The need for financial support to do charitable work goes without saying. However, before you embark on any fundraising activities you must know why you are raising funds, how much money you need to raise, and for what the funds will be used. This is particularly important when raising funds through grant sources. Whether you are fundraising to start a new program, to expand an existing program or to purchase new equipment, your fundraising should be guided by a fundraising goal that is based on what you actually need.
Consider these questions when developing your fundraising goal:
What do you need? Prepare an itemized list of the specific human and/or non-human resources you anticipate will be needed for success. For example, if you are starting a new program, you might need paid staff, office supplies, computer equipment and office furniture.
How much will each needed item cost? After you have prepared your list, you need to estimate how much each item will cost. For staffing, develop a job description for each role then use online resources like PayScale to find out what competitors or similar-size organizations are paying for similar positions and responsibilities. For other items, compare retailers to find out who offers the best price.
How much funding will you need in total? Total the estimated costs of each item on your list and add a buffer (about 10% of the total). The total estimated cost, plus the buffer, is your fundraising goal. Keep in mind, some funders may not allow the buffer.
With a fundraising goal based on a
detailed budget, you are ready to identify prospective funders and to outline
your strategy to get to your goal.
