Making Specific Project Finances Work for Charities and Churches

In Episode 6 of this season on ‘Making Things Happen: Churches, Charities and Money’, Simon and Bex discuss how charities and churches can make finances work for specific projects.

Some key points of interest covered in this episode include the following:

• Simon starts off the discussion by mentioning a number of different types of projects – including special events, new initiatives and building projects – that can require a specific financial response from a church or charity. [01:49]
• In response to a question from Bex, Simon suggests that the first priority should be to establish the timescale of the project as that will determine how best to manage and schedule the communication and financial elements of the venture. Simon notes that it is important to keep the timescale under review and to be willing to make adjustments to it under certain circumstances. [05:23]
• Simon identifies the cost of a project as being another important priority when undertaking a special project. He explains that it is important to undertake a ‘scaling’ process to establish the implications for a charity or church of taking on this new commitment, especially if the target amount is equivalent to a high proportion of the expected annual income. [09:33]
• When asked about how best to predict and control project expenditure, Simon highlights the following points: include some contingency costs in the budget; if possible, increase financial commitments gradually; be realistic and pragmatic when communicating to donors and supporters about money matters. [12:05]
• Simon outlines some people-related considerations that need to be taken into account when planning a project. [13:48]
• Simon explains the issues that can arise from donations that fall into the category of ‘restricted giving’ (ie gifts that have been targeted at a specific outcome or purpose). [16:34] Clear communication is the best way for a charity to avoid unwelcome outcomes in this context while for donors, the answer is to state that their gifts can be used for general purposes / in any way that the charity feels is appropriate. [21:03]
• Simon concludes by referring listeners to Season 5 of this podcast for further content on the topic of ‘Giving’ and also encourages those working in charities to be encouraged and to keep making a difference. [22:38]
• The next episode in this season will focus on approaches that charities and churches can take to dealing with staffing and other business factors. [23:46]

Suggestions or feedback arising from this episode can be sent via email to whereyourtreasureis@freerangepodcasting.co.uk while messages via Instagram should be directed to @whereyourtreasureispodcast.

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