Fundraising for Nonprofits (Part 2)
There is no question that fundraising is the fundamental aspect of your nonprofit.
We are continuing with part 2 of last week’s blog post. If you haven’t read part one, please CLICK HERE. There are several types of nonprofit fundraising activities. Here are a few of them listed below.
Some businesses give donations for specific purposes. It also helps them to maintain their corporate image in line of Corporate Social Responsibility. It takes a bit of research in finding out which organizations give money to what kind of projects. This process in the nonprofit fundraising is not a fast one, but it can be HIGHLY beneficial when done correctly. One drawback is that some companies usually take their time to process your request, but once accepted the donations can be substantial and for a longer period of time. It should be in your daily plan to reach out to Corporate Sponsors to start donating to your cause.
National government grants
There are over 80,000 foundations in the U.S. and many different government agencies that provide grant money for a wide variety of programs. It takes some research in finding and matching your project goals with the right grants if you’re not a match you’re wasting your time. These grants are mostly for a certain period of time. However, if you win one grant, there is a high probability of winning it for consecutive years to come. There is a proven strategy to applying for grants. To learn more about when you’re grant ready click here.
Annual fundraising implies raising funds for a yearlong project. There is a beginning and an end, during which unrestricted amount of donations is sought for. In this type of nonprofit fundraising, there usually is a regular set of donors to approach. There are mostly individuals – board members, a special circle of friends and influential people of the society whom you approach for donations. The activity of collecting annual funds can be organized every year with the same group of people and with the same method, which saves you time and money, and is generally effective.
Donor Recognition instead
This occurs when a charity nonprofit organization acquires a property and runs a business to turn it into a fund to run its activities. This kind of nonprofit fundraising activity ensures long-term financial backing. They will happily be paying taxes and running their charity activities through the profit achieved by the business. Organizations with leaders with business skills can benefit from such fundraising activity.
Many charity organizations undertake regular fundraising as part of the planned giving process. In planned giving, a donor or donors pledge to give a certain amount of money on specific events. An example is upon someone’s death (in their will) or when they receive their salary or on their birthday.
These are just a few of the kinds of fundraising strategies that are out there to utilize. A well-balanced plan including all of these different types of fund collecting mechanisms can mean success to your overall fundraising goal.