Are you providing your members with tools to track the health of their industry or profession as well as their performance? An effective association-sponsored research program can be a cornerstone member benefit and a powerful tool to further engage your membership and reinforce the power and effectiveness of your association. But what about antitrust concerns? Are you complying with the safe harbor established by the federal antitrust enforcement agencies? Jeff Tenenbaum, Esq. , Managing Partner of Tenenbaum Law Group PLLC, and  Mike Hayes , Principal & Managing Director of Vault Consulting, hosted a virtual discussion on the best practices for conducting association-sponsored research and understanding the legal risks, particularly as it relates to federal and state antitrust laws. Click below to play the webinar! ( Sound On! ) What You’ll Learn: Learn best practices for conducting association-sponsored research and what has worked well for other associations Understand the importance of the antitrust laws in connection with association information exchanges, benchmarking, and similar data-collection programs Leverage legal guidelines and safe harbors while making it all work for your association

When people ask me what I do, the response of insights and analytics consultant often is met with blank stares. So I follow up with “I conduct focus groups and surveys” . After-all, that’s what research is all about, right? While there is a bit more to it than that, this description does encapsulate the two main types of research, qualitative and quantitative. Research Methods Quantitative research gathers data from a variety of sources and then analyzes it to provide a straightforward, numbers-focused understanding of the “what” concerning a certain topic. Most of our clients are very comfortable with the what – surveying members and stakeholders on everything from education or conference evaluations to advocacy needs or overall satisfaction. However, quantitative data can’t always provide the full picture. In order to truly understand an issue and how to act on it, you often need the “how” and “why”. This is where qualitative research comes in. For many, focus groups are synonymous with qualitative research (which is why it is a handy way to describe what I do for a living). While they are certainly a popular method, it’s just one of many. Approaches to Gather Qualitative Insights Focus groups . In a focus group, researchers assemble a group of 6-8 (virtually or in person) to share their opinions and thoughts about a particular topic. Focus groups create an ideal forum for brainstorming where participants can take their thinking in whole new directions. This is the kind of setting where an “ideal” model can be created by a group, or where ideas can be fleshed out more fully. Additionally, focus groups provide the time (two hours) and the setting for really robust discussion. It’s this kind of energy that can really play out in new ideas and new ways of thinking. In-depth interviews. Another popular method for doing qualitative research is the in-depth interview (IDI). As its name implies, this style of research is typically a one-on-one conversation between a person with insights or opinions about a topic and the interviewer. Generally, IDIs are considered one of the richest methodologies available to provide in-depth insights into a target audience’s thinking and attitudes. Their intimate setting allows for a very focused conversation while eliminating the influences or pressures that sometimes happen in larger groups. Without the threat of feeling uninformed or the pressure to “one-up” the other participants, respondents will be much more candid in their conversation and you’ll get a truer read on what they really think. Bulletin board. Like in-person focus groups, in this approach you begin by inviting a group of potential participants to share their opinions on the topic being researched — but in this case, in an electronic bulletin-board environment. Of the various online methodologies available, bulletin board discussions provide participants with the greatest amount of anonymity and privacy, ensuring a robust and rich discussion about the subject. Like the online focus group, this approach also affords the ability to reach and retain low incidence, hard to recruit targets (geographically dispersed) and broad geographic coverage offers better representation. Further, participants enjoy the ability to participate in research from anywhere and at a time convenient to them. Clearly, there is no one-size fits all approach to qualitative research (or any research). Picking the right methodology requires a deep understanding of the questions at hand, the individuals who will be answering those questions and the relative strengths and weaknesses of the various approaches. Get the Benefits of Primary Market Research At Vault, we believe that conducting primary market research, including qualitative research, is a great way to make your organization thrive. However, great research is only the beginning. At Vault Consulting, we tailor our research services to help your organization meet its goals and provide the tools you need to translate data into actionable information. If your organization requires professional primary market research services, contact us for more information about our research services today!

