Investors Community Bank's Podcast

Money Matters with Matt - September 4, 2020

September 04, 2020 ICB
Investors Community Bank's Podcast
Money Matters with Matt - September 4, 2020
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Investors Community Bank's Podcast
Money Matters with Matt - September 4, 2020
Sep 04, 2020
ICB

Running a nonprofit can be challenging. From budget, to fundraising to day to day operations you pour your heart and soul into helping your community. On today's episode, learn some helpful tips for budgeting for nonprofits, and how Investors Community Bank can help with your banking needs!



Member FDIC 

Show Notes Transcript

Running a nonprofit can be challenging. From budget, to fundraising to day to day operations you pour your heart and soul into helping your community. On today's episode, learn some helpful tips for budgeting for nonprofits, and how Investors Community Bank can help with your banking needs!



Member FDIC 

Speaker 1:
And now, Investors Community Bank welcomes you to Money Matters with Matt on 1240 Radio WOMT.

Jim:
Once again, joining us in the studio. Matt Lemke. Hello, Matt.

Matt:
Hello, Jim.

Jim:
Well, let's talk about a subject that does a lot of good in our community and that's nonprofit
organizations.

Matt:
Yeah.

Jim:
And Investors Community Bank has some great opportunities for non-profit organizations, but let's just talk a little bit about what are the banking needs of a nonprofit and explain what goes on, what makes them different?

Matt:
Well, that's a great question. One of the things, as you know, is the nonprofits' primary mission is to do good in and around the community. And so as you think about nonprofits that you're aware of from a banking perspective, we offer tips at Investors Community Bank for some of these nonprofits. A number of us sit on boards in and around the areas. And some of the basic things that we talk to nonprofits are about... it's really what you'd expect to hear almost on a personal side. You start with making sure that you have a budget and most nonprofits are always looking for money, right? They're trying to raise funds to support a cause to build something, to do good in the community. And it's important to understand from a budgetary perspective, where are those funds coming from? How do you think you're going to obtain them? What sort of costs are you going to incur to run the nonprofit? And as an
executive director or a board member, those are questions that you should be asking and making sure that you understand.

Jim:
So you want to do good in the community, but then you have to all this paperwork in the background.

Matt:
That's right.

Jim:
And it is.

Matt: 
 It's just like running a for-profit business, only your source of funds isn't always as guaranteed and you've got to rely on the generosity of the community and the board members and the people that really support and get behind your cause.

Jim:
Then you've got to have a... better term I'm sure is available, is the budget of business plan, although it's a nonprofit plan, and how you're going to do all this, including parking the money and dispersing the money, which Investors Community Bank can help you with.

Matt:
Absolutely. That's a great point. Most nonprofits really should have a one three and five-year business plan and it should outline expectations for all the things that we just discussed. And then once you've got your business plan, you need to find a place to park it. And a lot of institutions, Investors Community Bank included, have special accounts for nonprofits. Maybe no minimum balance, maybe no monthly service fees, maybe discounts on some of the business services that you're going to require to successfully run that nonprofit. And you do that because, again, you're trying to help support the community that you're in and around.

Jim:
And that planning part of it, the business plan, is this is what we want to do, and this is how we're going to get there.

Matt:
That's right.

Jim:
And then everything in between is all filled in. There are some great nonprofit financial solutions from Investors Community Bank also.

Matt:
Yeah, absolutely. Again, we've got, we've got a nonprofit checking account that's designed with no monthly service fee, no minimum balance requirement, unlimited transactions, and then discounts on some of the various treasury management services that may or may not be needed. And the big thing for a nonprofit as well is decide how much money you want to set aside for a rainy day, and then also look for a competitive rate of interest. Because again, as a nonprofit, you're trying to maximize your funds and you're relying on the generosity of the community.

Jim:
And interest is just another way that you can get to that goal of a nonprofit, you can get to that goal faster.

Matt:
Yes.

Jim: 
And if it means a few more dollars, that all helps.

Matt:
Yep. It does help and you should have a rainy day fund. It's just like any good planning. Nonprofits will run into things, whether it's shortage of volunteers or increased costs for something they're trying to do. And so having a good, decided amount set aside that's also earning interest and compounding is a great way to help it grow.

Jim:
You are a wealth of information, especially on nonprofits here. So we have a lot of questions and at Investors Community Bank, you're there to help. You're a partner in this.

Matt:
Absolutely. We've got a number of individuals that, in any of our locations, would be more than happy to talk to any non-profit that's got questions about business planning, banking, or overall running. And we're involved in a number of boards in and around all of the communities that we serve.

Jim:
What's the best way to get in touch with you?

Matt:
Well, you can email, you can phone call. We'd love to see smiling faces stop in our branches and we'd be happy to help.

Jim:
Matt Lemke from Investors Community Bank. Thanks for coming by.

Speaker 4:
Thank you, Jim.

Speaker 1:
You've been listening to Money Matters with Matt, presented by Investors Community Bank. Let your money work for you. To learn more, visit investorscommunitybank.com. And don't forget to tune into Money Matters with Matt every Friday morning here on 1240 Radio WOMT. Investors Community Bank. We promise to walk in your shoes. Member FDIC.