As I See It: Development and Finance: A Friendship for the Ages
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The bond between development and finance is like a friendship for the ages—one that’s built on mutual respect, open communication, and a shared commitment to the greater good. According to a recent survey by the Nonprofit Finance Fund, 86% of nonprofit leaders know that when these two departments work together, great things happen. Their collaboration ensures accurate financial reporting and the strategic use of resources, which boosts fundraising efforts, strengthens donor trust, and sets the stage for long-term success.
Here’s why this friendship is so important:
Building Trust Through Transparency
Just like any strong friendship, trust is essential. When finance and development teams collaborate closely, they create financial transparency that reassures donors and strengthens their bonds. Together, they show how every dollar is making a difference and deepening trust and loyalty.
Smart Budgeting and Resource Use
Great friendships thrive on shared goals, and that’s exactly what happens when these two teams plan together. They make certain that funds are allocated wisely to support their joint efforts. By sharing insights and strategies, they focus on what matters most, making the most of every opportunity.
Staying Compliant and Meeting Requirements
Every friendship comes with responsibilities, and for finance and development, it’s about meeting legal and reporting obligations. By working together, they avoid financial missteps and stay true to their commitments, ensuring they’re always in good standing with grants and donor expectations.
Creating a Collaborative Culture
Like any great friendship, finance and development thrive when they understand and support each other. Regular communication and joint meetings help them stay aligned, creating a unified team that’s ready to tackle any challenge in pursuit of their shared mission.
In the end, the partnership between development and finance is a friendship that fuels the success of your nonprofit. It’s a reminder that accountability—acting with integrity, transparency, and excellence—is at the heart of every great relationship. By nurturing this connection, your organization can grow stronger and achieve its mission, proving that when the right friends work together, there’s nothing they can’t accomplish.
Clint Riley, MA|MBA, CFRE is the Director of Administration & Finance at M. Gale. Clint has spent a majority of his nonprofit career in arts, culture, and education, helping these organizations articulate strategic priorities and develop practical and effective policies, systems, and procedures in support of their mission and philanthropic goals. He has held roles in fund development, marketing/communication and sales, program design and assessment, project management, and strategic planning.
