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DAY 2 Session 8 . Funding Sources and Managing Costs/Resources: Slides. Outcomes for participants. At the end of this session participants should be able to: Identify funding sources that might be useful for the success of their association’s proposal.

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day 2 session 8

DAY 2 Session 8

Funding Sources and Managing Costs/Resources: Slides

outcomes for participants
Outcomes for participants
  • At the end of this session participants should be able to:
  • Identify funding sources that might be useful for the success of their association’s proposal.
  • Understand the need to manage costs effectively.
  • Be aware of the risks associated with managing funds.
accountability and transparency
Accountability and transparency
  • Library associations need to be accountable and transparent - finances should be available for scrutiny not only by auditors but by members as well.
  • Two key principles of a financial management system are:
    • Transparency
    • Accountability
where do associations get their funding
Where do associations get their funding?
    • Funding from membership fees and/or
    • Sponsorship
    • Accreditation schemes
    • Conferences and related activities
    • Sale of products, publications
    • Continuing professional education courses
  • These funds might be ongoing every year even if the amount varies.
  • But, relying too much on membership income is risky.
one off funding streams
One-Off Funding Streams
  • Associations might also receive one-time funds for:
    • A project (such as BSLA)
    • Government grants
    • Grants from foundations or charities
in kind contributions
In-kind Contributions
  • Associations are often supported by other organisations, such as:
    • National libraries, which provide accommodation, a place to keep records, and sometimes equipment for the association
    • Libraries which provide space for workshops and events
  • Contributions of this kind help associations to provide activities and services they could not otherwise afford
activity funding sources brainstorm 10 mins
Activity: Funding Sources Brainstorm 10 mins
  • As a total group discuss:
  • What could be some sources of funding for your proposal?
  • Do you know of funding sources in your own country or region?
  • Suggestions will be noted by the trainer on a flipchart.
writing a budget
Writing a budget
  • A budget for your proposal will:
    • Give you the confidence that your association will be able to meet financial responsibilities
    • Identify problems before they occur – such as any shortfall in covering expenses
    • Manage your expenditure
    • Increase donor/stakeholder confidence in your association
budgets and guidelines
Budgets and guidelines
  • If you receive project funding, you need to be able to deliver the project within the budget and financial guidelines
  • Costs must be reasonable and allowable. It should be clear how they have been calculated
  • The cost should be consistent with your association’s policy and the funder’s policy
  • If you cannot complete the project, or you don’t spend the full amount, you will need to be prepared to return the remaining funds.
funding risks
Funding Risks
  • Risks may include:
  • Currency fluctuations
  • Change of Government
  • War
  • Dependency on too few funding sources
  • Financial incompetency
  • Other?