Following a few basic rules can make up for lack of experience.
Take time to plan
First of all, ask these questions:
- What are the overall aims of your group?
- What does your group presently do?
- What does the group need money for?
- Where could the money come from?
- How can you raise the money?
- How will you manage the money when you get it?
No matter how little you need, a budget is essential. It has two main elements: normal running costs and the extra money for the new project.
Your budget must be realistic. Include your treasurer from the start and don't forget to include a contingency fund.
Seek out advice
You need to draw on skills as well as money. Start with those that are close to hand, such as your landlord, the local library or the Council for Voluntary Service. Keep an eye on local noticeboards and newspapers.
The internet is the next stop. Start with the website of the Tenants Participation Advisory Service (www.tpas.org.uk).
Use www.open.gov.uk to look for the relevant government bodies. Also, try searching the whole web using a broad term, such as "community grants UK".
Prepare a fundraising strategy
A fundraising strategy describes your funding needs and outlines how you intend to meet them. For security, you should try to combine at least two sources of funding.
Consider imaginatively what your group can raise by itself and look for local organisations that can help with money, time, buildings or equipment. Lots of organisations can be persuaded to give to a good cause. Some are even set up to give.
When you know what your shortfall is likely to be, ask yourself how much you can look for from each source of funding and when you will need it. Remember that each source of income will require a different approach. Some are especially tricky:
Never give up
Don't give up immediately if your project is ineligible for a specific grant. Look for other organisations that can prepare a partnership bid with you. Don't be put off when "matched funding" is required. "Invisible" contributions, such as free use of office space, mentoring, gifts in kind and the time given by volunteers, can have a high value. The 86,000 hours given by William Sutton Trust's community groups in 2001 were worth £560,000.
Finally, never sit back and relax. Keep records of successful and unsuccessful activity. Evaluate what worked best, in terms of most money, effort and profile: you will always need more money.
Source
Housing Today
Postscript
Nick Beanland is community investment adviser for William Sutton Trust and author of TPAS keynote Fundraising for Tenants' and Residents' Groups
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