Diversify Your Funding

Money, money, money…. an important part of any business, but especially for nonprofit organizations that provide services at a lower price, or even for free. I frequently see newly formed nonprofits where the board or staff want to apply for grants right away. Although there are exceptions to the rule, grants are not awarded unless an organization has been in service for at least a year, sometimes up to three years. Furthermore, even if you apply for a grant, there is no guarantee that you will receive it. An astonishing 15% of the world´s nonprofits are located in the U.S. which means that there is a lot of competition for each grant that is awarded, big or small. So, what can you do to survive? Well, there are a few options:

First of all, don’t stop applying for grants just because you may get denied – someone has to get it and it could be you.
Come up with various fundraisers.
Ask supporters (individuals and corporations) for donations.
Make the most of in-kind support (volunteers, donated items, etc.).

Grants

Since we offer two grant writing courses that cover a lot of material (one of which is free), I won’t go into much detail here. However, please know that grants will not just fall onto your desk, you have to go looking for them. Use databases such as GrantStation and grants.gov, ask around in your community, or do a Google search. You can even go onto GuideStar.org and pull up local nonprofits’ 990 forms. There you will often find the names of the foundations or other grant awarding entities that gave the organization grant money. Invest in a grant writing course (hey, we offer one for free!), put yourself in the founder’s shoes and write about your organization as though the person reading it has no idea who you are or what you do.

Fundraising Events

Fundraising events can be hard work but are more often than not worth every penny and minute spent organizing it. You can spend little money or a small fortune when arranging fundraising events, it all depends on the event itself and how large you want it, the sky’s the limit. Also, always offer sponsorships! For example, if you run a golf event, look for hole sponsors, food sponsors, award sponsors, etc. Think outside the box and don’t be afraid to ask. Remember that you can’t get a yes if you don’t ask. Make sure that the sponsorship is beneficial for both parties (the company and your nonprofit), this will make it easier for you when asking for support.

Suggestions for fundraising events:

Gala
5K or other athletic events (biking, running, swimming, triathlon, etc.)
Golf Tournament
Skeet Shoot
Wine Tasting
Bowling Tournament
Push Up Challenges, or other challenges such as treadmill or indoor cycling marathon
Casino Night

There are of course other options and we’re happy to help you decide on what fundraising event fits your organization the best, come up with sponsorship packages, and assist you with other tasks to make sure you maximize revenue.

Donations

Do you run an annual donation campaign? If not, you definitely should. It can be incorporated into a National day such as Giving Tuesday, but you can also choose to do something at another time of year. Donations should of course be encouraged year around, but it can help to have a specific annual event. We strongly recommend asking for recurring monthly donations. The reason is that you might get more in the long run than you would on a particular day. For example, someone wants to give you $100 on Giving Tuesday. That sounds great but if that person instead donates $10/month for a year, they suddenly gave you $120. Best part? The donor may feel like $10/month is a lot easier to give than $100 up front. As with sponsorships, don’t be afraid to ask for money. Make the donor understand and feel the passion you have for your nonprofit, you are not asking for YOU, you are asking for the people or animals you service.

In-Kind Support

Volunteers are your nonprofits best friends! Without volunteers, including the Board of Directors, it is difficult to achieve your mission. You can find volunteers by asking in your community (use word of mouth or social media), advertising on specific volunteer boards, or by reaching out to family and friends. Make sure you show your appreciation for your volunteers. Hand out awards or certificates for hours completed, host a volunteer luncheon, etc. Appreciated volunteers will stay with your organization much longer and will save you the effort of continuously finding new ones. Finally, try to find volunteers that share your passion for the population you serve, they will work tirelessly towards your organization’s mission.

As you can see, there are many ways to sustain and raise revenue for your nonprofit. If you need assistance with any of these revenue generating opportunities, don’t hesitate to reach out. Our consulting program starts at $39/month! We also offer grant writing courses as well as grant writing services and feedback on drafts.