There are countless fun and creative methods for raising the necessary capital for colleges. Fundraising is an essential element of college financial stability outside of tuition and governmental funding. While these traditional sources of funding are effective on many levels, extra fundraising enables colleges to update and expand their learning programs for college students.
Fundraising can support new programs, fund scholarships, and pay for general improvements on campus. From classic on-campus fundraising events to more innovative online campaigns, here’s a list of the five best college fundraising ideas, as well as a few tips to help you pull it off.
1. Alumni Networking
One of the most efficient ways to raise money for a college is to reach out to alumni. Every year, thousands of students graduate and go off to begin their professional lives. These alumni are often keen to contribute financially to their institutions. In fact, donations from alumni represent a significant chunk of donations to universities each year. In 2022, alumni donations to U.S. colleges and universities totaled $59.5 billion.
Yet, tapping into the potential of alumni fundraising is no simple task. It requires keeping track of a huge database of alumni, managing donations, and maintaining ongoing relationships with your donors. This process is time-consuming and may feel overwhelming at times. A fundraising intelligence platform such as Kindsight can streamline these processes by managing every potential donor and allowing you to search alumni across billions of data points—an enormous help for college fundraisers.
2. Crowdfunding Campaigns
Crowdfunding campaigns are an effective way to raise money online for your college by gathering small amounts of money from a large number of people. Crowdfunding is best used when raising money for a specific cause because it often uses storytelling to reach targeted donors. A large part of attracting donors is appealing to their emotions. For example, a crowdfunding campaign may showcase case studies, success stories, or photos of college students who have won awards or accepted promising job offers.
Colleges can leverage social media to target individuals who will connect to these stories. Ongoing communication is key when it comes to crowdfunding, and donors should feel the impact of their donations. This can be done by sending follow-up thank-you letters. If done well, crowdfunding can bring in a significant amount in a short amount of time.
3. Student Talent Shows
There is no shortage of talent on college campuses, and tapping into this talent is an excellent way to raise funds for your college. Creating an event such as a multi-skill talent show where your students can showcase their hidden gifts is a highly entertaining and engaging way to collect donations.
Other types of talent events showcasing the skills of a student body may include putting on:
- A Battle of the Bands concert
- A dance-off talent show
- A singing competition
To generate funds, sell tickets, drinks, and food at the event itself. It’s also important to register all attendees to collect prospective donor data that can be used to engage with them in the future. This can be done by promoting the event online and registering attendees with an online donation form. As an event organizer, you may also choose to stream the show to reach a greater audience and reach additional donors.
4. Organizing Cultural Events
Taking inspiration from worldwide cultural events and festivals students celebrate is a great method for attracting curious and fun-loving people. Colleges are home to a diverse mix of individuals with different cultures and traditions. Here are a few ideas for creating an on-campus event that will showcase the rich diversity of a college:
- Hosting a Dia de Los Muertos to celebrate Mexico’s traditions. Participants and organizers can honor those who have passed with floral altars, sugar skulls, and traditional foods like pan de muerto.
- Organizing a Chinese New Year to ring in the new lunar year that embraces the cultural heritage of Chinese communities around the world.
- Putting on an event that recognizes Kwanzaa, a non-religious cultural holiday celebrated mostly by African American communities, representing their history and culture.
As an organizer, you may also choose to host a week-long event that features a different cultural celebration each day. Funds can be raised by charging an entrance fee or by pre-registering attendees online. Offering food, drinks, and dishes relevant to each cultural theme will also raise funds at these fun and festive events.
5. Faculty vs Student Contests
Nothing speaks to the competitive soul of a student body and faculty like a “Faculty vs Student” contest. These friendly competitions engage student bodies and staff to get involved in a cause while building a strong sense of community. There is no limit to the form that these contests can take. Some fun and out-of-the-box ideas for faculty vs student contests are:
- Organizing sporting games where students take on faculty in different athletic areas
- Trivia night, students vs faculty style
- Talent shows where both faculty and students show off their talents
- A dunk tank where you invite students to choose a faculty member to dunk
The campaign will reach a wide audience if these events are promoted on campus and on social media, building excitement before the event. In addition, some of these affairs, such as a trivia night, can be organized and implemented as virtual events only. Charging entrance fees or creating a “betting booth” where community members or local businesses can sponsor participants is also an effective way to collect donations.
Tips for Optimizing Fundraising for College Campuses
You can optimize your fundraising for college campuses by following a few tips:
- Understand your audience: Understanding your audience is the first step to creating a clear objective for your fundraising campaign. You should have an idea of the types of students you want to appeal to, such as their interests and preferences, which will help you tailor your campaign specifically to them.
- Decide how much you want to raise: Certain educational initiatives will require specific budgets to get off the ground, so it’s crucial to decide how much you want to raise before the event. Set your target amount a bit higher than you expect to raise to account for unexpected fluctuations in donation amounts.
- Make giving easy: Individuals don’t want to spend too much time figuring out how to give. The easier you make it for a donor to give, the better your fundraising event’s chance of raising the funds it needs. Your event should provide multiple payment options, such as one-tap apps for donating, and very clear instructions that make the giving process easy.
Fundraising to Boost Revenue for Colleges
Many colleges rely on funds outside of tuition and governmental funding to finance new programs and overall improvements at their institutions. Luckily, there are many different ways to engage your students, staff, alumni, and local community in your cause. In summary, some of the most innovative school fundraising ideas to boost extra revenue for a college campus are:
- Tapping into alumni networking and reaching out to former college alumni for their support and donations.
- Crowdfunding campaigns to reach a large audience, collecting small amounts of money that add up to a lot over a short period of time.
- Hosting talent shows or cultural events on campus, charging entrance fees, and collecting donor data.
- Organizing faculty vs student contests, which are competitive but friendly, to encourage students, staff, and members of the local community to donate.
Each college has its own nuances, and certain fundraising efforts might work better for you than others. It’s best to analyze the unique characteristics that make up your college community and choose a successful fundraising campaign that will speak directly to your college’s student body, staff, and alumni.
