Monday, February 6, 2023
  • Login
198 Crowd Funding News
No Result
View All Result
  • HOME
  • VIDEO
  • CROWD SUPPORT
  • ARTICLES
  • NEWS
  • BLOG
  • ADS
  • CROWDFUNDING SOURCES
  • BOOKS
  • SPONSORSHIPS
  • CONTACT
  • HOME
  • VIDEO
  • CROWD SUPPORT
  • ARTICLES
  • NEWS
  • BLOG
  • ADS
  • CROWDFUNDING SOURCES
  • BOOKS
  • SPONSORSHIPS
  • CONTACT
No Result
View All Result
198 Crowd Funding News
No Result
View All Result
Home Sponsorship

How Lack of Fundraising Strategy Harms Your Personal Finances

February 1, 2021
in Sponsorship
0
Share on FacebookShare on TwitterShare on Email

[ad_1]

I held a candid conversation with a soon-to-retire sports personality (name withheld for ethical reasons but let’s call her Jane) about her future after years of active professional sporting. She was concerned about how to sustain her charitable activities without blowing her savings.

Influential individuals, including celebrities and athletes, are very active in charitable activities. The strong influence that communities have in supporting ‘one of their own’ or backing their home team help fuel these relationships. Some of the successful athletes are also beneficiaries of community driven non-profit programs. Therefore, athletes are more likely inclined to returning the favor through engaging in community empowerment activities. But at what cost?

From my conversation with Jane, she told me that despite having registered a non-profit under her name, her donations to other charities were made using her personal account (nothing wrong). However, as someone who wants to engage more in charity work, the problem then becomes how does she solicit for funds using your personal account? And how does she manage her personal finances separate from the charity work?

Like Jane, there are other individuals passionate about charity work but lack strategies to raise funds from their networks and hence end up blowing their savings just to keep up with the spirit of giving back to the community.

Without following a solid plan, it is easy to veer off your goals. And without a strategy, lack of financial prudence creeps in and this becomes a liability to your personal and non-profit accounts.

Once concerns about financial management and accountability set in, the risk of harm to your brand and person escalates. The impact is devastating to both your non-profit activities and to your personal life, including financially. The negative publicity damages your reputation and credibility. It might also attract punitive action from government and professional enforcement agencies.

Some of the disciplinary actions from professional regulators and government (federal) include; deregistration, freezing of personal and the organization’s assets, or imposition of fines to serve as a warning.

Luckily for Jane, her case was quite straight forward as so my input was technical. We set up the technical structures for her non-profit and developed a strategic, operational plan. The strategic operation plan will act as the policy guideline for the non-profit in the midterm.

I am also glad to have met Jane and worked with her to develop a prudent plan on how to solicit and manage funds from donors in her network. Most importantly, I am glad to have worked with Jane in separating her personal financial activities from those to do with her organization.

There might be other people with similar concerns like the ones that Jane experienced. Others might have unclear strategic fundraising plans. I advise you seek professional assistance to straighten up these concerns. They not only stifle your organization’s growth potential, but also exposes you to self-inflicted reputation or financial harm.

[ad_2]

Source by Chris Bouchard

Tags: crowdfunding vs sponsoringdonations crowdfundingFinancesFundraisingfundraising and crowdfundingfundraising and crowdfunding platformfundraising vs crowdfundingHarmsLackPersonalStrategytop crowdfunding sitestop crowdfunding sites 2020top crowdfunding sites for investorstop crowdfunding sites for nonprofitstop crowdfunding sites for startups
ShareTweetSend

Related Posts

Sponsorship

Preschool Fundraising: Set Up A Teddy Bear Picnic

February 6, 2021
Sponsorship

Use Vending Charities And Don’t Pay Commissions

February 6, 2021
Sponsorship

How Charities Help People

February 6, 2021
Sponsorship

Friends & Family As Sources of Business Funding

February 6, 2021
Sponsorship

What Are The Ways To Improving Fundraising? An Insight

February 5, 2021
Sponsorship

Donate For Free – No Cost, Easy Ways to Give Back on the Internet

February 5, 2021
Load More
Next Post

Digital Asset Platform Nexo Introduces In-App Cryptocurrency Exchange Service

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

LATEST STORIES

Between Music – Crowdfunding video

June 5, 2022

Attacking A Market Failure With Candice Matthews Brackeen

June 5, 2022

Crowdfunding video – Kabeção 1st solo Album – Touching Souls

June 5, 2022

The Gecko – Failure is not an option

June 5, 2022

Roller Kingdom Crowdfunding Video

June 4, 2022

Introduction – Art of Failure with Eli Zelkha

June 4, 2022

Radbahn Crowdfunding Video + Fast Forward Science 2017 Film

June 4, 2022

Jorge Newbery at Failure Lab

June 4, 2022

Outland Denim Equity Crowdfunding Video

June 4, 2022

What I learned about Failure, Loneliness, and Red Lizard at the Spark Fest Cebu

June 4, 2022
Load More
198 Crowd Funding News

Own and operated by The Ike Lemuwa Group, LLC a Commonwealth of Virginia Limited Liability Company, USA.
Info@nigeriasmartnews.com / info@ikelemuwagroup.com
Toll-Free: 1 888 642 8433
3821 Dominion Drive Dumfries, Virginia, 22026. USA

Categories

  • Home
  • Crowdfunding News
  • Blog
  • Articles
  • Sponsorship
  • Crowd Support
  • Crowdfunding Sources
  • Partner with 198TILG Mastermind Platinum Group
  • Video

Recent News

  • Between Music – Crowdfunding video
  • Attacking A Market Failure With Candice Matthews Brackeen
  • Crowdfunding video – Kabeção 1st solo Album – Touching Souls
  • The Gecko – Failure is not an option
  • Roller Kingdom Crowdfunding Video
  • Home
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact

Copyright © 2021 198 Crowdfunding News.

No Result
View All Result
  • HOME
  • VIDEO
  • CROWD SUPPORT
  • ARTICLES
  • NEWS
  • BLOG
  • ADS
  • CROWDFUNDING SOURCES
  • BOOKS
  • SPONSORSHIPS
  • CONTACT

Copyright © 2021 198 Crowdfunding News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In