We offer the following options and ideas for how to raise money for your RIF program, which you can adapt to best fit your organization and community. One thing to keep in mind is that the worst response you’ll ever get to a donation request is, “No.” But if you never ask in the first place, you won’t have the chance to hear, “Yes!”
Before you begin fundraising, there are a few key questions to ask yourself. The answers to these questions will help you determine the best path to fundraising success.*
Getting Started
- Determine how much money you need to raise.
- Form a fundraising committee.
- Determine the available sources of funding.
The first step in developing a fundraising plan is to determine the amount you need to raise. In some cases, RIF coordinators must raise their entire budget; in others, your sponsoring organization or the PTA/PTO may provide a portion. Remember that you need to raise enough to cover the cost of the books, as well as additional funds for motivational activities. Develop your budget for the entire year when you develop the plans for your RIF program.
Once you have determined how much money you need to raise, the next step is to form a fundraising committee. The size of the committee depends on the amount you need to raise. (For example, if you need to raise less than $1,000, two or three people should be sufficient). Having a fundraising committee will help share the workload and keep you from burning out by taking on too much. Committee members can brainstorm ideas and help maximize the number of personal contacts your organization can reach.
Next, determine the sources of funding available to you and that you feel most confident approaching. Visit the Fundraising Resources section for more information.
Potential Funding Sources
- Schools and PTAs
The most common sponsors of RIF projects, schools and PTAs are also excellent sources of funding and volunteers.
- Corporations and small businesses
Many large businesses contribute money to benefit communities in which they have offices or plants. Increasingly, small businesses are also willing to provide money, equipment, supplies, and services.
- Special events
Popular fundraising events include bake sales, reading marathons, benefit concerts, fashion shows, car washes, and dinners. Local events, especially those that draw on a community's culture and diversity, can also help generate awareness about the importance of reading, as well as goodwill and funding for your project.
- Service clubs
Examples include Kiwanis, AAUW, Rotary, and Elks.
- Chain retail stores
Examples include Wal-Mart, Sam's Club, and Target.
501(c)(3) Status
A 501(c)(3) determination from the IRS signifies that your organization is a nonprofit and therefore exempt from federal taxes. Donors who wish to claim an income tax deduction for their gifts may only do so if the organization they support is tax-exempt. To qualify for section 501(c)(3) of the Internal Revenue Code, an organization must not have any earnings that benefit a private shareholder or individual. In addition, the organization cannot attempt to influence legislation as a substantial part of its activities nor participate in any campaign activity for or against political candidates.
If your RIF program does not have 501(c)(3) status, check with your authorizing official. In some instances, your school or sponsoring organization may already have 501(c)(3) or another tax-exempt status, and you may be eligible to apply for grants through the school or organization.
* Also, be sure to talk with your authorizing official to make sure that your overall program plans comply with the policies of your sponsoring organization and/or state and local regulations.