Over the past eight weeks, the FUND Consulting Blog Smart Decisions, Reliable Data has focused on presenting data from our annual industry research project. The project consisted of a survey focused on collecting information on CDFI Boards and Fundraising. FUND Consulting chose this topic as a result of key themes that emerged while conducting strategic planning for its Annual Service Package cohort.
The survey was conducted in 2014, with the following respondent profile:
The survey research focused on describing the board composition of CDFIs, identifying barriers to engaging board members in fundraising, and examining strategies used to increase board participation in fundraising. Based on this research, and insight gained from working closely with CDFIs, the FUND team offers the following items for consideration in increasing board involvement in fundraising:
- Just ask! Many CDFI executives have told us that they would not think of asking their boards to raise funds as they are grateful for the time the board members dedicate to help govern the organization. However, as the data presented in the blog indicates, many CDFIs have already jumped this hurdle with positive results.
- Set up a structure that encourages board participation in fundraising. The survey responses have shown that those with fundraising committees and formal fundraising plans are more likely to achieve funding goals.
- Be clear about expectations. Survey responses and client feedback has indicated that those who set clear guidelines during the board recruitment process and set clear goals and policies for the board are more likely to reach fundraising goals.
We encourage you to continue to share the survey results with your board and team, as well as continue to discuss this topic through this blog.
FUND Consulting is wrapping up its 2015 industry research in partnership with its client, VEDC. This research focuses on coverage models for national CDFIs. We expect to roll out this information on this blog over the coming months.