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PRESS ROOM

Bart Beauchamp
Special for the ABG
Mar. 22, 2007 12:00 AM

No longer ignored by banks, non-profits get financial hand

Not long ago, banks treated not-for-profit organizations as poor relations. Often ignored by larger banks, worthy organizations had to struggle to develop financial relationships that were not a burden.

Now there is a better way.

Smart banking options are available to help ease the burden of financial management from the already loaded shoulders of not-for-profits. While these organizations are focusing their limited time and resources time and limited resources on the important work of serving our communities, someone needs to mind the business. Financial institutions are taking the time and devoting necessary resources to meet this need.

Many assume that not-for-profits can't make money, but many, such as Valley of the Sun United Way, which raises and distributes millions each year. The non-profit sector is the fastest growing in the U.S. economy, according to World Factbook. In 2006, there were 18,710 not-for-profits in Arizona registered with the IRS, according to the Arizona State University Center for Nonprofit Leadership and Management.

Over the past decade, Arizona non-profits have increased revenues from $8 billion to $17 billion in revenue. Effectively managing that money is critical to continued success for non-profits.

My bank, the National Bank of Arizona, has developed a new suite of services, Not-For-Profit Matters, which provide the following benefits:

Skilled bankers with non-profit financial expertise to maximize opportunities.
Customized products and services tailor-made for these businesses.
Automated financial management tools to increase accuracy and efficiency.
Simplified processes to provide convenience.
Integrated accounting services to assist with reporting and oversight.
Unlimited check writing and anytime deposits.

A wide variety of organizations can benefit from our bank and others that offer these services. Perhaps a homeowners association manages your neighborhood, or you belong to a chamber of commerce or country club. Or maybe you give your time, money or treasure to social welfare or charitable organizations. Many of these entities have modest monthly transaction needs and do not maintain large balances in their accounts.

Stepping Stones Agencies, an organization that provides urgent and safe housing needs for women and children affected by domestic violence, used National Bank of Arizona's customized Not-For-Profit Matters services.

"In order to be fiscally responsible, it is vital for non-profits to use these kinds of tools and services so we can focus on better serving our core missions," said Robin Burke, executive director of Stepping Stones Agencies.