Fundraising as a Means of Raising Financial Resources for Project Activities

Abstract

The main goal of fundraising is to attract funds for the implementation of a project or idea that can help solve a certain problem or satisfy a certain need. In addition, fundraising can be an effective tool for popularizing the project and attracting attention to its goals. Purpose: The main aim of the article is to study the theoretical and applied aspects of fundraising and its main instruments. Design / Methodology / Approach: Theoretical methods such as analysis, synthesis, comparison, and generalisation were used for the theoretical and practical study of fundraising and its tools, retrospective analysis of fundraising capitals, and development of recommendations. Empirical methods of surveys and observations were used to study the current situation with fundraising in the centres, analyse activities and needs, and interpret the results. Findings: The research delved into the correlation between an organization’s strategic objectives and the imperative need to procure resources. It examined the foundational theories underpinning fundraising tools while assessing their efficacy. Subsequently, a fundamental fundraising strategy was devised to gather funds for project undertakings. The study revealed that to ensure sustainable development, initiative groups need to be provided with the necessary tools and information resources. This facilitates a transition from disorganized management practices toward establishing a framework for long-term planning. This necessitates maintaining a steady financial income and possessing diversified tools for their acquisition. Originality / Value: The effective execution of a fundraising strategy will pave the way for emerging centres to embark on sustainable development trajectories, enabling a concentrated effort towards accomplishing strategic objectives and missions. This successful implementation will provide consistent backing for youth initiatives, fostering their continued advancement and further growth. Moreover, it will empower other small-scale centres to embrace and tailor this experience to suit their unique needs and projects. Practical Meaning: Successful implementation of a fundraising strategy will help new branches embark on a path of sustainable development and allow them to focus on achieving their strategic goals and mission; ensure stable support for youth initiatives, their further development and additional growth of the branch, and enable other small branches to adopt this experience and adapt it to their needs and projects. Further Research: Developing cooperation with Ukrainian and international intergovernmental organisations and foundations will help achieve strategic goals and ensure additional growth in fundraising activities.