Organizations perform a fundraising audit to comprehensively assess the status of their current fundraising efforts, to identify strengths and weaknesses, and to seek out areas for growth.
Audits are generally performed by outside consultants or volunteers to provide an objective overview of current efforts. Established organizations with larger budgets typically hire a CPA or financial consultant to conduct their audit. Organizations with smaller budgets that can't afford a professional consultant might look for someone with trusted fundraising experience to examine their strategy on a volunteer basis, or consider swapping feedback with another organization.
No matter the size or age of your organization, the process provides some key benefits:
- Weaknesses or gaps in revenue generation and sustainability can be identified and addressed
- Resulting goals and objectives can help guide the organization toward greater sustainability and fundraising success
- Board and staff can gain greater insight and confidence in the organization's financial management, as well as their role in raising funds
- Funders can be better informed regarding the organization's revenue potential and strategy
See our related Knowledge Base Articles:
- Where can I find technical assistance or a consultant for my nonprofit?
- Where can I learn more about hiring a consultant?
- What is strategic planning? Where can I learn more about it?
- How much should my nonprofit have in its operating reserve?
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