For nonprofit organizations, every dollar has a purpose. Whether it supports community programs, funds an upcoming initiative or helps keep day-to-day operations running, managing those resources effectively is an important part of advancing the organization’s mission. But nonprofit finances can be complex. Organizations may need to balance operating expenses with fundraising revenue, maintain reserves for future needs and keep enough cash accessible to respond to changing circumstances. At the same time, staff and volunteers are often focused on serving their communities, not managing a collection of disconnected financial tools.
That’s where the right banking relationship can make a difference. Designed specifically for nonprofits, Minnwest Bank’s Impact Savings Suite brings together high-yield savings, maximized FDIC protection, and powerful cash management and fundraising tools in one flexible package.
Put more of your reserves to work
Nonprofits often need to maintain cash reserves while keeping those funds accessible. Simply leaving excess funds in a traditional operating account may not make the most of those resources.
The Impact Savings Suite includes a high-yield ICS savings account, giving qualifying nonprofit organizations an opportunity to earn competitive savings rates while accessing a structure designed to maximize FDIC protection. For an organization building reserves or setting aside funds for future needs, that can help turn idle cash into a more productive financial resource without losing sight of the importance of liquidity.
Automate the movement of funds
Managing cash between operating and savings accounts can become another administrative task for nonprofit teams. The Impact Savings Suite is designed to make that process more automatic.
Two-way sweeps can move funds between accounts in $10,000 increments, helping organizations optimize available cash without requiring staff to constantly monitor and manually transfer funds. That automation can be particularly useful for nonprofits whose cash balances fluctuate throughout the year. Instead of treating every transfer as another item on a to-do list, organizations can establish a system that helps keep funds positioned where they can be most useful.
Build a cash management strategy around your organization
No two nonprofits operate exactly alike. A local organization with a handful of employees may have very different needs from a larger nonprofit managing numerous payments, deposits and fundraising activities The Impact Savings Suite allows organizations to customize their package by selecting from many powerful cash management services These tools can help streamline routine financial tasks while adding controls that can make managing organizational funds more efficient. The benefit is more than just “more tools” but having the ability to select the tools that make sense for the way your organization operates.
Make fundraising easier
For many nonprofits, bringing in donations is only half the equation. Making it easy for supporters to contribute to your cause is an important part of a successful fundraising strategy.
That’s where Autobooks comes in. Autobooks is an integrated tool that allows nonprofits to receive donations, create custom fundraising links and event pages, send invoices and accept payments using Tap to Pay on iPhone.
Having these capabilities available within the organization’s digital banking experience can help reduce the need to piece together separate systems for different financial activities. It can also give nonprofits more flexibility in how they collect donations and payments, whether they’re promoting a fundraising campaign online or accepting contributions at an event.
A nonprofit’s work is never done, but Impact Savings Suite can help maximize the mission, empowers organizations to build long-term financial strength and devote more energy to the work that matters.
Interested in learning more? Inquire with one of our Cash Management Specialists for a no-obligation review.