The world of work is changing. With the entry of Generation Z in the workplace and Millennials into more management roles, we’re seeing organizational shakeups and new expectations around when, where, and even why we work. Workers within these two generations have gained reputations for frequently switching jobs in order to achieve the compensation, flexibility, and sense of purpose they desire. As Deloitte reports in its Global Gen Z and Millennial Survey , four in 10 Gen-Zers and nearly a quarter of Millennials want to leave their jobs within the next two years, and many of these future job-seekers want jobs that align with their values. Meaningful work that helps drive positive change is important to these generations. It also provides one key way in which nonprofits stand apart from other employers. However, this shared purpose alone is not enough to attract quality candidates.  With these changes within the labor market, now is an excellent time for nonprofit employers to take a fresh look at their recruitment strategy and messaging to ensure that they’re tuned in to what today’s employees want. Below, we offer seven tips to enhance recruiting for nonprofits. 1. Ensure your employer brand reflects your mission Your employer brand is what employees think of when they hear your organization’s name. For nonprofits, this likely includes your mission. Many individuals are attracted to nonprofits because they care deeply about an issue and want to serve as an advocate. That said, you can’t assume that candidates are searching for your organization based on a shared interest. Clear messaging around your mission will help with recruitment beyond niche job boards. This audience may not have initially considered nonprofits as an employment opportunity. However, it’s also important to highlight your organization’s culture, values, and benefits to create a picture of day-to-day work within your organization. 2. Promote inclusivity in your work environment Employees want a work environment where they feel like they belong and that their contributions are valued. Recruiting for nonprofits is all the more impactful when the mission is aligned with inclusivity. An emphasis on inclusivity can be communicated through clear, detailed job descriptions that encourage anyone to apply. It can be conveyed when you reach out beyond traditional recruitment websites to social media or membership societies targeted toward groups under-represented in your sector. Whatever strategies you choose, it’s important to also explicitly highlight in your recruitment messaging how inclusivity is reflected in your mission and workplace. 3. Determine how you can compete on compensation and benefits When it comes to for-profits, a competitive salary can be the biggest differentiator in attracting top talent. But with an average salary of $67,000 a year, nonprofits tend to find compensation a sticking point in attracting top talent. It doesn’t have to be. It may be that nonprofits can offer more meaningful benefits – think volunteer time or greater work-life flexibility – that truly hit the mark for what matters to employees. The first step to competing is to craft a compensation plan that reflects what’s expected in your sector and region. Your industry association may be able to provide salary data for your sector. While nonprofits may not be able to offer a salary as high as their for-profit peers, it shouldn’t be too far off the mark either. Location-based salary surveys may be available through the local chapter of the Society for Human Resource Management, among other sources. 4. Provide opportunities for professional development Job candidates want to know they will be able to grow and develop within your organization. When recruiting for nonprofits, encourage these conversations so that candidates understand how you aim to support them. Professional development doesn’t always require funding. Mentorships are a cost-effective strategy for building job skills and deeper knowledge in your sector. Simply affording individuals the time to attend conferences or pursue additional training or higher education can be a powerful enticement. 5. Identify career path opportunities and limitations Prospective employees want to know what a future with your nonprofit holds for them, but it can be hard for smaller nonprofits to offer a comprehensive career path. It is important to have these conversations upfront and ensure that candidates understand potential opportunities for growth. Individuals should recognize that there may be some limitations in how far they can go in a short amount of time at a small nonprofit. That doesn’t mean there’s not an opportunity to grow – it may simply require more patience as opportunities for advancement may take longer to arise. In the meantime, career mapping can help nonprofits and employees identify those opportunities and a potential timeline for advancement. It may also help to focus on growing impact over growing into clearly delineated roles. 6. Recognize and reward employees Employees appreciate being recognized for their hard work. Taking the time to recognize and reward employees for their accomplishments can build engagement and loyalty. This can be done through formal recognition programs, such as awards, or through informal recognition, such as public praise, thank you notes, and kudos on internal chats. Public recognition that celebrates employees on social media channels can also serve as an extension of your employer brand. 7. Track employee satisfaction Employee satisfaction is essential for attracting and retaining top talent. Take time to understand what makes your current employees happy in their jobs, that they’re finding the sense of meaning they expected in their role, and are developing in a way that they find satisfying. Make sure, too, that your people feel they are able to talk about their experience with their managers and are getting regular feedback. It can help to have an employee experience diagram that provides a clear visual of what employees should expect in terms of the workplace culture and how management accessibility and feedback delivery will meet these expectations. This tool, alongside surveys and interviews with team members, can ensure expectations are being met. Attract Top Talent with a Strong Recruitment Strategy Recruiting, for nonprofits, is an opportunity to express how your organization can offer employees the meaning they seek in their careers. With these tips, nonprofits can begin to craft a competitive strategy for attracting candidates from a broader pool than ever. Ready for one more tip? The most impactful way to enhance your recruitment strategy is to outsource your nonprofit’s HR management to a third-party expert. Contact us at Vault Consulting to learn more about how we can help attract top talent while you focus on your mission.

