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Creating a Fund Development Plan: Ensuring Financial Resiliency for Nonprofits
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In Episode 19 of Kari's Confessions, Kari Anderson, a seasoned nonprofit executive and principal at Incite! Consulting, delves into the essential practice of creating a fund development plan. With 25 years of experience in leadership roles across seven organizations, Kari now provides coaching and consulting services to ensure nonprofits have the structure, systems, and practices to excel.
Kari emphasizes the importance of having a concrete fund development plan to ensure financial resiliency. She provides a comprehensive guide to creating such a plan, highlighting the key elements and steps involved.
Key Episode Takeaways:
The Importance of a Fund Development Plan: Kari explains why having a written plan, rather than just ideas in your head, is crucial for financial resiliency. She underscores the significance of developing a plan that involves key staff and board members.
Understanding the Current State of Giving: Kari discusses the Giving USA 2024 report, which shows that charitable giving in 2023 reached an estimated $557.16 billion. Despite the challenges posed by inflation, the data highlights the resilience of charitable giving.
Fundraising vs. Development Work: Kari challenges traditional views on fundraising and development, explaining that fundraising is about raising money, while development focuses on growth and building authentic donor relationships. She encourages nonprofits to adopt a 360-degree approach to cultivate, ask, and thank donors.
Creating a Culture of Philanthropy: A true fund development plan helps create a culture of philanthropy within the organization, prioritizing fundraising and aligning it with the overall strategic goals.
Engaging the Board: Involving the board in the planning process ensures organizational accountability and helps the board understand the role of fund development in achieving the organization's mission.
Steps to Creating a Fund Development Plan:
Start with an Assessment: Conduct a SWOT analysis to evaluate current strengths, weaknesses, opportunities, and threats.
Develop a Case Statement: Create a compelling argument to support your organization and programs. This internal document can be used for proposals, speeches, and publicity.
Identify Funding Opportunities: Map out potential funding sources and prospects, focusing on areas for growth and partnership opportunities.
Setting SMART Goals:
Specific: Clearly define your goals.
Measurable: Ensure goals are quantifiable.
Achievable: Set realistic targets.
Relevant: Align goals with your mission.
Time-Bound: Set deadlines for completion.
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