With the start of January comes personal New Year’s resolutions – eating healthier, reading more, exercising regularly…the list goes on. But what about fundraising resolutions?
There are several tasks your nonprofit should do every January to start your year off on the right foot. Add them to your to-do list now and turn these fundraising resolutions into annual planning habits for your organization!
8 Fundraising Resolutions for Your Nonprofit
First things first, take a breath! You just had a hectic giving season (not to mention the December holidays) and taking care of yourself should be top priority.
The eight fundraising resolutions we share here will give you some space to do just that while keeping the momentum going for your nonprofit.
1. Send your year-end tax receipts
If you accomplish one of these fundraising resolutions this month, let it be this – sending out year-end tax receipts to each of your donors.
Although tax summaries aren’t necessarily required by the IRS – written acknowledgements are required for individual gifts of $250 or more – they are great for building donor relationships.
Providing a summary of a donors’ annual donations can help them prepare their taxes. It also shows them the total impact of their contributions – something especially important for those, like monthly donors, who give to your organization several times throughout the year.
Sending year-end tax summaries is easy if you have the right tool. We recommend checking out Donorbox, where you can personalize and either send or print an annual giving report directly from the platform.
2. Say thank you
Sending year-end tax summaries also gives you another opportunity to thank your donors.
Whether you send your year-end tax receipts via mail or email, we recommend including a thank-you message to every donor. Be sure to mention any direct impact their gifts had through statistics or beneficiary stories.
You can also use this time to make phone calls and send personal thank-you notes to select major donors or other supporters, like volunteers, who made a big impact last year.
3. Reflect on the previous year
Now is the perfect time to look back on the year your nonprofit just had.
What worked? What didn’t? Did you reach your goals? Was there anything you wanted to try, but ran out of time or budget?
Answer these questions for each piece of your strategic, fundraising, and marketing plans while everything is still fresh in your mind.
Bring in other members of your team to help with this fundraising resolution, if needed!
As a fundraiser, we recommend playing close attention to these areas:
- Giving season – Not only is this typically your biggest fundraising time of the year, it also just happened. Take note of how much was raised, which portions of the campaign performed the best, and what you want to do differently next year-end.
- Fundraising events – Events often take bigger budgets and more time than other tactics. Look back on yours to decide what to keep, change, or add for the coming year. You’ll need to know this early so you can start planning ASAP!
- Your donor base – Take a deep dive into your database to discover donor trends, any donors who usually give but didn’t in the past year, and new or major donors who may deserve an extra thank you.
4. Prepare your annual report
As you’re pulling data and reminiscing on the previous year, you can also begin thinking about your annual or impact reports. Getting started on this now – especially as you’re recapping your year anyway – will save you time in the long run.
Consider what statistics, financial information, and other details you’d like to include. You may want to feature a letter from your executive director or board president. Adding an impact story from a beneficiary can also help illustrate the real impact your nonprofit had last fiscal year!
Tip from the Playbook: Be sure to check with your operating state’s requirements for annual report due dates – you may have to complete this task at another time.
5. Set SMART goals for the future
New Year’s resolutions are often about setting goals – fundraising resolutions can be, too! Just make sure your goals for the year are SMART – Specific, Measurable, Achievable, Relevant, and Time-Bound.
While a goal for total dollars raised throughout the year is certainly helpful, specific goals can better help you determine the effectiveness of different campaigns, outreach, events, and more.
For example, you might want to focus on obtaining a specific number of new donors this year. If you’d like to increase recurring giving, set a goal for the number of new and/or increased recurring donation plans. Or, you can focus on impact with a goal that reflects a number of beneficiaries served.
6. Make a plan for the year ahead
After you’ve reviewed the previous year and set your new SMART goals, it’s time to start planning.
You don’t have to be super detailed to complete this fundraising resolution – that can come later – but it’s good to lay out your entire year in advance.
Start by looking at the calendar and filling in what you already know will be happening and when. This may include events, major holidays, and any pre-planned fundraising campaigns (like the giving season) or outreach (like a quarterly magazine or monthly e-newsletter).
Then, think through any new events or campaigns you’d like to run – when will they fit in?
Finally, start adding timeframes for planning, promoting, and executing each piece of your plan. This will help you know what to work on and when, making prioritizing your time and resources easier from the start.
7. Complete any required updates
January is also a great time to start fresh. To tackle this fundraising resolution, consider everything that needs to be updated or improved before the year really gets going.
- Databases – Take the time to go through your databases and make any necessary updates. This may include name changes as well as fixing incorrect or updated addresses, emails, and phone numbers. Doing so now will improve the effectiveness of future outreach and campaigns!
- Website – Go through your website with a fine-tooth comb. Look for everything from grammatical errors to facts or statistics that need to be updated. Take notes on what could improve the overall look and feel or functionality of your site as well, such as higher quality images or a sticky donate button.
- Donation page – Speaking of donate buttons, the donation page on your website deserves extra attention. Make sure the form is in tip-top shape and that you remove any outdated language. You may want to update a featured beneficiary story, change the call to action, or update your suggested ask amounts based on data discovered during your time spent reflecting on the past year.
8. Check in with yourself and your team
Nonprofit burnout is a very real concern. According to one study, 69% of nonprofit leaders are worried about their employees burning out.
To help mitigate burnout for your team – and yourself – it’s important to make a habit out of checking in on a regular basis. And January is a great time to do so!
Take a good look at your team. Is anyone feeling overwhelmed? Are they at (or past) capacity? How about you?
This is especially important when considering goals and plans for the year ahead. Make sure you have the skills and capacity to take everything on.
And remember that you don’t have to go it alone! Consider hiring an agency or consultancy to help you fill any gaps.
MVP Advisors is a boutique nonprofit consulting firm with an experienced and knowledgeable team ready to help your organization this year. Set up a call to learn how we can tailor our services to fit your needs!
Have a Great Year!
Setting fundraising resolutions for January can help your nonprofit start the year with a bang!
We suggest spending time this month focused on:
- Sending year-end tax summaries
- Saying thank you
- Reflecting on the previous year
- Preparing your annual report
- Setting SMART goals
- Making plans for the new year
- Completing needed updates
- Checking in with your team
And if you need help with any of the above – or any plans for the year ahead – the consultants here at MVP Advisors are here for you. Our team is well-versed in everything from strategic planning to donor outreach to content generation and beyond. Email us or set up a call today to get started.