How To Win A Corporate Partnership For Your Charity
Establishing a corporate fundraising partnership takes a lot of time and effort, but it can be an extremely rewarding venture not only for the two parties involved but for the larger community as a whole. Uniting the charitable and business sectors under a common cause can create access to more programs and services, encourage collaboration, and bring new resources to the community.
Here are some best practices to follow if your charity is considering a philanthropic partnership.
Understand the legal responsibilities and workload
A corporate partnership can be extremely beneficial for your cause, however, it’s not the answer to every fundraising initiative. It’s important to do your research and make sure you have policies and resources in place to support a partnership.
Research your best fit
After determining corporate partnership is right for you, the next step is compiling a list of businesses that are a good fit for your charity. Try exploring industries that have a direct connection to your cause, for instance, a corporation focused on health and well-being might be best suited to a cause raising funds for cancer research. Take a look at their social initiatives, and check out their values, goals, and missions to get an idea if they’re a good match for your charity.
Know the benefits for both parties
When you’re ready to reach out to a business, have a firm understanding of what your charity wants to get out of the partnership, and create a list of benefits you can offer your potential partner. Below are some benefits a partnership can provide funders:
- Engage their customers and building community
- Tax deductions
- Enhance employee morale and corporate culture
- Build positive brand awareness around corporate social responsibility
- Opportunity to support innovative initiatives and organizations
Perfect your pitch
Whether you’re presenting to an individual or a board, make sure you’ve put effort into knowing exactly what you what to communicate. Prepare yourself for follow-up questions and make sure you have detailed and useful information to give your audience. Use leave-behind marketing materials to provide further resources and a reminder of your offer in the weeks to come.
Be prepared to provide a financial audit report
Your pitch was a success and your potential partner is interested in providing you funding! Before the business or organization enters a formal agreement, they may require a financial statement audit of your charity. Unfortunately, a clean financial statement audit isn’t always easy to obtain. In fact, 90% of audits completed for not-for-profit organizations end up qualified simply because a large portion of charitable revenue comes from cash donations. Luckily, there are simple donation tracking solutions that can help charities obtain clean financial audit reports.
Get legal guidance and establish a partnership agreement
Make sure your agreement outlines the roles and responsibilities of each party, such as governance and fiscal and legal liability. It’s important that you seek legal counsel to ensure that the partnership agreements keep with your charity’s legal obligations as outlined by the CRA.
Assign a point of contact and keep communicating
Having a designated individual to manage all contact between your charity and its partner ensures smoother communication and a stronger relationship. Don’t drop your communication efforts simply because you’ve secured a contract. Keeping your partner informed and engaged in your activities can determine whether your relationship is short-lived or mutually beneficial for years to come.
