FUNDING YOUR TOY LIBRARY

Document Sample
FUNDING YOUR TOY LIBRARY Powered By Docstoc
					                                 FUNDING YOUR TOY LIBRARY

           All organizations should plan to draw funding from a variety of sources, there is
           value in the saying do not place all your eggs in the one basket. Diversification of
           funding sources may not be possible in the short term but set as along term goal.

           Income may be generated from a variety of sources
              • Subscriptions
              • Grants
              • Donations
              • Fundraising
              • Sponsorship

           Subscriptions

           Toy libraries initially will rely on subscriptions to provide a large portion of their
           budget needs and need to meet operational costs. The cost and types of
           subscriptions (fees for membership, joining) are set by each toy library, often,
           but not necessarily, at AGM.

           In order to provide a service that is available to as many families as possible,
           fees should be maintained at a reasonable level. Some families may need to pay
           in instalments. Concessions could be made available to those receiving benefits.

           Libraries may need to make allowances for a subscription to be reimbursed in
           part if a member leaves the toy library or the area before the year has finished.
           Toy libraries do not have to reimburse subscriptions but the policy must be
           stated in the rules what each member receives on joining and the member must
           be made aware of the rules.

           Some toy libraries charge an additional fee as each item is borrowed. In this
           case the initial membership fee may be considerably lower, or considered as
           deposit to be refunded on leaving the library after the deduction of any
           outstanding money owed. The disadvantage of fees per item borrowed is the
           extra money handling involved, the advantage is that is spreads your income
           throughout the year.

           All monies received must be receipted with a copy to the member. Monies must
           be stored safely and an easy method of contact for the member responsible for
           banking developed. Keep any money retained on site to an absolute minimum.




PDF Creator - PDF4Free v2.0                                      http://www.pdf4free.com
           Grants

           Current funding agencies for grants include LotteryWest and on going agencies
           such as FAHCSIA Volunteers Grants Program, Community Banks, Local Council
           Community Grant Schemes, Variety Club and Employee Trusts.

           The majority of grant schemes will not fund operational costs. Many require
           payment of GST on purchases or contribution in kind. Thus it is important to be
           informed of granting conditions by reading the application guidelines and
           referring any questions to the relevant body. Always set aside the GST or in kind
           contributions so they are not absorbed by operational expenditure.

           Prepare and retain a grants file which includes
              1. Organisational information –
                                correct name
                                trading name
                                ABN
                                reporting GST or not
                                bank details
                                summary of what your organizations does, for whom,
                                when you were established, why,
                                how many volunteers, members and families
              2. A copy of all grants submitted & any quotes or letters of support supplied
              3. A copy of the grant acquittal

           Increase your likelihood of success in grants by
              • Appoint someone on your committee to be in charge of grant applications.
              • Keep a calendar of closing dates for all possible sources.
              • Request guidelines and application forms in advance of the closing date.
              • Prepare your application and quotes well in advance.
              • Seek help from the funding organisation if you have questions.
              • Submit your grant on time. Late applications are often not considered.
              • Submit in sufficient advance time for money expenditure as there is often
                 2-6 months before funds are received.
              • On receipt of funds it is important to send a thank-you note to the
                 organisation and make public acknowledgement.
              • Should you fail in a grant application contact the organization and ask
                 what you could improve next time to increase your chances of success.
              • Submitting a letter of support from a local, state or federal member of
                 government.




PDF Creator - PDF4Free v2.0                                   http://www.pdf4free.com
           Donations

           Donations can be asked for, (solicited), or freely given, (unsolicited). To improve
           your toy stock or equipment or for a fund raising venture, it is worthwhile to
           solicit for donations by mail or in person. Person to person contact is the best
           and provides an opportunity to explain what you are asking for and why.
           Remember always acknowledge any form of donation promptly regardless of
           size or nature.

           Toys & Equipment
           Often toy libraries may receive unsolicited donations of second hand toys &
           equipment. Thank the donor but if any toys are not suitable for lending (like
           cuddly toys), explain what may be the likely outcome for the toys – op-shop
           contribution, women’s refuge, white elephant stall etc. Acknowledge the donor
           on the toy catalogue card as this may encourage members to also donate toys
           that have been grown out of by their own children.

           Toy libraries have had success by advertising a “Wish List” for toys within the toy
           library that members may have or be prepared to purchase. In the case of
           expensive items it may be by grant and specific donation funding for the GST.
           The publication of the ‘thermometer’ for where the contributions are and the
           target is a good visual clue to encourage support.

           Volunteer time
           Members with single income families whilst their children are young are often
           cash poor but may have more time. Toy libraries have a multitude of tasks that
           members can contribute towards – cleaning of toys, tidying stock, contacting
           boxes, sewing bags etc. Whenever you have a request for donation or fund
           raising, always note that this is another way a member can contribute if they
           cannot participate in the current venture.

