So, how does a station become fiscally self-sufficient?
There are two main, traditional avenues: fundraising and underwriting. Fundraising is about asking listeners to simply donate money to the station because they want to support it. Underwriting is about asking businesses (and other organizations) to donate money in exchange for something of benefit to the business - usually an on-air mention.
I won't get into fundraising here, except to say that David Caban has put together a fabulous on-line guide for how to do on-line fundraising for WRUW in Cleveland. It's specifically for WRUW but can easily be adapted. In fact, it's definitely worth shamelessly copying it for your station. I'll also mention that if you've never done it at your station, make sure you get buy-in from your campus' Alumni Relation Office, since they are also responsible for fundraising and usually take that responsibility very seriously.
Instead, I'll focus on underwriting, because while fundraising typically has so-so effectiveness for small stations in small markets...underwriting can actually work for almost any station. Why the difference? Read on to take a new look at "selling out"...