Fundraising + sponsorship
There are three common ways in which a club can raise funds:
Coin Vote - The SA allocates money to clubs based on the number of "coins" that a club collects in the schoolwide vote
Ticket sales / Subscription - Clubs can sell tickets or collect subscription fees to cover event fees or to support club activities
Sponsorship - Connect with organisations who will contribute to the club or event
Have someone in your team dedicated to finding sponsors for an event, or your club for the whole year. A Sponsorship Lead thinks of the longer term goals of your club and builds strategic partnerships with interested companies.
Start early - There are many companies willing to sponsor LBS clubs, but they will only sponsor some ‒ so the earlier you get there, the better!
Set objectives - Think about your objectives before reaching out to event speakers. A lead sponsor, might ask for the keynote speaker slot. This keynote role can often entice the company to commit.
Strategise - Some companies allocate their sponsorship funds at the beginning of the financial year. Others do it last minute to close off the year with balanced books. Think about your pitch from your sponsor's perspective: why should they sponsor you? What is their return on investment? Can you deliver on it?
Shortlist - Pull together the information from previous years and create a shortlist of companies you would like to contact.
Think outside the box - Sponsorship could also mean services or space! If a company cannot offer you any money, they might have a great venue you could use for free.
What’s the unique selling point? Are you hosting an event that could help a company recruit for their next MBA stream programme? Are you talking about a hot topic that a potential sponsor is involved in?
Work with the SA - Please discuss your sponsorship strategy with the SA Sponsorship Officer before entering any agreement. You are legally bound to the SA and cannot enter a business contract alone.
If sponsorship comes with no strings attached, the income will be outside the scope of VAT and will not be charged.
If the sponsors get something in return (e.g. free or reduced tickets, participating in the sponsors promotional or advertising activities), then the income is treated as a taxable supply and VAT will be charged.
You can only rely on sponsorship money if a contract was signed and legally filed by the SA. Clubs have no authority to enter legal agreements. This protects club officers from being responsible for any liabilities incurred in any agreement.