Legacy giving offers a valuable opportunity for all fundraising organizations that leave lasting impacts on people’s lives—associations included. But its benefits can only be sustained with effective donor stewardship and relationship-building along the way, especially after a member works with you to create such a meaningful gift.
Are you looking for a new stream of non-dues revenue to help your organization achieve its goals and carry out your board’s plans? Have you considered conducting a raffle to raise money for a cause? How about hosting a fun night of bingo to raise scholarship funds? Would you like to host a euchre or poker tournament in your community to help raise awareness and make a financial impact?
Association professionals like you know that a lucrative sponsorship program is crucial to your organization’s bottom line. Not only do sponsorships generate important revenue for your day-to-day operations, but they also allow you to strategically plan for the future and expand the important work you’re doing to serve your members.
The idea that all or most of your association’s revenue should come from membership dues is an outdated, inaccurate assumption. According to ASAE, dues made up only 30% of total revenue for professional associations in 2016, a steep drop from 95.7% in 1953. But if your association isn’t experienced with managing multiple revenue streams (or has only just begun to experiment by selling merchandise or event tickets), diversifying your sources of revenue might seem like a large, complex undertaking.
Functional expense reporting became a requirement a few years ago when nonprofits implemented Accounting Standard Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statement of Not-for-Profit Entities. Have you given much thought since then to what you’re reporting? We’ve summarized some key points about functional expense reporting and some things to consider as you approach year end.
While dues are certainly a key component of any association’s financial stability, the leaders at your organization — particularly those who work in finance and fundraising — understand that dues alone are not enough to keep an association afloat.
