Poorly managed finances are reason for the folding of many associations. Finances are troublesome, or at least they can be when managed by inexperienced or time poor people. As many associations are run by volunteers, finding the individual most suited to the task can often be a task in itself. Unless the association is one for financial advisors it is likely to be a variety of opinions, experience levels and understanding of finance management, all of which can result in indecision, poor financial planning and ultimately result in bankruptcy.
An organisation’s finances also need to be maintained and planned for, with little good coming from only checking the monetary situation once ever blue moon. All in all it is more efficient and also safer to hand the responsibility over to experience professionals who have dealt with associations before but also know how to make the best plans for your organisation’s future. The Centre for Association Management (CASM) enables associations to free themselves of financial burdens and risk.
Wendy Cole, the President of the English Teachers Association of Western Australia is part of an organisation that has experienced the benefits of allowing CASM to take upon the responsibility of financial management for the association. As a result they have been provided an extended awareness of their association’s financial situation and more importantly, expert assistance in regards as to the future of the organisation. CASM provides the association with strategic planning meetings, assisting with the budgeting of events, workshops and products that they wish to develop. Due to the financial help of CASM, the English Teachers Association has been able to grow its member base and even publish a journal of articles, entirely paid for by advertisers!
CASM’s help does not end there, through their connections with their other clients as well as other professionals in the business world, they help associations find the best deals and network. Wendy Cole praises the staff at CASM for having great connections in the advertising world which made their associations first publication a much easier task than imagined.
While for some associations, relinquishing control of one’s finances might seem to be a terrifying idea, putting it in the care of professionals with expert assistance is the best thing to do. CASAM remains up to date and in charge of an association’s finances, providing expert advice and assistance about plans for your association’s financial future. For associations like the English Teachers Association of Western Australia, their lack of financial experience no longer needs to be of concern and their attention can be given to their goals, rather than stress.
If you would like to know more about how CASM can assist your association, please contact us on 08 9427 0800 or email Ron Adams at Ron@casm.com.au
Do you know what’s involved with running an NFP organisation and what the penalties are if you get it wrong?