Member research is a great way to make informed and strategic decisions. When done effectively, it provides deeper insight into your member, stakeholders, and their reasons for engaging with your association.  Who are your members? Understanding your member universe allows you to develop the most comprehensive strategy for maintaining and growing your engagement and membership. Research can support and grow your membership strategy by enabling you to understand better your members’ motivations, intentions, and behaviors. Such information is invaluable for strategic planning and maintaining a thriving organization. Use member research to answer and address key areas in your organization: Membership Personas:  Discover more about who your members or donors are.  What are their pain points?  How do your members’ job responsibilities, tenure, professional accomplishments, and goals differ?  Why do they choose to support your organization?  What matters most to them? Are members satisfied with the current benefits? Communication Efforts:  Member research allows you to learn how and why your members differ. If you know this information, you can better segment your audience so that members only receive communication from your organization when it’s pertinent to their needs or interests.  For example, custom individualized email messaging will result in higher open rates and increased engagement.  3. Strategic Brand Development:  Perception is reality. If you understand more about how your members perceive your organization, you can correct or capitalize on those perceptions.  For example, learn how your members view your organization compared to others in your niche. This information could help you identify strengths and weaknesses in your existing branding or marketing efforts. Cultivate and Refine Membership Offering:  Evaluate whether you offer your members the right mix of products and services. Could new offerings expand your appeal and, therefore, your member base? Understanding what your members and non-members value from your association while identifying unmet needs will allow you to focus on the most valuable products and services.  Tips for Success Once you’ve established your objectives for your member research, begin evaluating how your organization will execute the research process.  Decide who will conduct your research. Some organizations conduct the research internally with staff and other in-house resources. However, hiring a third-party consulting firm to collect research on their behalf is usually most beneficial for many nonprofits. Decide how you will execute your research. Nonprofits gather data through various efforts, including surveys and focus groups.  Modernize your data. Download this association trends guide aims to help association executives harness modern data programs and effective presentation strategies to provide the critical insights their members increasingly rely on. Get the Benefits of Member Research at Vault Conducting member research is a powerful first step toward helping your nonprofit thrive—but it’s only the beginning. At Vault Consulting, we tailor our research services to align with your goals and equip you with the tools to turn data into actionable insights. Contact us today to learn more about how our professional research services can support your nonprofit’s success!

Suppose you’re concerned about the growth of your organization. In that case, it’s only natural to focus on topics like membership recruitment and retention, marketing efforts, and ramping up your presence on social media. While each of those processes matters a great deal, it’s essential not to overlook some of the behind-the-scenes technology and capabilities that enable you to keep the lights on in the first place. This post focuses on key technology considerations that can impact your ability to grow and share some related best practices. Integrate Technology Across Your Organization One of the most important priorities for most organizations is ensuring their various systems can talk with each other. Most associations have some combination of core systems, usually beginning with accounting, Association Management Systems (AMS), and Customer Relationship Management (CRM), and sometimes extending to automated accounting systems and other solutions. Often these systems have been acquired and developed incrementally over the course of years, and in some cases, they interact effectively enough. But in other instances, there are disconnects and incompatibilities. When systems cannot talk with each other effectively, it can mean rework, errors, and poor-quality member service. If you are having problems with systems that don’t interact effectively, there may be technology solutions that can help. Rather than simply creating more workarounds, sometimes the best approach is to speak with a technology integrator and explain your challenges. Reducing the Need for Paper Documentation A technology solution that can deliver real value for your members and partners is automating aspects of your accounting system — particularly your accounts payable function. That can free up staff time so that they can focus on solving more complex problems that members are having related to payments or reporting. Transitioning to automated accounting systems can help you move toward a paperless (or nearly paperless) process for documentation and online bill payment. While your bank may be able to provide partial solutions, in many cases, the supporting documentation doesn’t automatically transfer to your internal accounting software. More effective solutions essentially come with their own bill management and payment lifecycle, creating audit trails at the same time they’re generating payments. The solutions also provide staff in operating units greater visibility into their budgets while safeguarding your organization’s assets. Cloud-based and SaaS Solutions Another area to look into is moving to a cloud-based and Software-as-a-Service (SaaS) system. This trend has been developing for some time, but it’s becoming increasingly important — especially regarding data security. In the past, some associations were able to operate with systems that lagged behind the most recent software release. Unfortunately, the increasing incidence of hacking and ransomware attacks makes keeping your system up-to-date more critical than ever. Cloud-based systems can address this need automatically. A Few Additional Words of Advice It’s worth pointing out that not all technology enhancements have the same impact on efficiency and member service. Don’t be taken in by the lure of the new and shiny. For example, you might get advice to install the latest, flashiest Learning Management System or enhancements to your website. However, these enhancements may not measurably improve your ability to meet member needs — and they also come at a cost. Investing in new technology is only smart to the extent that it helps you accomplish your mission. When it comes to technology, it pays to question everything and be open to change. With the various automated accounting systems and specialized tools on the market today, you almost certainly have options you haven’t considered before. Time to Get Growing? There are a variety of best practices and models that can point the way to better outcomes. The stakes couldn’t be higher — but by adhering to these best practices and incorporating them into your management strategy, you can optimize your organization’s likelihood of success. Vault Consulting helps organizations boost member engagement with tailored strategies and data-driven insights. Contact us today to learn how we can help you build stronger connections and drive meaningful results!

