CDFI Boards and Fundraising, Week 7: How Much Money do CDFI Boards Raise?
Much of this blog series has presented data indicating that CDFI Boards lag behind the general nonprofit sector in fundraising. This week we offer some of the data the FUND team gathered on just how much money boards raise for their CDFIs.
Survey respondents indicated that 30% of CDFIs have boards that engage in fundraising. Almost half of these CDFIs consider that their boards were not successful in raising funds for the organization.
The same group reported that their boards raised an average of $556,250 over the past three years. To account for the size of the organization, the FUND survey also included a question on what percent of the CDFIs budget board members are expected to raise. The most common response was between 10-20%.
Of the CDFI boards that reported having a “give or get” policy, the most common amount required is $5,000 annually. The minimum response was $1,000 and the maximum was $10,000.
Those CDFIs with clearly agreed upon goals for the board and organization have a set of metrics by which to gauge success in fundraising. How does your CDFI measure success in terms of board fundraising performance?