Amid the coronavirus pandemic, nonprofits around the world are looking for solutions to funding challenges. Learn more about how a monthly giving program could be a source of income and stability for your organization.
With fundraising events canceled, volunteers sidelined, and income uncertain, many nonprofits are fighting to stay afloat. Here are five reasons why a monthly giving program could provide crucial support for your nonprofit:
1. Achieve stability and independence.
Nonprofits that enjoy ongoing support from a large community of individuals are not beholden to one wealthy donor, grant, or fundraising event. When you have broad, ongoing support from individual donors, you can plan smarter and project revenue and costs. Dependable sources of income are especially valuable in the wake of the uncertainties that 2020 brought. Building a monthly donor program can give your organization stability during this period of instability.
2. Save precious staff time.
If your nonprofit is like most, your staff members wear many hats. Think of how much staff time goes into securing a single donation. Now think of how much time would be saved if those donors gave automatically on a monthly basis. Then all you would have to do is thank your donors and tell them how the world is better because of their ongoing support.
3. Invite recurring donors to become more involved in your work.
Monthly giving solves the problem of having to continually ask donors to renew their gifts, and it gives you an opportunity to mobilize your monthly donors in new ways to further your cause (and their commitment to it). Now more than ever, donors are looking for meaningful ways to engage. Does your organization need applause on social media, virtual volunteers, survey responses, petition signatures, letters to the editor, or fundraising advocates? Now that you’re not preoccupied with asking this group for funds, they can start helping in new and meaningful ways.
4. Keep the lights on.
The COVID-19 pandemic has drastically affected how many organizations do their work. As the challenges impact operations, programmatic spending, and fundraising, nearly 40% of nonprofits in the United States might be forced to close because of the pandemic. Monthly gifts are an opportunity for organizations to secure a steady stream of income to get them through the year—and the challenges that come with it.
5. Offer a way to show solidarity.
Giving back lets people feel connected during these challenging times. Although many people are looking for ways to give, asking for one large donation can feel daunting. But asking for a recurring gift can seem more manageable—for you and the donor. Ultimately, smaller donations in steady increments add up and can be more valuable than one-time donations.
With a strong foundation of donors, you can avoid overdependence on one major donor or grant. Monthly giving programs can help diversify your income stream and better support your earth-changing work in the long run.
Ready to build your monthly giving program? Read Part 2 of our monthly giving series, “How To Start A Monthly Giving Program.”
Featured Photo: 100 Bikes for 100 Girls by Rock-Paper-Scissors Children's Fund