CSDM goes into administration

Fundraising | Celina Ribeiro | 29 Jun 2010

Fundraising company CSDM has gone into administration, re-emerging on the same day as two new companies.

CSDM, which provided a suite of fundraising services to a client base of largely small charities, entered into administration on 15 June, on which day its assets were bought out by CSDM Strategic Fundraising and CSDM Fundraising Directors.

CSDM chairman Chris Stoddard will act as chairman for both new companies, which will be housed in the former company’s offices in Ross-on-Wye, Hertfordshire. A statement released by the company said that the developments are “part of a larger and planned restructuring strategy designed to streamline the various segments of the business and better serve clients”.

The new CSDM Fundraising Directors is targeting smaller charities and charging under a ‘pay from proceeds’ contract under which the company’s fee will be taken from donations, rather than paid for up front. CSDM Strategic Fundraising aimed at medium-to-large charities, meanwhile, will use a more traditional charging structure, with payment up front regardless of income generated by the agency.

Pre-existing clients will continue to be serviced by the new companies, both of which are, according to the statement, signing on new clients.

The statement also read: “CSDM elected to restructure by going into administration because it was the most transparent and regulated way to transfer the business assets to the new companies. Because the charity sector has scrupulous requirements with regard to transparency, this strategy was deemed to be the most suitable to the sector’s high standards.”

Stoddard said, “For some time we have recognised the need to evolve our structure to meet the changing needs of the charities we work with. This restructuring process is the result of long term planning and will enable us to fundraise more effectively for charities of all sizes. Our clients and employees are on board with the new structure and are excited about its greater potential for facilitating donations to the worthy causes we support."

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