Previous |
Next International Charity Gets Surprise Gift From Women's Prison Group |
April 16, 2010, 04:23 AM ET
Fund Raisers Are Helping Charities Generate New Business Ventures
Experts say that fund raisers will increasingly be asked to help charities create business ventures that raise money from paying customers -- in addition to seeking individual gifts and grants.
A good example of how that trend is making itself felt can be found in a program called the North Texas Community Wealth Collaborative.
The collaborative has so far paid for 15 charities, which apply for a spot in the program, to develop business plans for new enterprises that draw paying customers. The program is offered by Community Wealth Ventures, a Washington consulting company that specializes in strengthening nonprofit organizations by helping them develop new income streams.
Here's how it works: Charities pay $7,500, a fraction of what the business-development effort costs. The rest of the money is donated by foundations. Each charity forms a team of key officials, including the chief executive, the top fund raiser, chief financial officer, and others.
With support from local entrepreneurs, the team spends several months developing a detailed business plan for its new venture.
According to Diana Peacock, a senior consultant with Community Wealth Ventures, the business-development team is often led by the organization's fund raiser.
Examples of some of the business ventures that charities have created so far include an outpatient rehabilitation clinic run by the Autism Treatment Center, in Dallas, and a nondenominational wedding chapel operated by a church-run social-services group that works with troubled families.
One of the most successful ventures created to date, Ms. Peacock says, is a new effort by Catholic Charities, in Fort Worth. The business, which provides translation and interpretation services to local hospitals, schools, and courts, now generates $1-million annually.
Comments
1. dcummings365 - April 19, 2010 at 11:09 am
interesting...
2. dpeacock - April 19, 2010 at 04:29 pm
The North Texas Community Wealth Collaborative is a partnership between Community Wealth Ventures, the Center for Nonprofit Management and several area foundations. Management support organizations, like the Center for Nonprofit Management, are great resources for organizations looking to explore the potential of earned income and social enterprise.
In addition, the Social Enterprise Alliance hosts its annual conference, the Social Enterprise Summit, this month in San Francisco http://www.se-alliance.org/summit.cfm
3. wcarson - May 14, 2010 at 11:38 am
The North Texas Community Wealth Collaborative was an invaluable resource for launching our social business venture. ACH Child and Family Services highly recommends this process for planning and launching a social business venture.
Add Your Comment
Commenting is closed.