May 27, 2015, Mt. Prospect, IL – Technology investment has become a strategic priority for 64 percent of nonprofits – including religious organizations – according to a new study from The Nonprofit Technology Network (NTEN). Organizations that make appropriate investments and integrate technology into their internal processes will be best equipped to advance their missions and serve their congregations.1
Cummins Allison, the leading innovator and provider of check, currency and coin handling solutions, outlines four key benefits of integrating new technology to count and deposit regular contributions from members.
Better use of internal resources. Twenty-nine percent of religious organizations plan to eliminate current staffing positions, and 74 percent of those organizations will re-assign responsibilities of eliminated positions to remaining staff.2 Even with these staff reductions, quickly and efficiently counting collections, donations and other forms of payment, such as tuition, will remain a priority. High-speed currency processing equipment can reduce the time it takes for already taxed internal resources to complete these necessary tasks. Dual-purpose equipment that can process currency and checks on one machine further reduces the time spent.
Access funds faster. Religious organizations receive contributions (e.g. collections, donations and tuition payments) on a weekly, if not daily, basis. Time spent preparing deposits and delivering them to their organization’s financial institution can be greatly reduced with the right technology solution. Advanced currency and check processing solutions automatically prepare, audit and electronically deposit checks into the organization’s bank account, improving cash flow and eliminating time-consuming manual steps.
Streamline daily operations. On average, nonprofit organizations have four technology-responsible staff supporting 30 organization staff members.1 Of their many responsibilities, maintaining hardware used to process and deposit member collections does not need to be one. Durable and highly-reliable currency and check processing equipment eliminates the need for daily maintenance and can be easily integrated into daily operations for use by volunteers and/or organizational staff.
Ensure accuracy of deposits. Although religious organizations are generally exempt from government tax regulations, they must follow generally accepted accounting principles and ensure contributions made by the congregation are handled responsibily.4 Sophisticated currency and check processing systems with the ability to scan and store check images in an electronic database simplify record-keeping and make it easy to retrieve check images in the case of an audit. Likewise, all deposits are verified and counterfeit bills are immediately identified, resulting in maximum accuracy.
Charitable donations continue to be a mainstay of American households. Sixty-seven percent of households make charitable donations, and 45 percent donate to religious organizations.3 Processing regular contributions from members can be a time-consuming task and strain limited internal resources or volunteers. However, with the right technology in place, processing collections, donations and tuition payments can be simplified, giving organizational staff and volunteers more time to serve their congregation and advance their mission. To learn more visit www.cumminsallison.com/go/religiousorgs.
1 NTEN, The 8th Annual Nonprofit Technology Staffing and Investments Report.
2 The Improve Group, Nonprofit Employment Trends Survey. http://www.nonprofithr.com/wp-content/uploads/2013/03/2013-Employment-Trends-Survey-Report.pdf
3 NCCS, Charitable Giving in America: Some Facts and Figures. http://nccs.urban.org/nccs/statistics/Charitable-Giving-in-America-Some-Facts-and-Figures.cfm
4Accounting for Churches. http://people.emich.edu/skattelus/gen004.htm
About Cummins Allison
Cummins Allison is the leading innovator and provider of check, currency and coin handling solutions, as well as full-function ATMs. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, 6 wholly-owned subsidiaries and is represented in more than 70 countries around the world. For more information about our award-winning solutions, visit www.cumminsallison.com.