Fund raising committee had its first meeting today.
- Status
:confused_ 
Sorry I couldn't make it. This thing called a job got in the way today.
Fiscally, we are in pretty good shape. Excluding picnic, raffles, etc and just looking at the basics it is running about $350 to $400 a month to operate. In the checking account we have around $10K and other monies I have to finish getting with Steve and getting out of Paypal I believe (don't hold me to that). So if monies for prizes/contests are needed, I would say we can do it. I would like to at all times have one full years worth of funds to pay for the basics (hosting, bank fees, etc).
Google is generating pretty good revenues along with our tombstone ads, but it still isn't quite enough. So, getting donations, selling space, something is what we need to continue to have the picnic and other stuff.
Once I get Quickbooks figured out and all the monies figured out I will start to do regular cashflow statements and show where we are financially on a monthly basis.
I for one now have a better appreciation of all the headaches and things Steve has done for the past few years.
Fiscally, we are in pretty good shape. Excluding picnic, raffles, etc and just looking at the basics it is running about $350 to $400 a month to operate. In the checking account we have around $10K and other monies I have to finish getting with Steve and getting out of Paypal I believe (don't hold me to that). So if monies for prizes/contests are needed, I would say we can do it. I would like to at all times have one full years worth of funds to pay for the basics (hosting, bank fees, etc).
Google is generating pretty good revenues along with our tombstone ads, but it still isn't quite enough. So, getting donations, selling space, something is what we need to continue to have the picnic and other stuff.
Once I get Quickbooks figured out and all the monies figured out I will start to do regular cashflow statements and show where we are financially on a monthly basis.
I for one now have a better appreciation of all the headaches and things Steve has done for the past few years.
At a high level we are only planning to have one member funding drive (we do want to go to the well too often) and 2 large ticket raffles. We will also be looking into grants and donations from companies and other groups that support nonprofits.
One question. Where are we in our nonprofit status with the IRS? We know many folks work for companies that have matching grants and it would be very nice to tap into that cash flow when we do our annual funding drive.
One question. Where are we in our nonprofit status with the IRS? We know many folks work for companies that have matching grants and it would be very nice to tap into that cash flow when we do our annual funding drive.
To be honest, I had forgotten about it. Doing quickbooks and traveling, it went to the bottom of my list. I will try to have it done and submitted by end of July.
Scott fairly well summarized what we discussed. We talked about having just one annual drive for the reasons he mentioned. However, I would be interested in hearing other opinions of the pros and cons of having quarterly or semi-annual drives instead of just an annual drive. We shouldn't do anything that would give the impression that the membership is constantly being solicited form money, especially in the economic situation we are now experiencing. We feel that two raffles with very nice prizes can go a long way to providing the revenue needed.
Scott, after you left yesterday, I mentioned the idea of the possibility of making available to the membership the ability to contribute by monthly bank drafts. Travis, we would need your input on the feasibility of that. There is a potential disadvantage to this idea, and that is the possibility of bank fees charged to our corporate bank account in the event of drafts being returned due to insufficient funds. A lot of us have drafts set up for monthly bills/insurance premiums, etc. and find it a convenient way to pay recurring expenses. The advantage to this is that some people might contribute who otherwise wouldn't, and possibily would result in a larger contribution from those people.
As always, comments and opinions are welcome.
Scott, after you left yesterday, I mentioned the idea of the possibility of making available to the membership the ability to contribute by monthly bank drafts. Travis, we would need your input on the feasibility of that. There is a potential disadvantage to this idea, and that is the possibility of bank fees charged to our corporate bank account in the event of drafts being returned due to insufficient funds. A lot of us have drafts set up for monthly bills/insurance premiums, etc. and find it a convenient way to pay recurring expenses. The advantage to this is that some people might contribute who otherwise wouldn't, and possibily would result in a larger contribution from those people.
As always, comments and opinions are welcome.
Bank Drafts worry me. Well, let me rephrase that, I don't think we should draft someones account. If they wish to set up a recurring payment through their bank, thats fine.
I don't feel comfortable offering to take money out of members accounts. Also, should an error occur, which is not uncommon, we would run the risk of harming a members finances.
One thought, would some of the vendors offer us discount gift cards? Say, 15% or some such. Make it more appealing than the DQ. Something we could setup and sell all the time. We could take a %.
I mention gift cards specifically, as they'd let someone buy them as gifts for non-DQ friends/family.
Many sites also offer premium layouts. Some let you pay to hide the ad's.
To help members sell (commercially), there are sites such as etsy.com. Offer an ncwoodworker.net storefront.
We could charge various fees based on etsy integration. For a fee, a user could put an etsy link to their items in their signature. Many things like pens, bottle stoppers, boxes, furniture etc could be sold this way.
Ok, last one, ncww sponsored classes. Bill Anderson, Brian Boggs and Roy Underhill come to mind. Maybe in exchange for work on our part, he'd teach a class and share in the profits.
Jim
I don't feel comfortable offering to take money out of members accounts. Also, should an error occur, which is not uncommon, we would run the risk of harming a members finances.
One thought, would some of the vendors offer us discount gift cards? Say, 15% or some such. Make it more appealing than the DQ. Something we could setup and sell all the time. We could take a %.
I mention gift cards specifically, as they'd let someone buy them as gifts for non-DQ friends/family.
Many sites also offer premium layouts. Some let you pay to hide the ad's.
To help members sell (commercially), there are sites such as etsy.com. Offer an ncwoodworker.net storefront.
We could charge various fees based on etsy integration. For a fee, a user could put an etsy link to their items in their signature. Many things like pens, bottle stoppers, boxes, furniture etc could be sold this way.
Ok, last one, ncww sponsored classes. Bill Anderson, Brian Boggs and Roy Underhill come to mind. Maybe in exchange for work on our part, he'd teach a class and share in the profits.
Jim
Jim, those are some valid concerns. As a point of clarification, no one ever "takes" money from someone's account without them first having authorized the drafter to do so. This is done by the draftee signing an authorization that is sent to the bank. Over the past 32 years, I've helped literally thousands of people set up insurance premium drafts. If done correctly, and the drafts are deposited on the date agreed to by the draftee, there are very few problems. The responsibility of having enough money in the account is, of course, the draftees. I'm not pushing this, but threw the idea out for consideration. It works very effectively in many situations.
You can use scheduled invoices instead(Travis, that is using intuit Payment solutions. The same way we do advertising billing). The user gets a reminder, but still has to make a positive action to actually make their donation. The invoice which is emailed conatins a link to a website where they can make their payment. or of course they could just send a check.
You really need to go to the well often. you must get at least 1/3 of your total income through donations or you will not get you 501(c) status..
We can set up for the member to autopay to NCWW, but we can also invoice someone monthly or whatever time frame wanted if desired
As for fundraising, I agree too much and it starts to remind me of PBS never ending fund drive. The raffles have done well in bringing it in, but asking for money seems to be hit and miss. Some do, most don't. If we are doing it too much, it turns people off.
I think we should push for more advertising/sponsors where and if we can.
As for fundraising, I agree too much and it starts to remind me of PBS never ending fund drive. The raffles have done well in bringing it in, but asking for money seems to be hit and miss. Some do, most don't. If we are doing it too much, it turns people off.
I think we should push for more advertising/sponsors where and if we can.
- Status
