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How Does Charity Consignment Work?
Charity fundraising has always been challenging. Choosing the right initiatives, targeting the right audiences, and even communicating your mission effectively is something of an art. But charity fundraising events have proven time and time again to be a great way to engage current and prospective supporters in order to increase brand awareness and raise crucial funds for nonprofit programs.
But just because events are a great way to fundraise doesn’t mean that planning them is easy. Between logistics, sponsorships, ticket sales, and all the pre-event details, it can be daunting to consider how to fundraise once people are in the room. That’s where charity consignment comes in!
Whether you are planning a live auction, silent auction, raffle, or another fundraising initiative, charity consignment is a great way to provide your attendees with incredible packages to bid on or purchase in support of your mission. As crowd capacity has grown so have revenue goals and it can be challenging to find quality donated packages to suit an event’s needs. Many nonprofits are finding charity consignment to be a simple, efficient, and lucrative way to raise funds and provide their donors with incredible packages
How Does the Charity Consignment Process Work?
1. Consultation
Working with a reputable company is key to finding the right consignment packages for your event and your audience. Choose a company that you trust and work with them to analyze your goals, your capacity for donors, and their interests to choose the packages with proven results that fit your needs. Some companies provide free consulting in order to help you find not only great packages but the right packages for your crowd.
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2. Sale
Include the selected packages in your fundraising event or initiative. If you are hosting a live auction, communicate the costs (reserve price*) of each package and ensure that your goals for each individual package are communicated. If you are utilizing a silent auction, simply set the starting bid above the charity cost of the package.
*As a reminder, most consignment packages are at no risk to the nonprofit organization. The charity remits payment only after the package has successfully sold for more than the cost to the charity. If that reserve price is not met, the charity does not utilize the package and does not owe the provider and funds.
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3. Payment/ Confirmation
After your event and once you have successfully sold your consignment packages for an approved price above the charity cost, you will coordinate with the consignment provider on how many packages you sold.** They will invoice your nonprofit organization for the cost(s) associated with the package and once received, begin the process of fulfilling the package for your winner(s).
**As a reminder, most consignment packages can be sold multiple times to multiple winners. Specifically for a live auction, your auctioneer will often sell a package more than one time at an agreed-upon amount.
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4. Package Fulfillment
Once funds are received by the consignment provider, your donors will be connected with their dedicated concierge to begin booking their travel or receiving their goods. Many quality charity consignment providers offer additional services, options, and experiences, should your donor desire them.
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Final Takeaway
Charity consignment is a lucrative way for nonprofit organizations to raise funds without procuring packages from donors, managing the fulfillment process for winners, and even incurring any risk. Working with reputable charity consignment experts ensures that your nonprofit receives consulting, service, and exceptional packages to ensure that you exceed your fundraising goals with this valuable resource. Contact them today!
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