Preparing for a New Fiscal Year

Fundraising can be a daunting experience for many artists looking to fund their arts projects. NYFA’s Fiscal Sponsorship team has worked with thousands of artists and organizations and knows how to make the process easier. Many foundations and nonprofits operate on a fiscal year schedule that starts in July and ends in June. With July 1st approaching, here are some tips from Ana Fiore, Program Associate, Fiscal Sponsorship, for fundraising success in the new fiscal year.

Consider the following three important steps to keep you on the right track when fundraising:

1. Start a calendar
This calendar will be your main helper where you record ALL of your significant dates such as:

  • Grant application deadlines
  • Grant reporting deadlines – Plan ahead for your reporting. Having strong measures for the success of your project will help in your effort to convince funders to support you, they will also be invaluable when it is time to submit your grant reporting.
  • Grant payment timeframes – Make sure your calendar is making sense –  try to balance out your deadlines so they compliment your program expenses if possible AND so that you are aware of any possible conflicts.
  • Crowdfunding campaign – Start planning now for a campaign you want to launch in 3 to 6 months. You want your network to be activated and ready to give when the time comes.
  • Goal setting of individual donations
  • ANY looming financial deadlines (ex: I have to have $5000 by xx date for a large equipment purchase for my project)

2. Research
Any good fundraising strategy starts with research! You can begin researching funders and grants that fit your project goals and timeline. Here is where you can start looking:

There can never be enough emphasis on this point. You should make sure to read each funder’s guidelines in detail as they are crucial in helping you make a successful application.

NYFA’s Fiscal Sponsorship program allows individual artists and emerging arts organizations in all disciplines the ability to raise funds using NYFA’s tax-exempt status as a 501©(3)-classified organization. Under NYFA’s fiscal sponsorship, artists and organizations can optimize the reach of their fundraising efforts. The next application deadline for fiscal sponsorship is June 30. To read more about the program and to apply click here.

Image: Sergey Jivetin (Fellow in Crafts ‘09)

Amy Aronoff
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