What nonprofit doesn’t want grant funding? But is your nonprofit ready to apply for and receive grant funding? Will your organization be competitive in the grant process?
Grantmakers need you to prove your nonprofit is reputable. They want you to prove your nonprofit is well established and financially stable before they are willing to give you funding.
While grants is a great way to help fund your organization, it is important to keep in mind what grant funding is not:
- Silver Bullet – Grants are not a silver bullet for nonprofit organizations. Grant funding should be one part of a fundraising plan.
- Free Money – Grant funding is not free money. Grants take a whole lot of work. Your organization must follow all the guidelines set forth by the grant maker, track and document how they spend the funds, and track the impact the grant funding had on the project/ program.
- Guaranteed – Grantmakers receive hundreds to thousands of applications every year. It is not guaranteed your organization will be funded. And it is NOT your grant professional’s fault if it is not funded.
There are several things that most grantmakers will ask for in their applications. It will make you more competitive to have those documents already complete and in a central location where the grant team can access them.
Grant writing takes preparation. To be ready to submit the first grant application, locate or create the following documents and keep multiple copies handy.
- IRS Determination Letter
- Charitable Solicitation Registration
- Mission Statement
- Bylaws
- Organizational Budget
- Project/Program Budget
- GuideStar Profile
- Support from your Board of Directors and Executive Director
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What will you do today to make your nonprofit competitive for grant funding?
