Managing Funding Risks
It is important that Trustees and fundraisers are aware of the risks and take action to prevent them, as fundraising can be a risky business. In Fundraising UK’s post they explain the key fundraising risks and what can be done about them.
One of the most common risks is the over reliance on a few income sources – such as too much funding from statutory sources. The answer will come as no surprise, diversification is the solution, which can take time but is usually possible and makes your organisation more sustainable. The risks of not diversifying are financial decline and even organisational closure.
Risks include:
- Lack of a robust fundraising strategy
- Over reliance on a few income sources
- High staff turnover
- Compliance issues
- Accounting problems
- High fundraising costs
- Bad publicity
- Growing competition
- Lack of a fundraising culture and
- Activity specific risks
To read the full article click here.
Save the Date: SCVO on 11th March 2021, 10am till 12pm will be running a FREE Introduction to Diversifying Your Income Webinar, aimed at exploring some of the potential opportunities available to charitable organisations in raising funds for their organisation.
Source: Fundraising UK