Most charter school boards we work with need to do some type of private fundraising from foundations, corporations and individuals.
Ultimately the governing board is on the hook for ensuring that the organization has the financial resources to support the organization achieving and exceeding its charter promises. Typically the governing board will form a development (or fundraising committee) to oversee private fundraising efforts. The development committee is not on the hook for all fundraising, but they do ensure that there is goal, a plan and that all trustees are equipped to pull their weight.
Typically it is a management function to write grants (federal, state and private foundations), and the board supports fundraising at an individual or sometimes corporate sponsorship level.
Small level fundraising -- donations from a few individuals, parent fundraising efforts, and even larger foundation grants that will be spent within the same fiscal year they are received, can easily flow through the school's existing structures.
If your board is planning larger fundraising efforts, particularly capital campaigns to purchase a facility, it may be more prudent to have these efforts flow through a separate 501c3 support organization.
The laws vary state to state, so please consult your attorney and accountant about the best way to structure your fundraising efforts.
We are also happy to set up a coaching call to talk this through, as we certainly have learned some lessons over the years coaching boards through this topic.
Updated