By Theresa Fleck, CFRE, Senior Consultant
We’ve all heard about a gala, auction or special event that raised thousands of dollars for an organization. Often, Board and volunteer leadership encourage the development staff to plan additional events to raise awareness and funds for the institution’s mission.
Special events can be a great way to raise money while building connection and community with your donors. But, they can also be very expensive and time-consuming to plan. How do you know if your special event is a good use of time and resources?
When considering adding a fundraising event to your development program, the first two questions you should ask yourself are:
- How much money will you spend to raise $1? This quick and easy analysis can tell you if your event is working for you or against you. If you are spending more than $.50 to raise $1, you might want to rethink your approach.
- How much time will your development staff invest in the coordination of this event? Chances are you could redirect that time toward developing a major gifts program, raising much more money with less overhead cost.
Contact Let’s Build Hope to learn more ways to analyze the efficiency and effectiveness of your organization’s fundraising events.