MAKING THE MOST OF YOUR FUNDS (Volume I, Issue II)

Whether you are relatively new to fundraising, or you're a seasoned pro, there is one subject that can be a major stumbling block to making the most of the money from your fundraiser: money management.  Managing personal funds can be difficult enough, but managing funds for a school team or community organization can lead to unnecessary stress and conflict unless you follow some basic guidelines.

1. Before you begin your fundraiser, have a written plan for exactly what you want to purchase with the funds raised. You need to know why you are raising funds in order to determine your monetary goals. Make sure you involve all interested parties in this plan -- does everyone agree on what your priorities are?
    

2. Decide what your minimum fundraising goal is.  What is the minimum amount you can raise and still pay for the equipment or supplies you will need?  Also, have a plan for any surplus funds. What additional equipment or program enhancements will you be able to afford? Or will it be better to rollover the funds for the next season?
    

3. Make sure you have a specific, separate checking account at a local bank for your team or group.  Don't try keeping your funds in a lock box.  There is too much risk of loss or theft.  You will probably need an Employer Identification Number (E.I.N.) on the account if you are working with a school group.  Avoid using a personal Social Security Number for this type of account.
    

4. If your fundraiser is for a school team or group, you will need to understand the district requirements on how funds need to be handled and disbursed.  Are there restrictions on the types of materials or services that can be paid for with fundraising money?  Also, you will need to know what the district rules are for having special banking accounts.  Who will be able to sign checks?  Who will set up your E.I.N.? You'll need to make sure that the accounts are set up with the correct signatures from the appropriate people.  Remember that it is always advisable to have at least two people responsible for handling the money.  There should be a back-up person in the case of availability issues, and there should also be checks and balances in place to avoid any conflict over appropriate uses of the money.
    

5. During your fundraiser, take detailed notes on things that worked well and those that didn't.  These notes will assist you with future fundraising decisions.
    

6. Once your fundraiser is finished and the funds are in hand, you will want to do some bargain shopping to get the best possible prices for your money.  Consider unconventional sources like eBay, that has both new and used items and equipment for sale.
    

7. Follow up with parents and let them know how successful the fundraiser was. Acknowledge that the effort that they and their children put into made it a success.  Make sure to send home a thank you note or a flyer about the success of the fundraiser.  The follow-up should be something tangible that parents can read and respond to if desired.
    

8. Start planning the next fundraiser if needed.  Review your notes on what worked and what didn't work and create a written plan of action for the next campaign.

Fundraising can be very rewarding and can take your team or group to the next level if you take the time to do a little research and preparation.  Managing your funds to make the most of them is a key element to the success of your fundraiser.  Be wise and safe with your funds.  Use a reliable local bank and people you trust when handling cash and checks for your organization.  And remember to learn from past experiences. 

If you have any questions while planning your next fundraiser, remember to contact Varsity Gold!

return to the top