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Tips, guidance and opportunities for not for profits as the 2015/16 financial year comes to an end.
As a community group, charity, community interest company or social enterprise we are advised to look at full cost recovery. Becoming more business minded and planning our projects based on cash flow forecasts and revenue is after all good advice. Sustainability is key. Whilst this is absolutely right, to a degree, it sometimes goes against the principles Charities, or more broadly speaking not for profits were founded upon. Let’s face it some Charity work or community projects are just not ‘sexy’ enough to ever provide an income – despite the excellent and vital contribution they make to society. So by all means analyse your activities, streamline your outgoings and look at more efficient ways to run your operation, Charity or community group.
And even though you shouldn’t rely solely on funding don’t remove it from your income raising strategy altogether. Why still look at funding? Yes competition for funding is high, funding is limited over a certain period of time and the task of preparing the documentation and writing the funding bid is at best laborious. But funders will often resource projects that otherwise would not get off the ground at all.
Summary blog submitted by Andrew Picken. Read the full version