Interactive reporting has grown in demand in recent years, and today these reports are more powerful and insightful than ever. Using sophisticated application programming interfaces, associations can transform once-static, hundred-plus-page reports into dynamic, customizable, easily searched dashboards that provide greater value to their members. These interactive reports save members time by allowing them to drill down to the level of data that they need. This functionality allows your members to make data-driven decisions more quickly. This is reason enough for many associations to offer interactive reporting—yet this is just the beginning of the value these reports provide. Below, we outline six additional ways to increase the value of your association’s data through interactive reporting. Give Members a Reason to Visit Frequently Traditional static reports tend to see one-time use, whereas interactive reports provide an easy-to-use resource to which members can return time and again. When data is easy to search and sort, it encourages members to dive back into the report as the need arises. For many associations, this is something of a paradigm shift—from delivering a limited product to creating a center for engagement. With interactive reports, readers aren’t likely to digest all of your content in one sitting. Instead, there will be elements that become more salient based on needs at a specific point in time. For example, companies that deliver reports on equipment features and pricing may find members refer to this data when they’re ready to make an investment. Reports with wage data can help companies make decisions around competitive pay raises. In times of change, reports with trend or economic information can help guide members’ decisions. Add Secondary Sources to Support Your Data A primary benefit of interactive reports is how easy they are to use. Add to this value by bringing in relevant secondary sources. This might include data such as imports/exports, GDP, housing starts, product or material costs, and other relevant industry figures. Funneling all of this information through a single channel saves your members time, and that alone is valuable. Or, pair this data with trends and statistics that are highlighted in your report to further drive engagement on your site. Best of all, it’s possible to automate the process of importing these secondary sources of data into your interactive report whenever updated data is available. Level the Playing Field for Organizations of All Sizes Through data-rich interactive reporting, associations can serve as a hub for information, giving companies of all sizes access to sophisticated, timely information. While larger corporations may already have internal business intelligence tools in place, small and midsize companies can gain tremendous benefits from the intelligence behind interactive reporting. By becoming  the data arm for smaller organizations unable to conduct their own research, associations can help their members raise the visibility of their expertise and brand. That’s not to say you can’t increase the value of interactive reporting for larger organizations, as well. Today’s sophisticated systems allow companies to enter their information into a report without sharing that information outside their organization. With these protections in place, all parties get access to more robust data and a clear sense of how they compare against their peers. Make it Personal to Every Member’s Needs Today’s interactive reports are more dynamic than ever. Features include the ability to bookmark key charts or save specific filters so that every time a member logs into your site the information they need is at their fingertips. This can be particularly useful for associations with national or global members who want to be able to drill down into region-specific data. Some associations are able to provide data at the zip code level. This level of detail can support regional sales trends, advocacy efforts, state-by-state lobbying, and countless other purposes. Engage New Stakeholders Your members have plenty of reason to sift through a 200-page report, but that level of detail may not invite attention from parties beyond your industry. Interactive features make data more accessible, potentially attracting the attention of organizations that work with your industry and the press. For example, one of our clients provides interactive reporting around the inclusion of underrepresented racial/ethnic groups in leadership roles at firms within their industry. This provides a valuable benchmarking and accountability tool for their members, who are actively working to improve their hiring practices and organizational diversity. However, this data is also useful for companies that are hiring these member firms, as it demonstrates an alignment of values. It’s also useful for the media as it tracks diversity within this industry. By making this information easily searchable, associations are inviting more groups in to take a look. Generate New Revenue Streams The ability to easily customize information allows associations to create tiers of access. Many organizations use this as an opportunity to generate new streams of revenue. Easily customizable reports allow associations to create multiple levels of access, which can be placed behind tiered pay walls. Add to Your Value Like any technology, there is a cost to implementing interactive reports and dashboards. However, many organizations find that the increased engagement, interest from organizations outside their target industry, and opportunity to generate revenue more than offsets the upfront cost to implement. Organizations can also maximize the value of these reports by working with a third-party expert to launch a solution that makes sense for their members. Vault Consulting’s Interactive Reporting and Dashboard service provides associations with solutions that offer rich charting and smart visualizations. If you’re ready to learn more about the value interactive reports can offer your members, contact us today.

