Holding fundraising events has many fringe benefits for nonprofits: a chance to engage donors, promote awareness for your cause and have fun. But the #1 reason we have events? To raise money!
The key to raising money is focusing on profits.
As demonstrated above, that means netting as much revenue as you can while trimming expenses.
On the blog we tend to focus on revenue generation, but today we'll look at one practical way to do both: securing underwriters for big-ticket auction items.
Imagine being able to offer a trip to Bermuda in your auction and net 100% of the winning bid.
Check out today's post for an explanation of the process of underwriting, plus a quick video from benefit auctioneer Danny Hooper explaining how underwriters can help you offer incredible travel packages for free!
So...what’s an underwriter?
An underwriter is somebody, either a business or an individual, that agrees to pay the cost of a specific item in your event. This might be the catering, auctioneer, centerpieces, auction catalogs and more. The underwriter then becomes the official donor of that expense and receives recognition as such at your event.
Any covered cost is a win for your organization, but underwriting a no-risk travel package offers a special opportunity for underwriters to see their investment grow and multiply in minutes, before their eyes. Here's what we mean.