49 Chapter Development Fundraising Chapter development, more commonly known as “fundraising,” is essential to a Chapter’s sustainability. Active fundraising can supplement funding which may be insufficient and limit Chapter programming through either direct funds (i.e., money) or in-kind donations (i.e., equipment or services at no cost). Chapters should thoroughly investigate institutional policies and procedures before fundraising. Use the Resources below to learn more about fundraising. Fundraising 101 Finding money and resources to reach or enhance a Chapter’s mission begins with being prepared. That starts with the Chapter’s strategic plan, including a mission and goals as well as foundational documents outlining the Chapter’s structure. This is all used to inform and build the Chapter fundraising plan and goals as a subset of the Chapter strategic plan. Chapter Leaders will not be effective in engaging individuals and organizations in why they should support the Chapter without the Chapter’s goals—the reason for donor support. Prior to being able to raise funds or gather resources for a Chapter, the Vice President of Fundraising should coordinate with the Vice President of Finance, or equivalents positions, to ensure financial infrastructure is in place to receive funds. Just as the university guidelines should be consulted in creating the strategic plan, university guidelines also dictate how funds for organizations affiliated with the university can be raised. Being prepared includes knowing, understanding, and following these guidelines. The Chapter should also have a bank account, a budget, a method of record keeping, and associated Chapter documents. Donations, even to a student organization, are important to track and account for reporting purposes both to the university, but also to donors for potential tax implications. Fundraising also requires research. Most processes are already in place in the university, and so Chapters will not need to reinvent these. Donation processing systems available include Go Fund Me or Donorbox. Vice Presidents of Fundraising should understand which of these processing systems work within the existing university structure. It is also important to understand the budgeting system in use, the tracking systems required by the university, and the support offered by the university. For example, many colleges and universities have a foundation or development office that supports all fundraising on campus. Chapters may have contacts within the university already establish who can connect the Chapter with possible donors based on shared goals and interests. Chapter Officers should work together to identify resources for fundraising, be open to using an internet search for answers, and ask National Headquarters for assistance. Common Misconceptions and Mistakes It is important for Chapter Officers to know that there is no one-size-fits-all solution to fundraising and that fundraising solutions or methods vary from Chapter to Chapter and event to event. It is an incredibly dynamic function, and so diversifying is key, like investing in the stock market. Many Chapters are eager to raise money for the entire academic year through a one-time donation drive. The trouble with one-time donation drives is that they are a risk of investment because it is difficult to balance between how much is spent and outcomes. One-time events often require repeating. Chapters do not necessarily build relationships or capture donor data, and there is no guarantee that it will work every time and an almost certain guarantee that it will not work the same way every time. It is tougher to reach a strategic goal with one-time fundraising events, and it does not contribute to essential relationship building and follow-up.
RkJQdWJsaXNoZXIy MTM2NjgzMA==