Most community associations realise the need to raise funds soon after they have formed, as they begin to incur expenses such as rent, postage and telephone charges.
In addition, planned projects will need money at some stage, whether it is to pay for advice, materials, employees or premises. If you intend to develop a project, you are likely to need to raise funds to meet its costs.
Ways to cover running costs
Local fund raising events should take care of miscellaneous running costs. However, to undertake a project extra financial help will usually be required.
There are two main ways in which this can be obtained:
- You can persuade people to lend or give you things that would otherwise cost your group money. This is known as contributions in kind.
- You can apply for a grant from the various funding sources.
This section suggests ways in which funds may be raised by community associations. It provides guidance on who to approach for advice on funding sources and/or help with the application process.