The purpose of school funds is to support the school’s aims to improve the learning experience of its students. By collecting additional money through different fundraising activities, schools can provide means for inserting extra-curricular activities beyond those provided by the school’s delegated budget.
But how can schools secure (continuous) contributions to their school funds? The most typical contributors are naturally the parents. Yet, nowadays, schools should consider that the school funds do not all have to come from the government or the parents. Instead, there are ways to take some of the strain off the finances through external investors.
Let us see how.
#1 Invest in Donor Management System
To be able to secure continuous funds for your school, you need to create a fundraising network. A great way to do that is to reach out to parents, volunteers, alumni, and supporters. However, it is one thing to reach them out, and entirely another is to cultivate their engagement.
Using digital tools can help you in this quest greatly. That said, consider investing in a donor management system to help you build your network. This tool can enable you to collect and manage donor information, including donations, volunteer work, and above all, manage relationships with donors.
In addition, it will help you structure your support to encourage people to be your contributors and cultivate their participation beyond just providing money. You will be able to turn your supporters into active ambassadors who will look for even more contributors on your behalf.
#2 Invite Your Alumni Students
Building relationships with your school’s alumni is another excellent way to get yourself a group of loyal investors. But first and foremost, it is essential to engage them in ways that are personally meaningful to them.
Involving your alumni first in student programming will help you fortify their relationship with the school. Most of them recall their life as a student and how important it is to interact with alumni. Building relationships through engagement is what resonates with alumni and creates opportunities for contributing.
By involving them in different school programs, they will be able to know where their money will make a difference which will make them more willing to donate. Moreover, creating opportunities for alumni to engage with students will help you model your student’s behavior who become future alumni and develop a sense of connection and impact.
#3 Encourage Your Community to Contribute
In order to expand your fundraising efforts, you have to think more inclusively. Having said that, leave the in-group of parents and include other members of your community.
Hold open school fundraising events where not only parents but also other supporters from your community can join. Contact local businesses and ask for their support. Make it specific, personal, and accessible. That means you need to show them your students and where exactly their money will make the difference.
According to a recent study, participants donated more money to orphans whose names were accompanied by their photographs. It is understandable. Seeing faces and knowing what activities are going to be taken promotes a more positive attitude. Above all, show them that their efforts are not a drop in the bucket – this way, you will be able to secure continuous donations.
#4 Consider Private Investors
Now, schools are not startups or small businesses. Still, there is no harm to being innovative and looking for investors and donors where entrepreneurs go.
That said, the drivers of growth in the global education market remain robust, so scouting for investors interested in investing in schools is a feasible task. And, if you want to be successful when approaching them, consider laying down the benefits of investing:
- Investing in the education sector is generally considered low risk, predominantly if your school operates at a quality level to accommodate its target market.
- Investors get long-term revenue visibility, and fee increases tend to rise faster than local inflation figures.
- Because they collect fees in advance, schools generate positive cash flow and are often profitable within three years of operation.
The Bottom Line
Looking for new ways to increase funding in your school fund is always a good idea if you want to enhance the quality and rating of your school. But, importantly, along with the raised funds comes wise spending. When schools spend money intelligently, they get better outcomes- higher test numbers, increased graduation percentages, and other improved indicators of student achievement. Finally, more sustainable funding also helps to ensure that students have access to schools with better facilities and a wider range of curriculum options.