4 Money-Saving Tips to Empower Your Mission as a Nonprofit Organization

January 23, 2024

With shoestring budgets, limited resources and many demands from stakeholders, whether clients or donors, operating a nonprofit is unlike running any other type of business. With you and your team balancing the often-urgent needs, priorities and expectations, banking choice often takes a backseat.

At Alliance Bank of Arizona, our tailored banking for nonprofits fuses efficiency and robust fraud protection, ensuring the heart of your mission never skips a beat. This allows you to direct your attention where it truly matters: serving your community.

Here are four key financial strategies to bolster your nonprofit's efficiency, maximize your resources and stretch your dollars.

Safeguard Your Donations with Smooth Transactions

Fundraising is the lifeblood of nonprofits. For maximum impact, a robust and simple donation system is essential. Alliance Bank’s team can share tools that can elevate this core function of your organization:

  • eZePay

    This method is designed for fast, secure credit, debit and ACH transactions. Users can easily integrate a payment link into their website or create a dedicated donor portal. Donor details will be securely stored, ensuring both their privacy and your peace of mind.

  • Remote Deposit Capture (RDC)

    For donors who favor checks, RDC immediately deposits checks electronically as they arrive — any day, any time. That means no more waiting in bank queues or for funds to become available.

  • Lockbox Service

    If your mailbox receives a high number of checks, simplify the process with a lockbox service. Checks get directed to a dedicated, local P.O. Box for quick processing while an online interface simultaneously provides real-time access to digitized images of each check.

Grow & Protect Your Account Balances

Looking to manage significant balances or accelerate asset growth? It's crucial your funds don't stagnate and stay protected beyond FDIC’s basic $250,000 insurance limit. One of our seasoned bankers can help provide insights on solutions tailored for these priorities, including:

  • IntraFi Insured Deposits

    With Alliance Bank being part of the IntraFi network, you are ensured robust protection for your assets. When an account surpasses the $250,000 mark, the additional funds are moved to another FDIC-insured account in the network. This arrangement empowers nonprofits to harness up to $50 million in FDIC coverage, ensuring your assets are safeguarded by banks prioritizing such affiliations.

  • Investment Sweep

    Make your money work for you with a money market investment sweep. Every night, excess funds are automatically moved into a high-yield money market account, eliminating tedious manual transfers and optimizing revenue growth.

Guard Against Fraud with Proactive Measures

Relying on paper checks for bills and payroll can introduce vulnerabilities. Each check reveals your bank's routing and account number, positioning them as attractive targets for fraudulent schemes. Fortunately, there are protective measures available to Alliance Bank clients, such as:

  • Check Positive Pay

    Consider this your frontline defense against fraudulent checks. First, give your bank a list of your issued checks. Every incoming check will be meticulously matched against your list. Spot a mismatch? The bank will make sure you are the first to know, giving you the power to decide your next steps.

  • Third-Party Audits

    It may seem extravagant to have a dedicated bookkeeper or CPA. However, think of them as your nonprofit's financial guardians. These professionals consistently scrutinize your accounts to not only ensure you stick to the best financial practices but also provide an extra layer of protection.

Efficiently Monitor & Regulate Organizational Expenditures

Managing expenses and guaranteeing secure transactions is paramount for nonprofits. The Visa Business and Business Plus Credit Cards offered by Alliance Bank are prime tools designed to meet the unique financial demands of organizations like yours. Through these cards, you can:

  • Log all purchases automatically for more straightforward expense tracking.
  • Harness the superior security of credit cards over debit cards to protect against fraud.
  • Set spending limits for each cardholder to maintain control of your expenses.
  • Update cardholder details at any time with 24/7 support.
  • Avoid hidden costs with no annual or over-limit fees, so you can budget with clarity.

Optimize Your Nonprofit's Finances with Alliance Bank of Arizona

Alliance Bank understands the needs of nonprofits of all scales, offering custom treasury management services including fraud protection. 
With years of experience working with Arizona nonprofits, our banking team welcomes the opportunity to share our expertise and connect you to the local banking resources your organization needs to achieve your goals.

Your mission needs expert financial backing. Partner with Alliance Bank to amplify your impact. Reach out to connect with an Alliance Bank banker and schedule a consultation on how we can work together to help you better serve the community.