Schools, community organizations, religious institutions and other nonprofits have used bake sales as a way to raise money for decades. Bake sales are fun and a great way to energize a group. However, most nonprofits cannot exist on bake sales alone. For example, even the delectable treats below provide chump change from a fundraising standpoint:
Bake Sales:
- Banana Nut Bread – $5
- Vanilla Pound Cake – $10
- Decadent Brownies (dozen) – $5
- Chocolate Chip Cookies (dozen) – $5
- Cupcake with icing and sprinkles – $1
You do the math. Bake sales are a tried and true fundraising option, yet they leave a lot to be desired. How much can one bake sale bring in? Will it be enough to sustain operations for a year, a month or fund a special project? The energy and effort that goes into planning and organizing a bake sale is a huge investment in time and resources.
In addition, many jurisdictions now require permits and licenses for a simple bake sale. While bake sales bring community awareness to your nonprofit, its scope in reference to fundraising is limited.
Recently, there have been lots of chatter about bitcoins and fundraising for charities. First, what is a bitcoin? It is a form of digital currency that exists on the Internet. Second, bitcoins are unregulated and there are many concerns about this new form of money. Thirdly, the Consumer Financial Protection Bureau (“CFPB”) recently issued a warning to consumers about bitcoins. Despite such concerns, some nonprofits are actively accepting bitcoin donations. Here is an example:
The Songs of Love Foundation based in New York, states on their website: “… proud to be the first nationally recognized 501(c)(3) charity to accept Bitcoin donations.”
Bitcoins:
- Why should your nonprofit care about bitcoins?
- What is a nonprofit to do?
- How does a nonprofit keep up with technology?
Your nonprofit should care about bitcoins because technology is changing the fundraising landscape. A new generation of philanthropists want to give back and technology is their vehicle of choice.
In no way is this article recommending one type of fundraiser over the other. The goal here is to highlight the ever-evolving world of nonprofit fundraising. On the other hand, some things in fundraising remain the same.
Planned giving is a form of fundraising that has adjusted to trends in estate planning for generations. Through planned giving, donors can give to charities by gifting a certain dollar amount or a percentage of their estate after death. Many donors are excited about planned giving because they do not have to touch their current income stream in order to feel charitable.
Here are a few Planned Giving Options:
- Will Bequests
- Nonprofit named beneficiary of life insurance policy
- Nonprofit named beneficiary of retirement account
- Real Estate or Art Work/Collections
- Charitable Trusts
What plans does your organization have in place to adjust to the new technological advances in fundraising? How will your organization address the benefits and enduring nature of a planned giving program? Can the old and new fundraisers work together at your nonprofit? Just a few things for your organization to think about.
Aquanetta J. Betts, J.D., is a Planned Giving Fundraising Consultant – http://www.ajbettsconsulting.com. She is also an attorney licensed in Maryland and Washington, DC. This post is for informational purposes only and is not intended to provide legal advice.
Charitable Planned Giving 