Financial information is always relevant.For non-profit companies, financial transparency is not only a competitive advantage but a very important parameter that affects both, their public image and their capacity to get donations.
Adopting financial transparency practices is very easy with Glass Social. Managing a non-profit organization within this platform will help not only to improve the image of your company, but to strengthen the trust in your organization and its mission, and to demonstrate that the donations received end up where they should be.
1. Control operative expenses
Studies show that now, before making any type of donation, donors consider the costs of administration of nonprofit organizations. According to the Wise Giving Alliance figures of the Better Business Bureau, it is recommended to allocate no more than 35% of your total funds in administration expenses. And it is very important for the donors that the money they are giving to help a cause, reach those who are in need, and that it’s not used to cover the operating expenses or salaries of the employees. Starting and managing a non-profit organization puts you on the public eye, so it’s convenient to keep administrative costs as low as possible and make these practices public.
Glass Social helps you maintain financial transparency in each of the areas of your company, ensuring that each area sticks to its budget. You can also share this information with the public to ensure that the donations you receive are used wisely. With Glass Social all financial transactions are communicated in a transparent and unalterable way, and can be easily consulted from any device.
2. Create periodical reports
Running a non-profit organization means dealing with a mountain of paperwork: from the constitution papers, the tax exempt permits from the Federal Income Tax, to the continuous publication of financial statements and expense ratio.
Although most donors will never see these reports, it doesn’t mean that you should not make this information public. Registering financial information in a transparent manner is crucial attract support, not only from institutions but also from individual donors.
3. Share financial information
Adopting financial transparency practices will improve the credibility of your company and present an image of being committed to good planning, responsible spending and rigorous supervisory practices. There is no need to overwhelm people with facts and figures. You can focus on sharing key financial metrics that will allow them to judge if you are fulfilling your goals. You can also share the percentages of expenses described above, and the budgets for particular projects.
A very attractive way to share important data is to divide the expenses by unit, as “every $ 4 allows us to feed a hungry person for a day.” It’s a simple way to present relevant and very effective information for fundraising.
In addition, creating a profile in Social Glass all your financial movements, donations, payments, expenses and others, will be available to anyone.
Glass is the best financial transparency tool available that allows anyone, whether individual or company, to make public all the financial movements that are made. For non-profit organizations, Glass Social helps to make relations between organizations and donors more transparent, and to guarantee the best financial use of the donations received. Join Glass and be part of the shift towards financial transparency.
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