What is a pay equity study? A pay equity study  analyzes pay according to demographic information about gender and race.  It   is a specialized version of a compensation and benefits study. For associations, pay equity studies can offer a multi-faceted opportunity: Their member companies may be concerned with pay equity issues but often need more expertise or resources to assess the problem independently.  Pay equity studies can help member companies look more clearly at their behavior around pay equity and take steps to address them before they become more serious legal or public relations problems. How do you conduct a pay equity study? Let your members lead the way. To help your members address the topic of pay equity, the best way to start is to form a benchmarking committee of members or stakeholders to focus on the issue. It’s essential to include a good representation of your general membership on that committee. In particular, make sure to solicit the involvement of some of your larger members and representatives of various important segments within your membership. Consider working with a fiduciary partner. Issues of pay and pay equity, in particular, are extremely sensitive. Many companies are understandably hesitant to be completely forthcoming about such a sensitive topic. You can help your cause by engaging with a trusted third party to gather and analyze the information. Member companies are typically more comfortable interacting with a fiduciary regarding sensitive financial information. So even if your staff has the expertise to conduct the survey in-house, using a third-party fiduciary may still benefit you. Be transparent with your stakeholders. Because of the sensitive nature of the study, communicate early and often with your members about what you’re doing. As you move forward, speak to any members who have expressed an interest in participating about how you will protect their information and ensure that their responses remain anonymous. You also want to get the buy-in of your participating member companies’ management, as well as the management of your association. Make sure your HR function is centrally involved. It’s neither simple nor easy to interpret the results of a pay equity study — let alone know what to do next. Likewise, determining the best solution is often more complicated than one might think. For example, it’s one thing to determine that there is an inequity in pay but another thing entirely to understand the drivers causing that inequity. For all these reasons, it’s beneficial to have your HR staff engaged in helping to analyze the data and determine how to share it with members . Take the time to plan and implement your study effectively. When surveying members, we often recommend using a “ reverse engineering ” approach . In this case, start by having your steering committee identify the types of data and analysis that would be most useful to members. Also, think about  how  you will share the data and the findings with members. In our experience, one of the most effective solutions is to create online dashboards, discreet resources that member companies can use to view their results and compare them with other companies in their industry. There may also be opportunities to generate non-dues revenue from the survey — for example, by allowing members to pay a fee for customized reports or other options. Benefits of conducting a pay equity study Conducting a pay equity study can be a powerful way for an association to serve the needs of its members. HR professionals in your member companies are always looking for relevant data to help them understand where their organizations stand regarding pay equity and what, if anything, they need to do in response. Armed with these insights, they can address problems, improve their brand, boost employee morale, and strengthen their ability to attract new employees. Your association, meanwhile, can also benefit from leading the way on a pay equity study. You make yourself more relevant to your members and help them avoid the cost and embarrassment that can happen if pay equity issues go unexamined and unaddressed. They can also be highly visible, high-stakes undertakings, so proceed cautiously. If you’re ready to lead the way on pay equity but need expert guidance, contact us today to ensure your study is both impactful and effective!

Diversifying revenue streams and maximizing their revenue-generating potential is more critical for associations than ever before. Fortunately, associations can transform research into non-dues revenue by creating a comprehensive strategy for data monetization. What Is Non-Dues Revenue? Non-dues revenue is generated outside of member dues and is typically generated from two sources: Suppliers, Vendors, and Advertisers: Stakeholders in these groups partner with associations to reach a community group or industry.  Fees for Services or Information: This includes webinars, books, certifications, branded content, subscriptions, and research. By marrying the latter two (research and subscriptions), it is possible to create sustainable profitability for your association that depends less on member retention—and can even enhance it. How to Leverage Research for Profit Though some nonprofits have viewed research programs as too expensive for their budget, they can provide an excellent investment opportunity for long-term revenue generation. The key is selecting a revenue-generating funding model whereby your association does not absorb the program costs but generates revenue through annual subscriptions and customized research fees. Under such a model, your association develops a profitable industry market report program that produces a consistent revenue stream while providing members with crucial market data and business intelligence. By providing research, your association can extend its value proposition and deliver critical decision-making information to current, prospective, and even lapsed members. Keys to Successful Data Monetization There are a few keys that will help your association use research successfully for non-dues revenue while avoiding pitfalls: Consider Competition . It’s critical to ensure you offer your audience unique insight. Is there already an existing body of research that would directly compete with your association’s research program? Consider rival research (from other associations, industry consultants, government agencies, or private research firms) and make any needed adjustments in your research blueprint.  Know When to Outsource Your Research Efforts . Though most associations outsource some or all of their research, many conduct in-house research efforts. When deciding whether your organization should outsource some or all of its research, consider your team’s size and skill set. Evaluate whether you have the appropriate personnel and systems to support the planned research efforts. Considering the sensitivity of the data is equally important in this decision. The more sensitive the data, the more likely associations hire a trusted third-party research firm to conduct surveys with industry-leading security measures and best practices. Consider Relevance and Appeal . Present your research reports in a customized format, making them visually appealing, interactive, and dynamic. Highlight any related products that could also serve as potential revenue sources. Provide Supplemental Materials and Resources . Boosting your industry research program’s perceived value proposition will increase revenue and member engagement. Offer complementary forums and resources (including webinars, conference sessions, and panel discussions) to spur conversation, enhance engagement, and add value for your participants and subscribers.  Fully Promote Your Research Program and Products . To maximize the value of your data for your member community, leverage digital marketing tools to promote your research program. Segment your membership list and promote your research through customized, benefit-focused messages to each group. Membership marketing materials attract prospective subscribers (for example, your association can tease research findings in a press release to “hook” readers). Also, consider selling reports to other interested parties, such as stakeholders along the supply chain, industry consultants, government agencies, and educational institutions. Research and Non-Dues Revenue Are you effectively using research to generate non-dues revenue? A growing number of associations recognize the value of offering pertinent industry data and turn to Vault Consulting for a best-in-class experience. Our association expertise, paired with extensive experience in research, uniquely positions our team to meet your needs. Contact us today to learn how our research programs can drive success for your association or nonprofit!

