Assessing Your Funding Needs
Help Picking the Right Grant Opportunities
You have an idea for an innovative project for your nonprofit organization - now all you need is to fund it. Before you start looking for grants, determine your funding n
It is very important that you apply only to grant opportunities that “fit” your proposed project, and not waste your time or the grantors by chasing grants that aren’t right for your nonprofit. Do this by first taking a look at inward. Knowing what your non-profit needs will make it easier to cull out poor matches and hone in on good grant opportunities.
What type of organization do you have? The majority of grantors – though not all – will fund 501c(3)s. Many organizations also fund schools and government institutions. Other groups (like 501c4s) may need to look for grants that specifically fund that type of organization.
What issue does your project address? Some grantors fund education, others health, art, environmental projects, etc. If you are looking to fund a mobile neutering clinic, there is no need to bother with education grants.
What is the geographic scope of your project? Many grants will only be given to local organizations, others are only doled out to projects that go beyond the boundaries of one community (or sometimes even one state). Knowing how big your project is now (not how big you’d like it to be one day) will help you figure out where to look for grant opportunities.
How much money does your project need? Some organizations give mini-grants worth hundreds of dollars or less; others can give hundreds of thousands of dollars, and most fall in between. If your project is small, it is usually worth finding a grantor that will fund the entire thing. On the other hand, you might have to cobble many funders together for a large, multi-year project.
How will the money be used? Grants often have restrictions on how money can be used. For instance, most grants cannot be used for endowment-building or fund-raising purpose, and many can’t be used for special events or capital expenditures, while others must be used for special events or capital buys. If you need money for something that is not typically funded, you should narrow your search by looking specifically for grants that meet that need.
What is the time frame for the project? Planning ahead is a must. Many grant opportunities are only available once a year, with funding decisions made months after the grant proposal is submitted. Others will review grants on a quarterly basis, and some will review grants on a rolling basis. Rolling grant awards tend to be smaller, however, in the low thousands or less, and even those usually take at least four weeks to be processed.
Next: Find the Right Grant Opportunity
