Financial and Banking Services For Nonprofits
Many banks and financial institutions in the UK and overseas offer specialist services for non-profit agencies, social enterprises and the like: offering more tailor made services, which aim to help manage finances in a way that increases the beneficial social outcomes of those organisations.
Read on for more information on community banking:
Financial Service Solutions For The Not For Profit Sector
Not for profit organisations play an important role in strengthening communities and advocating for social and environmental change.
As such, many leading high street banks offer commitments to providing cost-effective services helping non-profit organisations to expand and meet the goals of their organisations.
They also want your money, of course.
There are also a number of smaller scale, independent financial service providers who offer financial solutions for non profit organisations, community organisations, charities, social enterprise organisations and ethical businesses.
Key services include:
- Loans
- Accountancy advice
- Tax management
- Financial management advice
- Specialist accounts
- Cash management services
- Investment services
- Financial workshops
- Specialist insurance facilities
- Social and economic development funds
- Charity linked credit cards
Remember, a banking account for your non profit organisation is good sense, like any business bank account, if you want to keep all your organisation’s transactions separate and have cards, chequebooks, etc in the name of your non profit group and accept payments in the name of the group.
Banking For The Community and Non-Profit Sectors
Basic skills in financial management start in the critical areas of cash management and bookkeeping.
While new non profit leaders and managers have to develop at least basic skills in financial management, it is good to know that specialist advice is widely available these days.
A bank service for non profits at the time of going to press, which looks well worth a look, is the Nat West Community Account, offering an easy way for your non-profit organisation to look after its funds.
Account benefits:
- Instant Access – Get access to your organisation’s funds whenever you need them.
- No Charges – For deposits or withdrawals if your organisation’s annual turnover is less than £100,000.
- Cash Withdrawals – Nationwide network of branches and cash machines.
- Online Banking – And phone banking give you 24-hour access to your account information.
- Free Support – From a Community Development Banking team.
More Advice
Some accounts do offer 24 hour support services, which is great. Obviously, always check the terms and conditions of any account carefully before you proceed, especially looking at payments for transactions.
Also, it is advisable to think where your transactions will be made. Some good deals on Internet transactions can be found. Deals and services are changing rapidly though, so remember if you want to avoid going straight for the obvious choice, of say the Co-operative Bank, you will need to do some legwork and shop around.