Research is a great way to make informed and strategic decisions for your association. While observational data from sources such as Google Analytics or Facebook Insights is widely available, you need more profound insight into your supporters and their reasons for interacting with your association. Fortunately, quality market research can fill these information gaps for your organization. It’s easier than ever to help your organization thrive by relying on valuable research. You can make more informed strategic decisions, sustain growth, and convert members into enthusiastic advocates. Below, we explore the benefits of using best practices for survey research. Market Trends and Association Research If you operate a trade association, your organization can use and provide information on key market trends for your sector. By doing so, you can gain the insight your association needs to make informed decisions and position your organization to be a vital source of insight into key market trends for your sector. Market research is an excellent investment opportunity for long-term non-dues revenue generation when appropriately executed. Start by implementing a customized and comprehensive statistical program that collects, analyzes, and reports on unique, highly confidential trends based on actual member data. Doing so will allow your organization to produce unique market research that provides crucial intelligence on trends and competitive movements within your sector. Such a strategy is a great way to make your organization thrive, as the information in industry market reports would be invaluable to association leadership, members, and other key industry stakeholders.  Remember that the key to converting market research into non-dues revenue is to select a revenue-generating funding model whereby your association does not absorb the program costs. Instead, your association can generate a consistent revenue stream through annual subscriptions and customized research fees. Assess Industry Peers to Remain Competitive   Today’s software and cloud-based research databases allow you to access research specific to the size, demographics, and geographical location of your association and its members. Focus on conducting or obtaining research that is narrow in scope and industry-specific to gain insight that both your internal stakeholders and members can take advantage of. This way, your members can compare themselves to their cohorts and learn from others while promoting healthy competition in the industry.   Getting Started With Association Research Now that you know more about the keys and benefits of market research, you may wonder about the best approach to getting started. Before you embark on your research journey, consider the goals and strategy of your organization so that you can decide on the best direction. Ask yourself: What are your overall organizational goals (both from a mission and values standpoint and an operational one)? What are your strengths (what does your association do best)? What are your weaknesses (the things you wish you could improve on)? What do you know about your audience or community? (This is a great time to develop niche personas if you don’t already have them in place.) What would you like to know about your audience? Are there any audiences you’d like to reach or serve that you aren’t already? Answering these questions will help you develop clear goals and objectives for your market research. Take your time during this exploratory period. Remember, the more specific and well-thought-out your answers are to these discovery questions, the more tailored and valuable your research will ultimately be.  Get the Association Research Solutions You Need With Vault Remember, great research is only the beginning. Once your research is complete, integrate it into your content strategy (via workshops, white papers, and even webinars) and regularly solicit your membership for ideas to further enhance the program. At Vault Consulting, we tailor our research services to help your association meet its goals. We take a comprehensive approach while helping you grow the perceived value of your research program over time so your organization thrives. Contact us today to learn how we can help your organization thrive!

