When planning a fundraising event there are many ways to approach the budget side of it however no matter what way you approach it your final goal is always to keep your costs low and you income high. In this blog I explain the different approaches you can take and the benefits verses the disadvantages of each.
One of the first options you have is that you can generate a base. Generating a base fund is when you host some sort of small fundraiser like the Big Sky Ranch group did for the Kemptville Apprentice. The Big Sky Ranch group hosted a bake sale at the Scotia Bank to bring in profit to generate their base. Having a base helps you to cover any costs that may be associated with hosting a large fundraising event like the Family Fun Day.
The second way is to consider that time is money, if you spend the time contacting and approaching businesses for donations and sponsorship. Sometimes getting sponsorship can be difficult especially when dealing with larger companies; they usually have to send sponsorship requests to head office to be approved. This can take up to several months, this was a challenge members of the Kemptville Apprentice faced when they where given only 29 days to plan their fundraising event.
The third way you can approach the budget side of a fundraising event is to purchase any items that you cannot get donated and sponsored and to take any money spent out of the total raised. This is a risky option to choose because you are never 100% sure that your event will cover all costs plus make a profit. The best time to take this approach is when you have done a lot of research on your event’s target market and you sell tickets in advance of your event to get an idea of your income level versus your expenditures.
Any way you choose always remember that your main goal is to keep costs low and income high. Make sure to always do your research before your event and try to advertise on as many mediums as possible, contact your local papers and radio stations they are usually willing to advertise fundraising events for free at a discounted cost.