The school’s expenses sometimes exceed the money they receive from the education department of the government. This is because the government is reluctant to allocate more money to support new school programs. The major limitation of depending upon school fees alone as the source of income is that the school cannot change school fees structure without consultation with all the stakeholders which will take a very long time. Fundraising activities are becoming popular in many schools as a means of meeting the extra school expenses. Some of the methods school can use to raise extra funds are.
Schools can raise funds by making products or buying them and reselling at a margin. For example having art and design class make painting that school sells or charges people to see in a school exhibition. The good thing about this method is that the person paying for the products get something in return for the amount of money they pay. Thereby school can get a huge market, unlike any other ordinary small retailer. Also, this idea is also beneficial to the students in learning business schools and also being trained by various business mentors who appreciate the school’s efforts to raise revenue.
Another way of raising funds is an[approaching companies to assist the school financial start the new programs. Companies understand the importance of innovation, therefore, are willing to sponsor new school programs. Such as offering financial support to building of a school library and acquisition of new edition school books. The best thing about this idea is that both parties benefits, the school gets financial assistance, and the business create a good public image and reputation. Also, the school by accepting the financial help of a company is helping them achieve their core value of corporate social responsibility.
Fund for new school programs can also be raised by starting selling tickets to a game which participants stand to win big prizes. The objective is to sell as many tickets as possible by making the winning very lucrative to the target market. The advantage of this method is that people even if they do not win they do not feel like they lost money as they the money is being used in a school program that is beneficial to the students.
The success of the school fundraising is dependent upon the number of ideas used and the effectiveness of each idea. Hence school will increase the success rate of a fundraising by using a combination of various ideas. also the ideas used may stimulate the goodwill of people to contribute even more than the expected amount.