Are you a business or a private donor who wants to back charities to create secure reserves to be strong and support their beneficiaries over the long-term?
Do charities need to find more ways to innovate in terms of fundraising to create a sustainable giving future that ensures charity reserves are kept well stocked?
New research suggests many charities need to keep an eye on
their reserves and ensure their funds in reserve are adequate for current and
long-term needs.
A recent poll of charities by a UK chartered accountants firm,
HW Fisher, revealed many charities had not adjusted their reserves policies since the
economic downturn started.
A HW Fisher & Company poll of 800 UK charities found 39
per cent of charities surveyed could benefit from looking at their reserves policy.
Andy Rich, reveals in a blog news article about charities reserves that many charities "unrestricted funds" reserves need a reboot to ensure charities have enough put away for
“a rainy day”.
Unrestricted reserves strategies could be developed more
proactively, helping further the charity's strategic plans, he says, as well as
considering modifications if necessary in line with changing conditions rather than
just having a long-term set figure.
Mr Rich, also suggests charities consider “some form of
action plan for re-building reserves", which may involve exploring new sources
of income such as trading activities as well as being bolder about using reserves to
support core activities.
Stockpiling sufficient reserves and being aware of the
sudden needs that befall charities, especially in crisis situations, is something
that many charities and supporters are also increasingly becoming aware of...
We have touched on this topic before at our news channel exploring the importance of sustainable giving to support charities through times of economic uncertainty - and also help them prepare for unexpected demands on their resources. As well as personal donation platforms Xp also supports business giving to create long-term help for charities via its Fair Giving charity platform.
