A Look at KDHX’s Priorities: Our Plans to Increase Financial Stewardship & Management
The past decade at KDHX can be characterized by tremendous transition, growth, and obstacles. I recently shared that we have undergone a strategic planning process to guide us through a journey of (un)learning and leading. At the center of the process was the question, “How must KDHX boldly adapt and grow in order to advance its important mission-- to build community through media?”
Based on engagement with staff, donors, funders, volunteers and other KDHX community members, we committed to three key priority areas. To enact change within these priority areas, the Board of Directors and staff have identified and agreed to action steps.
You can read about the first and second of these priority areas here.
The third of those three priorities is to increase financial stewardship and management. Like any nonprofit organization, diversifying funding streams and ensuring that fundraising practices are sustainable is a key ongoing consideration. In particular, we are interested in more fully aligning our funding strategy to our organization values. This will mean shifting a community-centric model of fundraising to create greater sustainability and ability to grow. (Community-centric fundraising is a fundraising model that is grounded in equity and social justice, which prioritizes community over individual organizations, fosters a sense of belonging and interdependence, presents work as holistic, and encourages mutual support between nonprofits. You can learn more at communitycentricfundraising.com.)
Here is our plan for this priority area over the next three years:
Increase Financial Stewardship & Management
By 2024, KDHX will increase fundraising by 15% by diversifying fundraising streams and implementing sector best practices for stewardship and financial management.
KDHX has experienced great financial support from its listeners over the past years. By adopting a Community-Centered approach to fundraising efforts, the organization can diversify and expand its existing donor base and increase financial income. Diversifying channels of financial support and seeing a culture of philanthropy will create a strong foundation of funding for building capacity and program growth. Developing processes and procedures around donor communication, stewardship, and financial management will allow for transparency, efficiency, and advancement of resource development.
Achievement of this goal will be attained using the following action steps:
1: Adopt Fund Development Standard Operating Process & Procedures
-Increase efficiency and ensure transparency in fundraising practices
-Adopt community-centric donor communications and develop timeline
-Draft/update policies as needed
2: Adapt resource development activities to reflect Community-Centric Fundraising (CCF) practices
- Create a fund development plan to increase organizational fundraising by 15% over three years
-Set short-term and mid-term strategies for existing and new revenue streams
-Obtain board approval
3: Engage Fund Development Committee
-Align committee with CCF principles; rewrite committee description & expectations
-Obtain buy-in, roll-off and/or recruit
-Prepare for/communicate intensive engagement to build committee culture
4: Board Development and Training
-Strengthen board leadership and commitment; review and update Board Policies to align with strategic plan goals
-Obtain buy-in and/or roll-off
-Redefine board roles & responsibilities (Governance Committee)
-Adopt a Board Matrix & Standard for Representation
-Develop & Implement Board Orientation and ongoing training series
-Practice mission engagement and Board fellowship
To learn more about our strategic plan, click here.