit Association

Running an association economically is the key for succeeding as a not-for-profit. Here are 6 simple steps, that will help you reach your financial goals:

1. Utilize your board of directors to their fullest extent
Make sure to keep all directors involved in helping to raise money for the organization. Ask them to spread the word amongst their own contacts to bring new sponsors on board, find businesses to partner up with and recruit new members for your not-for-profit.

2. Keep your administration cost low
Choose an AMC (association management company) over an individual to run your organization on a fee-for-service basis. AMC’s offer a variety of services, and are able to customize their services to meet each of their clients’ needs.
ACM’s provide staff, software programs and tools to run not-for-profit organizations. They keep your administration cost low by using the same resources for multiple clients.

3. Use low-cost marketing and public-relations techniques
Promote your association’s events in free local newspapers providing relevant business information. Add your event to their online event calendar. Find local ad agencies to see if they will create public service announcements for not-for-profits, at low or no cost.

4. Save on meeting expenses
Hold your board meetings at the directors’ or your AMC’s offices. Each director who has a boardroom could take turns hosting and providing light refreshments. Schedule the meeting mid morning or mid afternoon to avoid extra expenses for lunches.
Hold committee meetings via conference calls – not only does it save you on rental, catering or travel coast, it also saves time for the the participant.

5. Save on event costs                                                                                                                       Choose the same venue for regularly reoccurring events of your association. You should be able to negotiate more reasonable rates by booking your events at the same location. It is a win-win situation: your association saves money and the venue is guaranteed regular business.

6. Stay informed about local corporations
Read newspapers for information about local corporations and businesses who might be a good fit for corporate donations or in-kind sponsorships and contributions.

By Patricia Tait, Account Manager at Spets Association Management