If your organization’s fundraising and finance departments have ever found themselves at a collaborative crossroads, YPTC is here to help. As a prelude to our webinar, “Lost in Translation: Bridging the Gap Between Development and Finance” we’re breaking down four of the most common barriers between the two teams.
1. Donor-restricted vs. unrestricted fundraising solicitations
It’s no secret: it can be easier to raise funds for a specific purpose. But the way in which solicitations are worded can make a big difference in how contributions can be used and how they can be reported. During our webinar, we’ll share tips on ways the development and finance teams can work together to write solicitations that maximize contributions while also maintaining transparency.
2. Donor stewardship and transparency
Speaking of transparency – no donor wants to be left in the dark as to how their contribution has been spent. We’ll talk about ways the finance team can help development properly report contribution spending to donors, as well as ways they can work together to manage donor expectations.
3. Receipts of cash vs. promises to give
Having money is a little different than the promise of money, right? Of course! But sometimes the promise of money – and even the receipt of cash – can lead to misreporting between development and finance teams. This is especially true if a donor imposes conditions on a promise or remits payment on a prior pledge. We’ll translate the factors to consider when evaluating when a pledge or cash payment represents revenue and…when it doesn’t.
4. Communication breakdowns
No one wants to be in the position of explaining to their Board or Trustees why the finance and development reports don’t tie (and we’ve all been there). One of the larger communication conflicts happens when there’s confusion over a donor’s intent. It’s imperative that everyone be on the same page as donor intent drives both the counting and the accounting.
There may be communication breakdowns between finance and development, but there are a multitude of ways to bridge the gaps. For barrier-breaking solutions, subscribe to our updates and look out for our September webinar “Lost in Translation: Bridging the Gap Between Development and Finance.”