Nonprofit organizations have to arrange funds from different sources to function properly and fulfil their aims and objectives. Nonprofits rely on multiple sources ranging from federal grants to corporate sponsorships to meet their funding requirements. Here are nine essential funding sources for nonprofit organizations:
1. Government grants – Different levels of the government like cities, regions, states and the centre make their funds available for NGOs working on individual projects or nonprofits in general. The advantage of government grants is that it renders credibility to the organization receiving it. Government grants usually involve a significant sum that makes a difference in the financial scenario of the NGO. There is typically no repayment involved in this kind of funds as long as it is spent as outlined.
2. Individual donors – Many NGOs directly reach out to individuals to seek their support as donations or sponsorships. Today social media and the online platforms provide an excellent opportunity to reach out to new audiences more easily.
3. Membership charge – Charging a certain amount as a membership fee from individuals and organizations can be a great source of revenue for NGOs. You can offer different benefits like free tickets to shows and events organized by your NGO to attract new members.
4. Crowdfunding sites – The age of the internet has undoubtedly provided the right kind of boost for this option as charities rely heavily on different crowdfunding sites to raise funds for their various needs and requirements.
5. Foundations – This is easily one of the most popular fundraising mechanisms because of the organized manner in which it operates. You will often find funds for dedicated causes being offered by various local and international foundations. Foundations across the world often provide huge donations to targeted projects like environmental protection, child welfare, civil liberties or international development grants. There can be several kinds of foundations like family foundations, corporate foundations, community foundations, and so on.
6. Earned income – You can fund your NGO using the money from its income. This is usually done by selling certain product or services like renting out space, selling any products or offering classes. Earned income can become a stable and consistent source of revenue for NGOs if planned correctly and executed correctly.
7. Corporate funding – CSR or Corporate Social Responsibility is a great source of funding for nonprofits. Often corporate houses partner with NGOs and extend their support to the cause of the nonprofit to enhance their credibility and reach boosting of their revenue and reputation.
8. Planned giving programs – There are many terms for planned giving programs like deferred giving, legacy giving, bequest giving, estate planning or gift planning. This basically means willingly giving away someone’s property, usually a monetary share, to charity by creating a will.
9. Volunteers – NGOs can also get interested adults to volunteer with them for fundraising. Although, much lesser in popularity today, it is a viable option for NGOs to consider. There are many willing adults who are ready to devote their time in helping a nonprofit arrange their necessary funds.
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