Sunday, July 7, 2019

Fundraising Projects Springfield: Sources Of Funds

By Betty Olson


When personal funds are not enough for meeting the financial needs of a cause, fundraising is a great option of raising funds. The only mistake some people make is to rely on one or two sources of funds. This is risky for the cause because it is not suitable in the long term, especially when one of the sources withdraws. Having more than one source for fundraising projects Springfield guarantees the firm some sustainability in the long run. Below are the various fundraising options.

One of the targets of fundraising projects is grants. These are offered by local, state and federal governments as well as other trusts. They avail billion of dollars for groups that meet the criteria for the funds. The grants are usually set aside for certain goals. Identifying the right source of the grant requires establishing the aim of a group first.

Many not-for-profit organizations have used fundraising events to enhance their financial base. It is important to understand that fundraising events can be time-consuming and energy demanding before they start paying off. These events can range from walks, marathons, dinners, game nights, talent shows and themed weeks, among others. With proper coordination and persistence, these financing projects can be very profitable.

Donations are another source of funds. It is important to note that donations are not only meant for the larger organizations. Smaller organizations at times feel unworthy of the funds, but donations are meant for everyone. The only trick is to meet the criteria to qualify for the funds. The trick is to have a clear goal of what one wants to do with the funds and to convince the donor.

Sales are also a good way of raising untied money. The firm can exchange the goods it makes or services for the money it needs. This money is untied in the sense that the public has already received the goods or services. Consequently, they will not be expecting the organization to do something specific with the money. Therefore, it is up to the firm to decide on the best way to utilize the money.

A more diversified way of raising funds is through crowd-funding. Through this option, one attracts funds from around the globe through the internet. The idea behind it is to set a target and people will come up with pledges. In the end, the fundraiser is handed the money if the target is hit. At times, the target may be tied to some reward, but in most cases, people donate without the rewards. This option requires creativity and energy but is rewarding in the end.

There is also the option of using community-business partnerships to raise funds. This arrangement ensures mutual benefits for both parties and at times to the whole community. The arrangement could involve financial donations or in-kind donations involving services or goods. It could also take the form of shared premises and infrastructures such as storage spaces and offices. Similarly, it could be in the form of sponsorship or volunteers of labor. The effect is that some resources are saved in such an arrangement that can be utilized for other purposes.

Many sources of funds cushion against closure, especially when any of them withdraws or weakens. The combination of sources needs to be feasible, profitable and achievable. All these are the relevant areas of emphasis which will guarantee you the sustainability you desire. Ensure they can indeed be achieved and realized in the long run.




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