Businesses that practice Corporate Social Responsibility (CSR) aim to improve the social and environmental conditions of the communities in which they do business. CSR can take many different forms, including environmental activities, volunteer work, and philanthropy. Funding NGOs is one method through which companies can support Corporate Social Responsibility (CSR). Non-profit groups known as NGOs strive to solve environmental and social problems. Businesses can truly change the world by supporting NGOs with funding.
NGOs must have a solid fundraising strategy and strategic plan in place to continue their work and make a significant influence in the field of philanthropy. The emergence of Corporate Social Responsibility (CSR) programs presents an opportunity for non-governmental organizations to obtain essential funding.
In this blog, we will also give you the top 10 helpful tips on how to Get CSR funding to navigate the process of obtaining CSR money, making the most of it, and strengthening your capacity to make a difference.
What Is CSR Funding?
The term “CSR Fund” describes the money that businesses donate to social development initiatives as part of their Corporate Social Responsibility (CSR) policy.
The Enterprises Act, 2013 mandates that enterprises having a net value of at least 500 crore rupees, a turnover of at least 1000 thousand crore rupees, or a net profit of at least 5 crore rupees must devote at least 2% of their average net profits to corporate social responsibility (CSR) initiatives.
Fines for Non-Compliance to CSR
Companies will be fined if they fail to allocate the necessary funds for environmental and social reasons. The initial fine of Rs 50,000 has the potential to increase to Rs 25 lakh. In addition, any individual in control of the business who violates the regulations may be subject to fines of up to Rs 5 lakh and at least Rs 50,000, as well as a maximum three-year jail sentence.
Top 10 Tips To Secure CSR Funding
If you want to stand out from the rest, these tips below to secure CSR funding will help:
1. Do Your Research
Look for companies that have previously supported Corporate Social Responsibility (CSR) efforts. You can determine which companies are most likely to be interested in funding your work. Find companies that are in the same industry as your non-profit. For instance, you might go after companies that sell bottled water if your non-profit helps underprivileged people by providing clean water.
2. Have a Strong Proposal
Have a compelling proposal to stand out from the rest. Your proposal needs to be convincing, crisp, and clear. It should include a description of your project, the issue it will attempt to solve, and the intended use of the funds. For instance, you may detail in your proposal the number of people who would gain from the initiative, the expenses involved, and how the financing will help you reach your objectives.
3. Be Ready For Q&A
Respond to questions asked well. The track record of your organization, your sustainability goals, and your community effect may be of interest to potential sponsors. Be ready to respond to these inquiries with precision and clarity. You can give details on the mission statement, financial accounts, impact reports, and the governance structure of your company.
4. Develop a Network
Develop a network of possible funders by going to industry conferences, volunteering at business events, meeting with business leaders, and publicizing your organization. The more people who are aware of your work, the more likely it is that you will receive funding. Among these are industry conferences, business events, and LinkedIn connections with business leaders.
5. Be Persistent
If you approach a few businesses and don’t get funds, don’t give up. Until you find a financier interested in sponsoring your project, don’t give up. You may keep up your networking with corporate executives, go to trade shows, and apply for grants. The crux and the winning formula is to keep going.
6. Be Transparent
When discussing the finances and workings of your organization with possible funders, be transparent and truthful. Credibility and trust will grow as a result. For instance, you can give copies of your organization’s impact reports, volunteer hours, and financial records to prospective funders. It gives out an image of trust that works!
7. Take Accountability
Bring the funding you are given for the right use to accomplish your objectives and change the scenario as much as possible. This will inform your possible donors that their money is well spent in your organization. For instance, you may tell stories of the individuals you have assisted, provide updates on your work, and talk about the positive impact your organization has had on society to prospective donors.
8. Be Grateful
Inform prospective donors of the impact their contributions are having and express gratitude for their support. This will give out a message of your gratitude for their investment and your resolve to make the right use of the funds. You can tell stories of the people you have assisted, thank prospective donors, and demonstrate the positive impact your organization has had on society.
9. Be Professional
Be courteous and professional while speaking with possible funders. Making a good impression and raising your chances of receiving money will both benefit from this. For instance, you can be considerate of the time of possible funders, use good grammar and spelling, and refrain from using jargon. It might not be a big thing for you, but it can make them consider you over others.
10. Have Patience
Finding a funder interested in financing your work could take some time. Continue trying and don’t give up. It can be hard to keep trying and not getting results, but patience is required.
Securing CSR funding can significantly boost an NGO’s capacity to bring positive change within the communities. We have successfully navigated this landscape with our impactful initiatives and commitment to social development. We are on a mission to drive meaningful change.
Aashritha Initiatives and Aim With CSR
With an expertise spanning years now, the way we have impacted lives through our social activities has been recognized by many. Be it through multiple programs, digitally, one-on-one, volunteering, and others, our vision of a better society is reflected in what our deeds stand for. Our aim includes:
- CSR for Senior Shelter
- CSR for Food Distribution
- CSR for Women Empowerment
- CSR for Sponsorship Of Education
- CSR for plantation
- CSR for children and their welfare
With expertise in healthcare, old age care, the environment, and other areas, we have always been transparent about our approaches and where your money is being utilized. Together, let’s be a reason for millions of smiles.
Aashritha is looking forward to collaborating with corporations willing to work for the development of society and prevailing problems that are untouched and ignored. Please click here to express your interest in collaboration.
Click here to make your generous and valuable donation to support Aashritha Charitable Trust. Start availing of tax exemption benefits from now on.
