Thinking Out of the Box: Fundraising During Economic Downturns

Abstract

Libraries across the country are looking for new sources of money to replace the funds that have disappeared from their budgets during this economic recession. This article examines the potential that the American Recovery and Reinvestment Act (ARRA) of 2009 has for academic, public, and school libraries. Trends in foundation giving, corporate giving programs, and community foundations are also analyzed in order for libraries to develop a successful, updated strategy that meets the challenges of the current economic climate. Each library must consider a multilevel strategy that includes federal funding sources, but, equally importantly, balances the possibilities of corporate and foundation giving. Competition for all sources of funding is expected to be fierce, so the first steps of any library's strategy are to define what makes your institution unique and to highlight the benefits of newly created partnerships. Finally, librarians are encouraged to think like entrepreneurs, that is, creating merchandized products and to establish long-term funding streams that will guide them into a financially stable future.

Keywords:

• library funding
• grant writing
• fundraising
• stimulus funding for libraries
• development strategies
• federal grants
• state funding agencies
• corporate grants
• American Recovery and Reinvestment Act
• ARRA

Notes

REFERENCES

1. “5 Questions for Katya Andresen, CEO, Network for Good,” Foundation Center/Philanthropy News Digest, posted March 30, 2009, http://foundationcenter.org/pnd/fivequestions/5q_item.jhtml?id=247700002 (accessed August 28, 2009).

2. “Federal Government Grants: No Free Lunch, Part 1: The Truth about Federal Grants,” http://usgovinfo.about.com/od/moneymatters/a/granttruth.htm (accessed August 28, 2009).

3. “American Recovery and Reinvestment Act of 2009: Saving and Creating Jobs and Reforming Education,” posted March 7, 2009, http://www.ed.gov/policy/gen/leg/recovery/implementation.html (accessed August 28, 2009).

4. Ibid.

5. Recovery.gov, “Agency Sites and Information,” http://www.recovery.gov/?q=content/agencies (accessed August 28, 2009).

6. Recovery.gov, “Frequently Asked Questions,” http://www.recovery.gov/?q=content/frequently-asked-questions (accessed August 28, 2009).

7. Education Recovery and Reinvestment Center, http://www.learningpt.org/recovery/federal.php (accessed August 28, 2009).

8. Mary Hall and Susan Howlett, Getting Funded: The Complete Guide to Writing Grant Proposals, 4th ed. (Portland, OR: Continuing Education Press, Extended Studies, Portland State University, 2003): 22.

9. Ibid., 36.

10. Steven Lawrence, “Foundations Address the Impact of the Economic Crisis,” Research Advisory, April 2009, http://foundationcenter.org/gainknowledge/research/econ_outlook5.html (accessed August 28, 2009).

11. “Develop a Corporate Giving Program, Foundation, or Fund,” http://minnesotagiving.org/options/corporate.htm (accessed April 16, 2009).

12. “ALA Creates ‘Adopt A Library’ Program to Help Gulf Region,” released September 12, 2005, http://www.ala.org/Template.cfm?Section=News&template=/ContentManagement/ContentDisplay.cfm&ContentID=104294 (no longer accessible).

13. Tom Pope, “Unusual Fundraising Can Bring New Donors,” Nonprofit Times Direct Response Fundraising Edition 18 (June 15, 2004): 1, 4, 6.