Day 56: Endowing

Day 56: Endowing:  Successful organizations promote the long term nature of economic development and promote the importance of “endowing”/stabilizing funding through a balance of public and private sources.  Most of the communities we work with could always use more funding.  But the key is to have balanced funding.  Many organizations rely just on public funding.  While it is great to have public support, it is very hard for an economic development organization to sustain itself long term with public funding.  As mentioned in earlier days, public officials change on a regular basis.  At some point their interests change too.  We have seen it over and over, where a public entity decides to not fund economic development for various reasons.  That’s why it is very important to have financial support from private sources too.  We would encourage you to turn to professional fundraising help.  We have seen companies such as Convergent Nonprofit Solutions help communities of all sizes successfully raise the money needed.  The first step is to hire a fundraising firm to complete a feasibility study.  Once you know the money is out there, the company will help you refine your plan and then go out and make the ask.  It is important to have a good plan that can be sold to the investors.  You will be surprised how much money a professional fundraising firm can help you can raise.  Next: Servicing

 

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