S)CW 6070 Week 8 ASGN N_J
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Walden University *
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6070
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Management
Date
Jan 9, 2024
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docx
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Uploaded by ChefBadger3727
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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