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Income generation and preparing for fundraising

Finding funding for your group is essential, however you generate income, the money needs to keep coming – it’s what keeps you going.

Before you set about with grant applications and starting online platform registrations, there are a few things to have in place.

You’ll need to sort out your group’s bank account so the money has somewhere to go. There are also requirements for governance and legal structures for your group. 

Take a look at the sections below, and use the checklist to ensure you have everything set up and ready to start the money flowing in.

Grants and funds
Sponsorship and donations
Diversify your income
Online funding platforms

Preparation for fundraising

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 If your organisation has decided to seek funding and are at the start of the journey, you will need to have some things in place first, the grant you are applying for will tell you what they require, different funders will have different requirements and qualifying restrictions.

Use this checklist to organise what you need to do, read the application information and add/delete the steps you will need to complete to apply. By assigning a date and responsible person to each step you can clearly see what you will need to do to apply for the funding.

Good governance

 Before thinking about fundraising, all groups, whether a registered charity, voluntary organisation, sports group or social enterprise should have the following:

  • A governing document that sets out your aims, objectives, rules, procedures for meetings, membership guidelines and your committee structure. It should refer to financial management and have a dissolution clause. The group must hold a signed and dated copy (should be reviewed and signed annually)
  • A safeguarding policy that covers children and adults-at-risk of protection issues. It should outline procedures and name a Safeguarding Officer.
  • A bank account in the name of the group. Withdrawals should require at least two signatories from individuals who are unrelated.
  • Annual accounts that refer to restricted, unrestricted and designated funds.

You can learn more in the Governance and planning pages, and also request volunteer support with Governance.

Starting up governance resources

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Financial management

You’ll need to have some way of managing any money coming into your organisation. At a basic level, you should identify your income expectations and your expected expenditure. This will help you to build reserves, fundraise for any shortfalls and identify growth. You can break it down into:

  • Core costs – for ongoing running costs, staffing, overheads, etc.
  • Revenue funding – for activities, sessions and projects
  • Capital funding – for major items of equipment or to build or refurbish facilities

Larger groups should draw up an income generation plan identifying where funds will be drawn from, which fundraising activities are required, who will take on which roles, which approach funding you will take for particular projects and timescales for getting involved. Smaller groups can agree how to progress amongst the volunteers available and on a project-by-project basis.

Starting up financial management resources

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Managing accounts

Managing your group's accounts doesn't have to be daunting. Check out this webinar with Sported volunteer consultant

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Bookkeeping

Understand how keeping good records of your finances can help your group

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