Accounting is a critical part of running a nonprofit organization. It helps you track your finances, make informed decisions, and comply with regulations. But accounting for nonprofits can be a daunting subject. Below are some of the most essential accounting terms for nonprofits: Internal Controls Nonprofits must have good policies and procedures to minimize vulnerability and ensure everything is done correctly.  To  avoid fraudulence or embezzlement , procedures and policies must be formalized in writing and revised continuously. Equally important is socializing these policies and procedures among staff in all organization departments, as it will ensure that any financial and nonfinancial transactions are done in a way to protect the organization. Separation of Duties Organizations should assign accountability of procedures within a process to separate individuals so that no one person has complete control over everything. Organizations that practice ‘Separation of Duties’ can  streamline processes  and ensure that no one person has the reign to commit a fraudulent action. Vault upholds this industry practice by setting clients up with a technological platform that automates cutting checks. Bills can be sent directly to the system, where they will be coded, and then one person will approve it, and another will pay it. Without a doubt, the person who is depositing the checks should not be the person doing bank reconciliation. Unrelated Business Income Suppose a nonprofit earns revenue on things unrelated to its purpose. In that case, it could fall under unrelated business income.  Nonprofits are mission-oriented organizations with purposes based on goodwill. However, sometimes nonprofits need to generate streams of revenue that may deviate from their organizational purpose. For instance, if a nonprofit puts out a magazine to members featuring stories that cover their quarterly accomplishments, and the magazine has ad space available for sale, then the revenue generated from the magazine may be purpose-related income; however, the advertisement space revenue is not. Reach out to your tax advisor before starting a new offering.  Deferred Revenue Often, nonprofits may receive cash through donations during the year. Still, suppose the donors intend the money for a product or service the following year. The nonprofit cannot take that money as the current year’s revenue per Generally Accepted Accounting Principles. For instance, if a donor gives a generous grant for an event occurring the following year, the organization cannot mark this contribution as revenue for the current year.  Accrual Basis of Accounting In the accrual method, a nonprofit recognizes income during the period they have performed a service or when a product has been delivered to a member or patron. This accounting method complies with Generally Accepted Accounting Principles (GAAP) standards.  To illustrate, an association can afford prospective members to pay an upfront cost to hold membership status for twenty-five years. The individual or company would pay the association. It would not have to renew its membership for the next twenty-five years. The organization cannot recognize the full payment as the current year’s income in accrual-based accounting. They must spread that revenue out over the next twenty-five years, as twenty-five years is the agreed-upon period for which the member benefits from membership. Conversely, some nonprofits  report to BODs  using a cash basis method to relate cash flow. ‘Cash Basis of Accounting’ is said to be a more straightforward method to employ than ‘Accrual Basis of Accounting.’ Still, there is a pitfall in using this method.   Organizations must employ accrual basis financials for most audits. Unfortunately, the GAAP and IFRS do not consider cash basis accounting method an acceptable way to report economic activity for an organization.  If you’d like to learn more about the differences between cash and accrual accounting and how they impact your nonprofit’s reporting and compliance, contact Vault Consulting today for expert guidance and insights!

Compensation may still be the number one thing people are looking for in their work, but wages alone won’t be enough to keep them there. It’s essential to build employee engagement, which begins when employees find meaning in the work they do for an organization. The good news is that this desire for meaning at work is the key to successful employee engagement in nonprofit organizations. What Workers Want This desire for meaning was demonstrated in force as the COVID-19 pandemic pushed people to reevaluate their values. What was deemed the Great Resignation began as employees left their jobs en masse in search of better work that aligned with their values. Today, there’s ample evidence that young people in particular prioritize meaningful work. The LinkedIn Workforce Confidence Index  found that 80% of job seekers within Gen Z (born 1995-2012) reported looking for roles that aligned with both their interests and values. This figure drops to 59% for Millennials (born 1980-1994), 49% for Gen X (born 1965-1979), and 47% for Baby Boomers (born 1946-1964), according to the Index. For nearly half of the job searchers within Gen X and Baby Boomers in search of greater purpose from their work, the nonprofit sector provides an excellent opportunity. Baby Boomers and Gen X may be seeking more meaningful work as they near retirement. The American Working Conditions Survey  conducted by Rand Corp. found that many older workers push back retirement in order to continue doing work they feel gives back to their communities. The nonprofit sector is one that people may want to come back to as a place for meaningful work that uses their wealth of talent.  As a nonprofit organization, your mission is already your most powerful tool for giving employees the meaning that they crave. This alone is not enough to recruit talent that aligns with your mission. By connecting your job descriptions and daily operations to the mission, you infuse every role with purpose – attracting more candidates and building stronger engagement. 3 Ways to Strengthen Employee Engagement in Nonprofit Organizations To ensure that your employees feel the purpose expressed in your mission, it’s essential that the mission is tied back to every aspect of your organization. There are a few key areas where clear messaging can strengthen engagement. 1. Your brand. The mission should be clear through your organizational brand. Millennials and members of Gen Z in particular have grown up with social media influencers who have cemented their understanding of the value behind a personal brand. This has driven them to search for work that fits their “personal brand.” Nonprofits should ensure their mission is clearly communicated in their brand, but this must be done authentically. Organizations should share stories that reflect the impact that they are making today and how they are positioned to do good in the future. This messaging can help future recruits see the impact they can make as part of your organization.  2. Job descriptions. Job descriptions present another opportunity to strengthen employee engagement in nonprofit organizations. The language here should connect your mission to the tasks that you expect people to perform each day. It’s essential to be clear about how every role makes a difference to the organization andto the community and/or environment. For example, when employees of World Central Kitchen are asked why they work for the nonprofit, the strong connection between mission and job description is clear. Employees explain that their work drives the mission to be first to the frontlines, providing meals in response to humanitarian, climate, and community crises. Every role is essential for achieving this mission.  The same is true with employees of the nonprofit Concordance, whose mission is to reduce recidivism. Employees are committed to helping participants move forward and this is done by working directly within prisons and recently released inmates to provide substance abuse treatment, education, and job skills. Every role moves program participants to a healthier life after incarceration.  3. Performance management. Performance management communication provides another opportunity for organizations to strengthen employees’ connection to the mission. When nonprofits are transparent about how specific organizational goals help drive the mission forward, they build engagement. This also helps employees link organizational goals to their own professional development goals.   Bring Departments Together for Consistent Messaging    To ensure mission messaging is used consistently, small and mid-sized organizations in particular should consider building strong bridges and encourage Human Resources and Marketing and Communications departments to become an operational unit. This can ensure that language around missions is consistent from the website to the employee handbook and beyond.  When every member of the organization is driven by the same clear, mission-first messaging, nonprofits gain a more engaged team as well as a clear organizational direction that can their expand impact. While you know your messaging best, an objective third party can help ensure your mission is seamlessly woven into every aspect of your organization. If you’re ready to strengthen employee engagement in your nonprofit, contact us today to get started!

