WCVA launches Sustainable Funding for the Third Sector report
The WCVA has launched a report on Sustainable Funding for the Third Sector, which describes the need for innovative and creative thinking around the subject of funding in Wales and offers practical tips for maintaining growth. The report has been created from the outcomes of discussions between third sector representatives, funders, the Welsh and local governments, charitable foundations and academics in Wales. It incorporates other pieces of research that have been used to inform actions that can be taken by a range of partners to solve problems and identify challenges.
The report found that a lack of skills affects fundraising, as well as a lack of understanding concerning finance, planning, management and marketing, which further impacts on fundraising. This is also exacerbated by a lack of skills at board level. When funders request evidence of the impact of funding, this can create a multitude of problems for third sector organisations and those particularly at risk are small and medium sized.
Topics such as Brexit and the need for Wales to ‘think big’ are given consideration, as well as the possibility achieving growth through the formation of partnerships with trusts and foundations.
The key outcomes cover:
- Improving understanding of the third sector income
- Working towards a clearer understanding of capacity building support currently available to the sector
- Developing collaborative approaches to support organisational resilience and sustainability
- Increasing investment from trusts and foundations in Wales
- Understanding that public sector commissioning processes are good at engaging the third sector and enable them to be more involved in delivering solutions
- Considering the fact that third sector leaders have more time to develop leadership skills
- Understanding that third sector organisations are better able to demonstrate their impact to funders
Small and medium sized third sector organisations will find this resource particularly useful in helping them to understand and address their own fundraising opportunities.
The report is free to download from the WCVA website.
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