Three components to successful fundraising

Three components to successful fundraising

In today's economy, virtually all not-for-profit agencies take the time to reevaluate their fund-raising strategies. And the more prudent agencies are using this opportunity to create a well-balanced fund-raising effort, aimed at seeing them through hard times and positioning them to prosper in better times.

Three components are the basis for a well-balanced fund-raising strategy. They include donations, institutional funding and special events. Each of these fund-raising elements comes with strengths and weaknesses. Together, the strengths of one overcome the weaknesses of the others.

For example, from a cost position, donations are the most efficient form of raising funds sometimes netting as much as 95 percent. Soliciting donations requires little more than printed material, an articulate staffer and one or more well-connected board members.

Though they may be the most cost efficient, donations are highly dependent on uncontrollable forces such as interest rates and stock values. Also, they require the agency to build an ever-widening sphere of awareness as private donors may grow weary.

Grants are less dependent upon market forces and don't further impose upon a frequent, private donor. Winning grants, though, requires an investment in professional expertise. Many competent grant writers write on contract, but consistent with the policies of the American Fund-raising Professionals, virtually no one writes on speculation, or for a percentage of the amount won. Win or lose, whether written by a contractor or a staffer, the agency pays the grant-writing expense.

While the total value of available grants may be less dependent on market forces, competition for each grant increases in a receding market. Then, many agencies that depend on donors shift their efforts toward grants.

Agencies most likely to win institutional funding are those with experience in grantsmanship, that have boilerplate information available, are well organized, and can afford to wait 6 to 12 months for a decision.

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