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Rethinking Revenue: Fundraising plans in uncertain times

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History. Oldest, largest nonprofit theater in Chicago, established in 1925. Separated from Art Institute in 1977 as nonprofit institution. Goodman Theatre Profile ... – PowerPoint PPT presentation

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Title: Rethinking Revenue: Fundraising plans in uncertain times


1
Rethinking Revenue Fundraising plans in
uncertain times
  • Stephanie KimmelThe Goodman Theatre
  • One State Together in the Arts Conference, May
    15, 2003

2
Goodman Theatre Profile
  • Mission
  • to create extraordinary theater productions and
    programs that challenge, entertain, and stimulate
    the imagination of audiences and enhance the
    quality of life in our diverse city.
  • History
  • Oldest, largest nonprofit theater in Chicago,
    established in 1925
  • Separated from Art Institute in 1977 as nonprofit
    institution

3
Goodman Theatre Profile
  • New theater opened in 2000 in historic theater
    district in Chicagos North Loop
  • Two theaters, 9 productions annually
  • 25,000 subscribers
  • 350,000 audience annually

4
Goodman Theatre Profile
  • Artistic Collective Model
  • Overall Budget - 15 million
  • 35 contributed revenue
  • 65 earned revenue

5
Development Department
  • Staff
  • 13 full-time staff
  • 2 volunteers, 1 intern
  • Board involvement
  • Board of Trustees 70 members
  • Womens Board 50 members
  • 6 fundraising committees
  • All development staff have contact with
    trustees/board members

6
Annual Fund Goals
  • FY2002 raised 4.9 million
  • FY2003
  • 5.6 million (set in spring of 2002)
  • 5.2 million (lowered in October 2003)

7
FY03 Goals
  • Government - 190,000
  • Foundations - 1,050,000
  • Corporations - 600,000
  • Individuals - 1,548,000
  • including board members personal gifts
  • Benefit Events (net) - 850,000
  • Sponsorship - 1,000,000
  • Corporate/Foundation 650,000
  • Individuals - 350,000

8
Goals for FY2004
  • We have already begun to projecting next year
  • To formulate realistic goals
  • To set our plans earlier than ever
  • To educate the board about challenges/needs

9
Challenges/Obstacles
  • Foundations
  • Downturn in foundation assets, a few decreases in
    size of gifts
  • Loyal, annual donors continue to give
  • Corporate Contributions/Sponsorship
  • Economic conditions
  • Budget cuts
  • Staffing cuts
  • Longer decision times
  • Trustee involvement
  • Large gifts not all renewable annually

10
Challenges/Obstacles
  • Individual Giving
  • Renewing first-time donors
  • Building up base of our Subscribers who are
    donors
  • Board members and donors delaying gifts
  • Reluctance to ask

11
Rethinking Strategies and Resources
  • Present a clear case for support
  • Focus on results, not needs or economy
  • Plan, be prepared
  • Have a solid development plan with contingencies
    built in
  • Internal Communication
  • Keep organizations leadership well-informed
    about projections
  • Weekly Development Staff Meetings
  • Monthly Retreats"
  • Projections
  • Rethinking assumptions

12
Rethinking Strategies and Resources
  • Board and Volunteers
  • Involve them in your appeals
  • Seek their feedback
  • Make sure they are educated about their fiduciary
    responsibilities
  • Colleagues/Peers
  • Participate in formal/informal networks
  • Learn from your peers

13
Rethinking Strategies and Resources
  • Focus on your best donors and prospective donors
  • Communicate honestly about challenges
  • Share good news
  • Communicate personally
  • Handwritten notes
  • Engage volunteers/board members in communicating
    with donors

14
Rethinking Strategies and Resources
  • Focus on Individuals
  • Most consistent, loyal donors
  • Renewable annual support
  • Recognize that donors are honestly worried about
    economic conditions, future

15
Rethinking Strategies and Resources
  • Special Events / Galas
  • Take advantage of special opportunities
  • BOUNCE increased goal in this area
  • Reassessing of events and timing
  • Invite donors to events that are not available to
    the general public

16
Rethinking Strategies and Resources
  • Foundations
  • Recognize the limitations on their resources,
    particularly for new gifts during current
    economic period
  • Communicate during process
  • Corporations
  • Use relationships and networks
  • Involve your board/volunteers in all
    solicitations

17
Use of Time and Resources
  • Analyzing cost/benefit of specific strategies
  • By source of support and activity
  • Include staff time in assessments
  • Set realistic expectations for future
    expenditures

18
Finally
  • The economy is cyclical it will improve
  • Continue to focus on both short and long-term
  • Keep asking!
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