As nonprofits grow, many tend to find that their financial responsibilities gain added layers of complexity. For example, when a nonprofit is awarded grant funding, it sets in motion a need to secure more staff and deliver more frequent financial reporting. As nonprofits venture into diversifying their funding sources, they may face new taxation responsibilities or the threat of putting their not-for-profit status at risk. When nonprofits’ risk management strategies account for these financial hurdles, organizations will find their growth trajectories to be far smoother. By adopting strong internal controls, prioritizing cybersecurity, and establishing a culture of accountability, nonprofits can reduce the risk to their financial systems.  Adopt Strong Internal Controls Risk is an inherent part of growth, but adapting your nonprofit’s risk management strategies to proactively account for accounting can help you weather these hurdles. Strong internal controls are the foundation of a proactive risk management approach.   Internal controls are the processes put in place to ensure your nonprofit’s financial integrity and to promote accountability. Robust internal controls can help protect nonprofits from fraud, as well as unintentional errors, external data breaches, and loss of data.  A knowledgeable accountant or outsourced accounting partner can help put controls in place that address potential vulnerabilities in financial systems, particularly as nonprofits prepare for growth. Auditors can also be an invaluable resource for strengthening internal controls. As a result of reviewing your internal controls year after year, your auditors already have insight into the effectiveness of your existing controls. They also have insight based on the best practices being applied across your industry.  Your auditors may also be able to point you toward emerging areas of focus. For example, many auditors today are prioritizing the implementation of disaster recovery plans and information security plans that address the integration between organizations’ IT department and their external vendors as part of a comprehensive nonprofit risk management approach. Address Risks Around Technology Many nonprofits are finding that the shift to modern technology solutions offers their organizations significant advantages, including greater efficiency. However, this shift also carries greater security risks. As accounting solutions shift to the cloud or integrate with other internal systems and external vendors, nonprofits must prioritize cybersecurity strategies that keep their financial data secure.  There’s been an upsurge in cyberattacks in recent years, and small and midsize organizations make up a significant portion of the victims of these crimes. Phishing attempts – scams in which individuals are tricked into revealing personal information, such as passwords, to bad actors posing as reputable companies – continue to rise because they work. The Anti-Phishing Working Group  observed nearly five million phishing attacks in 2023, making it the worst year for phishing on record to date. As ACH transfers have become the predominant method of sending and receiving money, bank accounts are at greater risk of fraud. With more points of access to cash accounts come more opportunities for hacking.  These schemes can lead to bigger problems for nonprofits. If a server or network is hacked, nonprofits’ sensitive financial or personal data – and credibility among stakeholders – is at risk.  As a result, accounting professionals and partners must prioritize cybersecurity measures as part of a solid nonprofit risk management strategy. This means making security investments and pursuing ongoing training. Everyone across your team should be knowledgeable about how to safeguard your assets. This training is essential for all new hires but should also be reviewed annually to remind your entire team of the risks to your financial data. Connecting with other nonprofits about lessons learned can further strengthen your cybersecurity approach. Establish a Culture of Accountability When nonprofits set clear expectations and implement internal controls that guide the handling of financial data, they’re taking the first steps toward creating a culture of accountability. This culture is important both for preventing misuse of funds and for securing the trust of all stakeholders, members, and donors.   A culture of accountability sets the stage for nonprofits to serve as good financial stewards. Accountable organizations clearly identify the individuals who need access to financial data and their responsibilities in working with and securing this data. They set procurement and spending parameters and link spending to the organizational mission and the value delivered to members and stakeholders. These organizations also embrace training and the ongoing adoption of accounting best practices. Connect with a Partner Experienced in Nonprofit Risk Management As nonprofits grow to meet new opportunities, they should also proactively plan to address new risks, particularly in their accounting practices. Of course, forecasting the risks ahead is not always easy. That’s why many nonprofits opt to work with a third-party consultant who has helped other organizations weather these very risks.  While we may not have a crystal ball, the experts at Vault bring a wealth of experience supporting nonprofits like yours through every phase of growth. If you’re seeking a trusted partner to help reduce risk and drive your success, contact us today !