Fundraising Guide (English) June 2014 - Page 20

CHAPTER 5: APPLYING FOR FOUNDATION GRANTS these prospects. Now you’re ready to apply for grants from each funder you’ve identified on your list, and you can tailor your application to the needs of each. REVIEW YOUR PROSPECT LIST Put together a list of all the prospective funders you have and the estimated amount of money you think you can raise from each of them. CHECK FUNDER DEADLINES You will need more prospects and a potential gift total that exceeds the amount you need for your project or organization. Not every prospect will decide to give you a grant, so you need to be prepared to ask for more than you need. A good rule of thumb is to have a prospect pipeline that is at least three times the amount of money you want to raise. Some foundations have open deadlines, meaning that they accept funding requests any time of the year. Others have specific dates when they’ll receive proposals, but won’t accept them other times of year. Most foundations’ grant award dates are based on when they hold board of directors meetings where grant applications are approved. This is a subset of the larger prospect list from Chapter 1 showing only the prospective foundation donors. The Women’s Self-Help Association has so far received $10,500 in foundation gifts, 70 percent of its goal of $15,000 in foundation grants. The association has identified an additional $13,500 in potential foundation funding, three times the $4,500 needed. The association’s full organizational budget can be found on page 25 and a list of their current funders, including foundations who have already awarded grants, is on page 26. Requests for Proposals: Some foundations only accept proposals for specific projects that they have designed. These are often called RFPs (requests for proposals). They can also be referred to as calls for proposals. Check the website and application guidelines of your prospects, and put these dates on your calendar. If the funder has a specific deadline, don’t send proposals after that date (because they won’t be considered) or for months before that date (because your proposal may be lost). Once you have a complete list, you can create a calendar for yourself to keep track of all your activities to cultivate If you can’t find any information on deadlines, you can get in touch with the contact person at the foundation to Foundation Prospect List for Women’s Self-Help Association PROSPECT NAME POTENTIAL GIFT AMOUNT TIMELINE/NEXT STEPS International women’s fund $5,000 Applied in February, decision by May Anonymous foundation $5,000 RFP due on March 1 Women’s economic empowerment fund $2,500 Unsolicited proposals due in July Corporate foundation $1,000 Application deadline in September; invite philanthropy officer to visit program in June TOTAL POTENTIAL FOUNDATION GIFTS $13,500 TOTAL BUDGET TO RAISE FROM FOUNDATIONS $15,000 TOTAL FOUNDATION MONEY RAISED TO DATE $10,500 TOTAL FOUNDATION MONEY LEFT TO RAISE $4,500 17