Practical Financial Tips for Community Organisations

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Practical Financial Tips for Community Organisations

The National Coalition for Voluntary Groups have developed 12 practical points that maybe of benefit to local charities and community and voluntary sector organisations here in the Causeway Coast and Glens area, given the disruption and the impact on organisational finance  across Northern Ireland.  These are;-

  1. Focus on cash flow management.
  2. Know what your fixed costs are and when you will need to pay them.
  3. Delay committing to any expenditure that you can.
  4. Chase all outstanding debts.
  5. Invoice for all services already delivered and then ensure that these invoices are paid.
  6. If you are receiving funding, submit any required reports on time to make sure that you receive future instalments on time.
  7. Talk to your bank manager and see if they will offer you an overdraft facility (even if you don’t need one right now).
  8. If you have loan repayments the lender may be willing to delay the capital repayment.
  9. Implement a recruitment freeze on all vacant posts.
  10. The Charity Finance Group has compiled a guide for charity finance professionals which will be updated with new information and advice as the crisis unfolds.
  11. Haysmacintyre are collating, analysing and providing insights on the various financial, tax and accounting measures and initiatives being announced.
  12. Charities may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. You can call the HMRC on 0800 0159 559 but it may take some time to get through as demand is high.