Five Golden Rules of Fundraising

By Antoinette Wills

Associate Director of Development

College of Arts and Sciences

University of Washington

 

 

Rule I              Identify The Goal

 

Why do you need more money?  What you want to do determines where you will look for funds.  Are you sure it is money that you need?  Non-monetary resources (space, services, expertise) are available from the public and private sector, and may be easier to get.

 

Rule 2             Identify Your Resources

 

You are a part of a group, probably several.  Within your group, who will help?  Successful fundraising is based on a network of personal relationships.  Who do you know?  Who do they know?  How can you meet people you don't know?

 

Rule 3             Approach Only Those Sources Likely To Give You Money

 

Who is your most likely source of funding?  Government agencies?  Corporations or foundations?  Individuals?  It depends on what you're doing.  The time you spend finding out about your prospective funding source is time you will not spend writing proposals that have no chance of funding.

 

Rule 4             Make Your Proposal In Writing

 

The most effective fundraising combines written statements (grant or gift proposals, letters, brochures) with personal contact.  The amount of time you spend with people giving the money is directly correlated with their stake in your project.  Always give people something in writing, so you both know how the money is to be used.  When writing, be brief, clear, and precise.  Government agencies do not require graceful prose, but individuals do.

 

Rule 5             Keep In Touch With Your Funding Source

 

Once you get the money you said you needed, make sure you do what you said you would.  Continue to involve people and groups who helped you get the money.  Keep in touch with your funding source by progress reports.  (This applies both to government agencies, which usually give you a deadline but who expect to hear from you anyway.)  Keep records of process (meetings), activities (results), and expenditures.  Evaluate your project at appropriate intervals and let your funding source know that their money is being put to good use.  Seek the advice of your funding source if you run into problems and can't do what you were funded to do.

 

Famous Last Words

 

It surprises many people to learn that,  "Those who funded you before are your best prospects for funding you again."  This principle applies to individuals, corporations, foundations, and government agencies.  Practice good stewardship, and keep in touch.