By now, just about everyone in the sector has gotten the memo on the need for financial oversight.

Speaking during the 2011 Risk Management and Finance Summit for Nonprofits, Robert J. Fleming and Vincent J. Stevens of the CPA firm Clark Nuber, P.S. acknowledged the need for oversight by a nonprofit board but talked also of the need to go beyond, to the broader leadership role of assuring good fiscal health and mission sustainability.

They spoke of revenue enhancements, including key considerations and revenue ideas. The key considerations for revenue enhancement:

• Have you surveyed members?
• How does it fit into overall operations?
• Does it meet member/stakeholder needs?
• Do you have the expertise to manage it?
• Is it generating net revenues?
• What are the tax implications?
• Does it provide diversification?

The revenue ideas include:

• Passive income (interest, dividend, royalties).
• Rental income.
• Sale of donated items by volunteers.
• Conferences and trade shows.
• Sponsorship advertising.
• Auctions.
• Convenience items for members.
• Social entrepreneurship (sheltered workshops, expansion of existing services, unrelated activities).
• Job bank.
• Forms.
• Benchmark/surveys.
• Software.
• Insurance.
• Travel tours.
• Resources directory.

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