Strategies to Raise Money for Technical College Foundations
A key strategy for successful fundraising is diversifying your funding sources. When your funding streams come from several different directions, if one runs dry there’s always another stream -- or hopefully two or three -- to tap. Technical college foundation fundraising plans can be based on activities such as grant writing, events and direct mail campaigns.
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Know Your Audience
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Whether you're writing a grant, holding an event or writing a donation letter, it's important to target communication at a specific audience. For example, Larry Leslie’s research on successful foundation fundraising in “ERIC Digest” suggests that donors in the general public are more likely to give to an institution with a prosperous image and high visibility, whereas only alumni are likely to give to institutions that employ a “poverty strategy.” The difference between the two methods is that the poverty strategy creates a sense of urgency and responsibility for the school’s well-being, whereas taking a more positive route positions the school as a successful, thriving institution that offers status for businesses and other donors associated with it.
Grants
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Grant writing can be a lucrative resource for foundations. Funding can come from various sources, including community and private foundations, government agencies and corporate granting programs. Every grant has its own focus areas, guidelines and deadlines, so make sure to research the grant’s requirements thoroughly before applying. One example is the Dollar General Literary Foundation grant, which provides funding to institutions that offer assistance in adult literacy, as many technical colleges do. Eligible organizations will provide adult basic education courses that include instruction in literacy.
Dollar General Literacy Foundation
100 Mission Ridge
Goodlettsville, TN 37072
615-855-5048
dgliteracy.com
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Fundraising Events
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Fundraising events are a great way to generate excitement in the community, promote your organization, create visibility and raise money. Ideas include live auctions, silent auctions, fundraising breakfasts, sporting events or galas. Invite community supporters, local dignitaries, potential donors and alumni. Holding the same event each year is a good way to establish continuity. For example, each year since 1996, the Buffalo State College Foundation hosts an All College Honors Scholarship Gala in the spring and a Golf and Tennis Scholarship Classic event in the fall. In 2010, the gala event raised $275,000 from more than 500 guests.
Direct Mail
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Annual or twice-yearly direct mail fundraising drives are a good way to keep in contact with your donors while raising funds. Direct mail campaigns offer a cost effective method of keeping your foundation on the radar. Use targeted mailing lists, including previous donors and alumni. Keep your letter short and to the point, and present compelling information that will make readers want to contribute. Don’t forget to directly ask for funds. Make it simple for donors to give; provide a return envelope and a preprinted donation form.
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References
Resources
- Photo Credit funds running low image by Andrei Filonov from Fotolia.com
