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DAY 3 Session 2. Funding Sources and Managing Costs/Resources: Slides. Outcomes for participants. At the end of this session participants should be able to: Identify and describe the range of funding sources that might be useful for the success of their association’s proposal
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DAY 3 Session 2 Funding Sources and Managing Costs/Resources: Slides
Outcomes for participants At the end of this session participants should be able to: • Identify and describe the range of funding sources that might be useful for the success of their association’s proposal • Understand indicative costing categories
Range of Funding Sources • 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
Recurrent Funding Streams • Common funding sources include ongoing funds: • Funding from membership fees and/or • Regular government funds • Running professional registration courses • Conferences and related activities • Sale of products, publications, advisory services and • Continuing professional education courses • These funds are ongoing (recur annually even if the amount might vary) and are often described as recurrent funds.
One-Off Funding Streams • Associations might also receive one-off funds, funds received on a one-off basis, for example: • a project, such as a one-year literacy initiative. • External grant or sponsorship funding falls into this category. • One-off funding is generally managed and reported on separately to the funding authority.
In-kind Contributions • Associations are commonly supported by other organisations, such as national libraries, which provide accommodation and sometimes equipment for the operation of association business. • Contributions of this kind are often essential for the viability of an association.
Funding Sources for Proposals • Work in association or regional teams to consider funding sources for your proposal(s). • You may know of sources that are particular to your countries or regions and you are encouraged to share these. • Any new sources should be noted and posted on walls for the group to see and consider.
Managing Resources for a Proposal • A properly costed budget for your proposal will: • Help achieve its goals and meet its objectives • Give you the confidence that your association will be able to cover costs • Identify problems before they occur (such as the need for additional resources etc.) • Improve decision making • Increase donor/stakeholder confidence in your association.
Proposal Budget Guidelines • You need to be able to accomplish the proposed project within the budget proposed • Costs must be reasonable and allowable. It should be clear how they have been calculated. • The cost is generally recognised as necessary to achieve the objectives of the proposal/project • The cost should be consistent with your association’s policy and the donor/sponsor’s policy. • Costs can easily be allocated in proportion to the benefits derived by a specific project