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Underwriters for big budget tripsMay 17, 2017
One of the worries that many organizations have when they first talk with us is that their donors won’t be able to garner bids on fundraising auction travel packages due to cost. We’ve discussed before why non-profits should generally have more faith in their supporters when it comes to generosity during gala auctions, but we’ve got tools beyond positive thinking to help get once-in-a-lifetime travel opportunities into the hands of donors.
If an organization is worried about the price of one of our trips, finding an underwriter for the item is often a possibility. In this scenario, an outside company essentially “advertises” with the item, paying money for the chance to be mentioned alongside the trip in question (along with, of course, the chance to support a worthy cause). Think of public radio, for instance, where commercials are eschewed for underwriters: Businesses mentioned briefly in between stories, often with nods to their relationship with the station identified by phrases like “Funding provided by…” or “Brought to you by…” By getting a trip is sponsored or underwritten by an outside company, an auction organizer can be guaranteed of making money off of a trip, even if its sale price doesn’t bring in big bucks.
Why should non-profits consider underwriters for auction items?
Adding an underwriter for a major auction item, like a trip, gives you another chance to make inroads or strengthen ties to a local business community. For businesses who may not have the employee interest to buy a table or an easy-to-donate good or service, underwriting a trip gives them a chance to be in front of your donors and support a good cause. And it’s another chance for your auction staff to reach out and make contact with companies that could pay off either now or in the future. It also can provide another chance for a charity to reach out to a major donor – many underwriters come from the already-established ranks of supporters, looking for another way to help their favorite cause.
Also, while consignment selling (the model we use at Mitch-Stuart) is by nature “risk free,” having an underwriter in place to add to the bottom line can put some at ease. Instead of worrying about how much the bids are exceeding the cost of the trip, you can relax, knowing that the underwriter has taken care of the base price. In a way, having an underwriter is like having a trip donated; it turns the winning bid into pure profit.
Have questions about the underwriting process? Call or write to one of our Travel Experts today!
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