S)CW 6070 Week 8 ASGN N_J

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Jan 9, 2024

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Funding Sources Nagesca Joseph Walden University SOCW 6070

Analyze three potential funding options for People First San Diego. Funding through government organizations, company sponsors, and crowdsourcing are three possible revenue sources for People's First San Diego. Federal, state, and municipal governments all provide different types of funding. The competition for these funds may be fierce, so it is critical to do your homework to identify the financing that best supports your company's vision and objectives and craft a compelling grant proposal. Corporate funding constitutes the second financing choice. This money may benefit if the donation adheres to People's First San Diego's principles and objectives. Creating corporate alliances, organizing events to raise funds or initiatives that corporations may endorse, and requesting in-kind contributions in the form of products or services are a few ways to achieve this. Crowdfunding is the third available fundraising method, allowing businesses to collect money from many contributors, typically through Internet campaigns. Reaching a broad demographic and generating money for specific campaigns or causes may be accomplished using this method. Identify the benefits and limitations of using each option. These factors could relate to finances, logistics, efficacy, and more. A substantial sum of funds may be available through grants awarded by the government. According to Furman et al. (2020), money from donations is frequently given out competitively, which could improve the organization's reputation. The conditions or objectives of contributions may be pretty detailed and in line with the company's purpose. Usually lengthy to prepare,

funding requests may be highly competitive (2020). Grants could contain stringent compliance specifications or restrictions concerning how the funding could be used. The company might have to submit another application for funding in the future if the funding it receives is just short- term (Furman et al., 2020). Corporations can also make significant financial contributions. A widely recognized corporation's sponsorship might boost an organization's exposure and trustworthiness (Pros and cons: Corporate partnership, n.d.). In-kind gifts of products or services that lower expenses may be incorporated into sponsorships. It can take time to secure corporate sponsorship from large corporations. Dependence on corporate donors might expose an organization to modifications regarding the sponsor's goals and finances. (Pros and disadvantages of corporate collaboration, n.d.). Extensive crowds may be targeted, and substantial money might be raised through crowdfunding. A quick and successful approach to gathering money for a particular endeavor or effort (Smith, 2022). Including supporters in the fundraising process may be done in a fun and participatory way. To distinguish out in the crowded crowdfunding market of 2022, crowdfunding might be challenging. It is not necessarily a good choice for financing recurring costs or long-term needs. Money generated might be lessened by fees related to using crowdfunding sites (Smith, 2022). Evaluate and rank the options in terms of their promise and feasibility for the People First San Diego organization. If a company is capable of finding grant opportunities that promote the organization's objectives and aims and produce persuasive grant applications, applying for government funds may be a

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wise move. It is crucial to carefully weigh the viability of this choice because the funding opportunities are exceedingly competitive, and applying is frequently time-consuming. Assuming a company can find businesses that adhere to its principles and goals and have the means of establishing and sustaining partnerships with such businesses, sponsorship by a company is a feasible alternative. Corporate sponsorships are occasionally hard to get by. Therefore, businesses ought to be adaptable in their advertising and promotional requirements. Crowdfunding may be a potential choice if a company can create an effective campaign and appeal to an extensive consumer base. Campaign promotional and marketing efforts may be challenging, and businesses may need to spend time and money on it.

References Furman, R., Gibelman, M., & Winnett, R. (2020). How organizations are financed Download How organizations are financed. In Navigating human service organizations: Essential information for thriving and surviving in agencies (4th ed., pp. 55–77). Oxford University Press. Gore, E. M., & DiGiammarino, B. (2014, May 22). Crowdfunding for nonprofits Links to an external site.. Stanford Social Innovation Review. https://ssir.org/articles/entry/crowdfunding_for_nonprofits . Pros and cons: Corporate collaboration. Corporate Collaboration - Pros and Cons | Society for Nonprofits. (n.d.). Retrieved October 20, 2023, from https://www.snpo.org/funding/corporatecollaboration.php Smith, T. (2022). Crowdfunding: What it is, how it works, popular websites. Investopedia. Retrieved October 20, 2023, from https://www.investopedia.com/terms/c/crowdfunding.asp

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