Campaign Plan 07 - Campaign Finances
If you’ve reached this stage of campaign planning, you are almost finished! After developing the organization, message, budget, and everything else up to this point, you are now in the critical stage of planning fundraising for your campaign. You will need to create a financial plan that covers all fundraising along with tracking all donations and expenditures for campaign compliance.
Fundraising
Since you already created a campaign budget, you should already have your fundraising goal. Break down this goal into categories and monthly goals based on the form of outreach. Ultimately, the focus is on raising money at or above the fundraising goal. Make sure you have all the campaign money you need at each stage of the campaign. Adaptability will be key as the campaign progresses.
Kinds of Outreach include:
- Candidate Calls
- Events
- Finance Committee
- PACs & Other Committees
- Digital
- Direct Mail
Obviously, this is not a complete list of how you can raise money. However, it is important to have clear goals for each category throughout the election. Keep in mind the majority of fundraising (usually over 50%) will come through direct phone calls and personal requests from the candidate, so plan accordingly.
To start fundraising, identify potential donors by listing out all personal contacts, further contacts from family and close friends, civic groups, organizations, and more. Relationships will need to be built throughout the election, but having a list ready to go is important.
During outreach, you will need to craft a compelling fundraising pitch that includes your campaign’s mission, goal, and vision for the district. Every person who donates becomes a partner of your campaign, so treat every donor with respect as you are building relationships. Good fundraising requires consistent communication, so plan to engage with donors and supporters in the same way you build a real relationship.
Financial Compliance
A common pitfall for campaigns, follow all necessary financial compliance by creating a system to track and organize all donations and expenses. Following the directions from your election board, file all paperwork in a timely fashion and closely monitor the regulations and restrictions on the way money can be raised and spent. Choose a payment processor for receiving and tracking donations. WinRed is the most common option for conservatives.
Remember that any mistakes in financial reporting can be used against you. Be sure to utilize financial compliance professionals and compliance software based upon your size and budget. If you have questions, call the election board or seek professional advice.
If you would like additional assistance, contact us about our Fundraising Template and Campaign Ledger sheet which can help with your fundraising plan and ongoing tracking for financial compliance.
Have any more questions on setting up your political campaign? If interested in learning more and getting involved by running for office, contact us at:roosevelt.tech
June 7, 2023
Updated June 15, 2023
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