While running a nonprofit, you have to keep in mind that raising funds for your cause may be an end-goal; however, it is not the only one. If all your efforts are focused on raising money, they may not be as successful in the long-term as they may seem in the moment.
The formula for sustainable fundraising for nonprofits is simple. However, ‘simple’ does not necessarily mean ‘easy.’
At the core, the key to sustainability lies in monthly giving. Sustainability for nonprofits means that you want to keep working towards achieving your goal. In most cases, this goal is not a short-term project but a more substantial, long-term one. When you want to keep your organization running for as long as necessary to make a change, you would want to make sure you have the resources you need.
Inevitably, there are times during the year where cash flows are lower than they are during other months. When aiming for sustainability, you want to be able to make efforts for your mission without having to worry about how you will fund your activities or having to plan your fundraising activities.
This is where monthly giving programs come in.
Why Monthly Giving?
In the coming future, monthly giving programs are what will help the fundraising world keep functioning. Why?
- With recurring donations, donors end up giving more. Though each individual donation itself may be smaller, their total contribution will be significantly larger than if they made a more substantial one-time donation.
- Donor retention increases when you have a monthly giving program. Not only do donors no longer have to worry about how they could contribute to societal welfare, but prospects will also be attracted to the idea of a nonprofit where donors are loyal enough to subscribe to monthly giving because it will represent the relationship you have with them.
- Because monthly giving is automated, you can be sure that you will always be generating some amount of contribution income, which you can rely on for your organizational activities.
- With monthly giving programs, you have lower operating costs than if you were gathering one-time donations.
- Having a monthly donation program reduces the reliance of your organization on government-funded grants, which are not only challenging to secure but are also unpredictable, and you may have put in significant effort to gain no results.