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DAY 2 Session 8

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

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  1. DAY 2 Session 8 Funding Sources and Managing Costs/Resources: Slides

  2. 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.

  3. 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

  4. 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.

  5. One-Off Funding Streams • Associations might also receive one-time funds for: • A project (such as BSLA) • Government grants • Grants from foundations or charities

  6. 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

  7. 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.

  8. 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

  9. 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.

  10. Funding Risks • Risks may include: • Currency fluctuations • Change of Government • War • Dependency on too few funding sources • Financial incompetency • Other?

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