Risk is an inherent part of life; we take risks with every action each day, however, those that are undertaken for the sake of a project can seem to be under a magnifying glass, making it more important to evaluate the outcome of risk before continuing the forward progress of an operation. Risks as part of fundraising are certainly of concern to all who embark on a fundraising plan. The Nonprofit Risk Management Center (2003) indicates that there are five ways to reduce risk in fundraising: knowing the donors, understanding a donor’s motivation, establishing clear guidelines, getting expert help when necessary, and being prepared to walk away if the risks outweigh the benefits. Therefore, when creating a fundraising plan, a risk management
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For consideration, at the meeting, the team should clearly identify the types of projects which they would entertain as viable fundraisers, create a list of concerns to be addressed through a risk management plan, and begin a risk assessment and mitigation plan. According to CSU-Global (2013b), planning creates clarity, direction, steps to accomplish the goal, points of control, and a method of sharing information. The fact that this project is being launched by a college-aged group also indicates that technology should be secured to use for this planning process, even a free project management software tool could be advantageous as a collection point for ideas, status, or other important …show more content…
As there are no assets or funds available, risk reduction and transfer are not necessarily related options. To address the lack of ownership, a risk avoidance tactic of utilizing project management software, clearly identifying which fraternity or sorority will tackle each piece of the project, is imperative. A lack of training may be mitigated through risk sharing, potentially asking the local hospital for which the council is raising funds, if they have staff that may be more experienced and willing to assist this team, especially since their organization is the sole benefactor of the event. The risk avoidance tactic being employed to thwart competition should be that of obtaining donor lists from the council from prior events held on behalf of the council. It is likely that those previous donors would be willing to donate services, items, supplies, or time to the event. This type of donor list sharing translates to risk sharing for the overdependence on few sources. While new sources may be added, the warm contacts that can be made with those that have connections to the council will be an invaluable tool. If the avoidance or sharing tactics adopted do not work out as planned, the council may simply choose to accept the risks at hand, working through
For consideration, at the meeting, the team should clearly identify the types of projects which they would entertain as viable fundraisers, create a list of concerns to be addressed through a risk management plan, and begin a risk assessment and mitigation plan. According to CSU-Global (2013b), planning creates clarity, direction, steps to accomplish the goal, points of control, and a method of sharing information. The fact that this project is being launched by a college-aged group also indicates that technology should be secured to use for this planning process, even a free project management software tool could be advantageous as a collection point for ideas, status, or other important …show more content…
As there are no assets or funds available, risk reduction and transfer are not necessarily related options. To address the lack of ownership, a risk avoidance tactic of utilizing project management software, clearly identifying which fraternity or sorority will tackle each piece of the project, is imperative. A lack of training may be mitigated through risk sharing, potentially asking the local hospital for which the council is raising funds, if they have staff that may be more experienced and willing to assist this team, especially since their organization is the sole benefactor of the event. The risk avoidance tactic being employed to thwart competition should be that of obtaining donor lists from the council from prior events held on behalf of the council. It is likely that those previous donors would be willing to donate services, items, supplies, or time to the event. This type of donor list sharing translates to risk sharing for the overdependence on few sources. While new sources may be added, the warm contacts that can be made with those that have connections to the council will be an invaluable tool. If the avoidance or sharing tactics adopted do not work out as planned, the council may simply choose to accept the risks at hand, working through