October 29, 2018
Fundraising is the backbone of public entities such as libraries. Along with nonprofits, schools, and hospitals, public libraries need charitable dollars to help stay open and keep things running for the public. It’s important for libraries to have a set list of fundraising objectives to keep donations coming in, but must also think outside the box and get creative to make sure finances are healthy.
When it comes to creating opportunities to engage the public and bring in donations, fundraising events are always a helpful option. But it takes time and some money to put them together. From food to entertainment to various resources, libraries have to dip into their own pocket have others put money back in it. There are times when mismanagement of these events occur and the responsibility has to fall on someone’s shoulders. This is when a Library Insurance program that includes Directors and Officers (D&O) Liability will come in handy.
D&O Liability helps to protect a business or public service, such as a library, financially when things don’t necessarily go according to plan. Having this in place will help to add peace of mind and safeguard a library in the event mismanagement does take place.
Know Your Need
When it comes to actually strategizing fundraising besides setting up an event, libraries have to be calculated and thoughtful. First, libraries should start by understanding their need for funds and document it all. If your library just needs a couple computers, that may be one thing. If it needs money for a new program, refurbishment or expansion, then it requires more planning and more money. Be sure to outline what exactly you’re going after.
Know Who to Ask
Make sure you know who to go to to ask for help. Again, fundraising events cast a wide net and can bring in help from almost anyone. But sending a call out for donations outside of an event needs to be thought-driven. There are many potential funding sources, but some only give to certain entities such as capital projects. Identify your potential sources and match your requests.
Make Your Case Known
Make sure to clarify and clearly explain to prospective donors why they would benefit from helping your library with the funds you need. Putting together a great presentation and call to action is needed to reach your donors and inspire them through your storytelling and genuine need for help.
And besides brochures and emails and flyers, asking for donations can be face-to-face or in meetings or town halls. Also, as mentioned above, small events are always encouraged and can help to whip up support at a grassroots level.
Always Say Thanks
It always helps to show your appreciation for any amount of money brought in to keep your doors open or start and finish a project you’re working toward. It’s the right thing to do and will keep a good relationship open with the donors who gave what they were willing to in order to help out your cause. It’s a simple process to acknowledge their donation and show gratitude.
About Regan Agency
A family-owned business, Long Island-based Regan Agency has more than 35 years of experience serving the insurance and risk management needs of Tri-State residents and businesses. We have earned the trust of our clients based on our integrity and commitment to offer individuals and businesses quality library insurance products at competitive prices backed by unparalleled responsive service. Just give one of our professionals a call at 631-669-3434.