Finance Guide
From ClimateNetworkWiki
This page is part of the Training Toolboxes
It may be debatable if money makes the world go round, but it certainly can help your student organization run more effectively. Finances are something all campus groups will have to deal with eventually. Setting up a bank a bank account, having an accountable book keeping strategy and fundraising are all things that may seem overwhelming but are necessary. This section is meant to provide some useful tips for you campus group.
Contents |
The Bank Account
The first step to getting money is having somewhere to put it. While a shoebox under your bed has been know to work, we would like to suggest a bank account. Most banks offer special accounts for community organizations. What you need is really quiet simple. You are going to need two or three responsible members of your group to act as signing authorities. Most banks require that at least two of the signing authorities are members their financial institution. So make sure that two of your signing authorities bank at the same place. Second go to the bank and ask them to start an account. You will need id, and a copy of meeting minutes that clearly designate signing authorities to open up an account in the organization’s name.
Fundraising
There are many ways to fundraise money for your project or group. Some tried and true methods are bake sales, bottle drives, and events. In this section we will cover the basics of a funding proposals, grants, and sponsorship packages.
The Proposal
The basic part of any application for funding is the proposal. This document outlines what you are seeking money for, why you need money, how much you need and why someone should give you money. Basically cover the 5 W’s (who, what, why, where, when and how much). So you should start of with a description of your event, a description of you group and a detailed budget outlying specifically what you need money for and how much you need. Remember to outline where you expect to receive other income from. See the attached example for more info Need more help? There are resources that are available
Sponsorship packages
Asking for support from the local businesses is another great way to get some funding. This is especially handy when you need goods and products for door prizes, silent auction or gifts for volunteer speakers. Once again use your basic funding proposal. When approaching a business keep in mind that they are overwhelmed by requests. Make your proposal stand out by being creative, professional and interesting. Make sure there is an obvious benefit to supporting your organization – a logo printed on the posters, an MC profiling their company at the event, a thank you in the paper. Also make sure you have a deadline for when Be sure to treat your sponsors well so they will be more inclined to support you again in the future. See attached samples of proposals. The most nerve racking part of seeking sponsor is actually asking for money or a product. Though this is very frightening you are never going to get anything if you don’t ask for it. It may help to calm your nerves if you role play or practice with other members of your group. It may sound geeky but the more comfortable you get with the words the easy it gets Sample pitch: “hi my name is ______. I am here today representing ________. Is there a manager in today I can speak with?” If yes- “Hi my name is ______ and I am here on behave of ________. We are working on an exciting initiative (describe initiative) and was wondering if you might be interesting in donating? I have some more information here that outlines the specifics of the project and what the benefits are to you for participating.” The pitch will get more flowery as you get more comfortable. Make sure you get their name, contact info and set a date to get back to them to check back. If no- “May I ask when he or she will be in?” It is always important to talk directly to a manager or someone who can make decisions because it is very easy for these things to get forgotten.
Resources
- AASHE Fundraising Guide: [1]
