We recently discussed grants strategy with a nonprofit client’s board of directors. They were engaged and ready to make things happen. Here are the highlights to share with the board members in your lives.
Grant Funding Pros & Cons
Grants are a valuable funding source because they can support an organization’s core programs, enable expansion and new initiatives, and often provide a positive return on investment for the resources required. Grants support a healthy revenue mix!
Relative to many other funding sources, grants can be unpredictable and less flexible. Many funders require annual competitive applications and restrict how funding can be used. Timelines for award decisions can be anywhere from 3-8 months, making revenue projections more challenging.
Boards: It takes time to build a strong funding stream through grants. Don’t get discouraged easily, and celebrate the incremental milestones along the way!
How You Can Help: Board Best Practices
Your engagement as a board member is essential to your organization’s grant success. Here are some key ways you can contribute:
- Give: Board giving from personal funds is required. Most funders focus on 100% participation from an applicant’s board. Not meeting this benchmark will disqualify organizations from grant opportunities.
Alloy tip: Plan your pledge at the beginning of the fiscal year and consider a goal to fundraise through your peers and network so the organization knows they can count on you.
- Bring Friends: Shout your passion for the mission from the rooftops! Wear that hat or t-shirt with the organization’s logo. Think creatively about your network - you may be surprised who lives down the street from you. Be thoughtful about the best-fit engagement for each of your contacts - consider in-kind support, volunteer days, or engaging their employer.
Alloy tip: Bring an organization staffer with you to meet connections if having a subject matter expert in the room feels more comfortable.
- Identify Connections: Lean on the organization’s staff for a list of foundation contacts. Use LinkedIn or social media to explore potential connections.
Alloy tip: A 2nd connection on LinkedIn can be a success! Is there someone you are both connected to who can make an introduction?
- Show Up: Your presence matters! Engaged boards secure more grants. Attend funder meetings and site visits to share why you volunteer your time and expertise.
Alloy tip: Ask organization staffers for a 30-minute meeting a few days before the funder meeting to review the agenda and learn more about the foundation.
Final Thought
The demand for private philanthropy is skyrocketing as nonprofits work to diversify funding during these uncertain times. An engaged board opens doors to new funding opportunities and increases the likelihood that your grant applications will be thoughtfully reviewed.
Does your board need a pep talk to support your organization’s grant strategy? Alloy Fundraising can help. Contact Lauren at lmccarthy@alloyfundraising.com.