           Year 10-11 students have compulsory community service program and may be
           able to assist your toy library. This requires working with children checks by
           supervising adults. Contact your local high school for details.

           Monetary Donations
           On all out going correspondence, newsletters and webpage note that donations
           are welcome and how to donate. Organisations with Deductible Gift Recipiency
           only may receive tax deductible donations, currently toy libraries do not have
           DGR Status. Always receipt any monetary donations and post receipt with your
           note of thanks.




PDF Creator - PDF4Free v2.0                                    http://www.pdf4free.com
           Fundraising

           To ensure your toy library has a successful future, you will need to organise
           some specific money producing activities. The range is wide and most require
           planning, labour and sometimes luck. It is important to set realizable goals and
           have a particular purpose that can be communicated to your members. If you
           think smart with your fundraising you will find you can make more from less effort
           than when there has been little planning.

           Good organization is the key to success with fundraising
             • Appoint a fundraising co-ordinator from within your committee.
             • Spread the workload between a fundraising sub-committee.
             • Planning should include asking yourself the following questions - what -
                 why - who - how much - what if?
             • Remember the need for effective publicity use posters, notices, and local
                 weekly or daily newspapers for publicity. This often has financial results
                 beyond the direct fundraising activity.
             • Schedule fundraising activities so that you are not asking for too much too
                 often from the same group.

           Asking members to help with fundraising provides an opportunity for social
           contact and publicity for the toy library. There are 3 ways to look at fundraising
                 - FundRAISING raising your profile while raising funds
                 - FUNDraising the funds that you raise
                 - FUNdraising having fun and raising money at the same time
           Keep one or all of these things in mind you should have a successful event.

           Fundraising activity suggestions
           § Hold a fair with stalls for baking, sewing, white elephants etc.
           § Have a street stall, garden walk or garage sale.
           § Approach local shops and businesses for donations, goods, or discounts for
              a silent auction.
           § Place a collection box in a store, hotel, and service station.
           § Sell chocolates,T-shirts, calendars, toys, homemade cards etc.
           § Run raffles (see notes below), earn money for labour (car wash), hold a Mad
              Hatters picnic, have a games evening, run a craft show, organise a sausage
              sizzle, sand castle competition, theatre evenings etc.

           Some toy libraries though offer a fundraising levy as an alternative for
           participation in fundraising. Borrowers may choose to pay this amount once a
           year and then be free of the obligation to help with stalls, drives etc.




PDF Creator - PDF4Free v2.0                                     http://www.pdf4free.com
           Raffles

           There are a number of regulations that govern the running of raffles –
              • Raffle tickets must have the following even if you are using the numbered
                 card method rather than individual tickets -the name and address of the
                 organiser, the total number of tickets on sale and the date to be drawn.
              • Each ticket is to be equivalent in dimensions and weight.
              • Each ticket sold has to cost the same ie you cannot offer 1 = 50c, 3 = $1.
              • It is illegal to have alcohol or vouchers for the purchase of alcohol as raffle
                 prizes.
              • If the retail value of the prizes is over $200 (even if they have been
                 donated) you must apply to Department of Racing & Gaming for a gaming
                 licence and a number of other criteria must then be met.
              • All draws must be drawn 1st ticket = first prize, 2 nd ticket = second prize,
                 until all prizes are drawn. Make a record of winners concurrent with draw.
              • All tickets sold must be placed in the draw and the draw conducted fairly
                 in the presence of witnesses.


           Sponsorship

           Sponsorship differs from donation in that there is a mutually beneficial
           relationship for both the receiver and the sponsor. Thus it is important to give
           consideration to the nature and type of commercial entity of whom you are
           soliciting sponsorship.

           Sponsorship solicitation is more likely to be successful after a relationship has
           been established. Laying the ground work through networking, sending
           newsletters or other positive contact is important prior to asking for support
           through sponsorship.

           When forming a sponsorship arrangement please annotate the agreement in
           writing so that future committees are clearly aware of the mutual obligations of
           both parties, for example, the sponsors’ logo on correspondence and marketing
           materials or supply & installation of signage, for an annual fee. If you do not remit
           an invoice to your sponsor income may lapse or be lost, or if the logo is edited
           out, you are not fulfilling the agreement and are in breach of the agreement.

           Always define how long the agreement is so there is no ambiguity on terms. It
           would be prudent to have any sponsorship agreement reviewed by a lawyer.




PDF Creator - PDF4Free v2.0                                     http://www.pdf4free.com

				
DOCUMENT INFO
Shared By:
Categories:
Stats:
views:50
posted:4/20/2010
language:English
pages:5
Description: FUNDING YOUR TOY LIBRARY