At the start of a new decade, as the nation begins to pull out of a prolonged recession, both cash-strapped and thriving downtown organizations are exploring a wide range of funding options.
Results of a recent Downtown Research & Development Center survey show that three quarters of the organizations responding have seen their revenues remain the same or increase from 2009 to 2010. With city funding, events, membership dues, and assessments being the most common sources of funds for daily operations.
On a less positive note, the data also indicates that the typical downtown organization is relying on just three funding sources.
Increasing that number may well be the key to developing a solid financial strategy for funding in the years ahead. Those organizations that are too dependent on a single source of funding may face trouble if sponsorship dollars dry up, a major revenue-producing event is impacted by the weather, or a large corporate donor relocates.
Instead, striking a balance between a wide range of sources will position the downtown organization to accomplish its goals in the future.
The survey data is reported in a new report from the Downtown Research & Development Center titled, "Funding Sources for Downtown Organizations."
* Which funding sources are being used most frequently by six different types of downtown organization including Main Street Programs, Special Assessment Districts, Downtown Associations, Chambers of Commerce, Merchants Associations, and Hybrid Organizations.
* How much each of those sources is contributing to the organization's overall budget.
* Budget changes over time by organization type.
The data is supplemented by descriptive text, comments from survey participants, and a funding focus section, which looks at the funding approaches of four very different downtown organizations.
Additional information on the report and ordering details are available online at http://www.DowntownDevelopment.com/
