Best Credit

The financial News Delivred To Your Inbox

I had a heartfelt conversation with a sports personality who soon retired (her name was kept for ethical reasons but called her Jane) about her future after years of practicing sports. She was worried about how her charity could be maintained without blowing the savings.

Influential individuals, including celebrities and athletes, are very active in charity. The strong impact that communities have on supporting & # 39; one of their own & # 39; or home support helps to foster these relationships. Some of the successful athletes also benefit from nonprofit projects. Therefore, there are more likely athletes to favor the participation of empowerment in the community. But at what cost?

From my conversation with Jane, she told me that despite registering a charity under her name, her donations to other charities were made with her personal account (nothing wrong). However, as someone who wants to get more involved in charity, the problem becomes, how does she seek out money with your personal account? And how does she manage her personal finances separately from charity?

Like Jane, there are other individuals who are passionate about charity but lack the means to raise money from their networks and therefore inflate their savings just to keep up the spirit of giving back to the community.

Without following a detailed plan, your goals are easy to define. And without a policy, there is a lack of financial prudence and this will be a liability to your personal accounts and income statement.

When financial management and liability concerns are set up, the risk of damage to your brand and person will escalate. The impact is devastating both for your non-profit business and your personal life, including financially. Negative coverage harms your reputation and credibility. It could also attract sanctions from government and professional enforcement agencies.

Some disciplinary actions by professional regulators and governments (federal states) include; delisting, freezing assets and assets of the agency or imposing fines to serve as a warning.

Fortunately for Jane, her case was entirely straightforward since my input was technical. We set up a non-profit technical facility for it and developed a strategic business plan. The strategic action plan will be the guiding principle for those not for profit in the near term.

I am also delighted to have met Jane and worked with her on developing a prudent plan on how to obtain and manage wealth from wealth in her network. Most importantly, I am pleased to have worked with Jane in separating her personal financial activities from those who are to do with her organization.

There may be other people with similar concerns to those Jane experienced. Others might have vague strategic fundraising plans. I advise you to seek professional help to resolve these concerns. They not only stifle the growth potential of your business, but expose you to reputation or financial damage.

Leave a Reply

Your email address will not be published. Required fields are marked *