Building Strong Library Associations | Regional Convenings DAY 2 Session 8 Funding Sources and Managing Costs/Resources: Slides

Building Strong Library Associations | Regional Convenings 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. Outcomes for participants

Building Strong Library Associations | Regional Convenings 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 Accountability and transparency

Building Strong Library Associations | Regional Convenings 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. Where do associations get their funding?

Building Strong Library Associations | Regional Convenings Associations might also receive one-time funds for: A project (such as BSLA) Government grants Grants from foundations or charities One-Off Funding Streams

Building Strong Library Associations | Regional Convenings 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 In-kind Contributions

Building Strong Library Associations | Regional Convenings 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. Activity: Funding Sources Brainstorm 10 mins

Building Strong Library Associations | Regional Convenings 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 Writing a budget

Building Strong Library Associations | Regional Convenings 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. Budgets and guidelines

Building Strong Library Associations | Regional Convenings Risks may include: Currency fluctuations Change of Government War Dependency on too few funding sources Financial incompetency Other? Funding Risks