Defining what makes a best foundation funding prospect is easy to agree on – it is that foundation that is most likely to fund your organization, in the amount you need, when you need it
Multiple factors need to be considered when reviewing prospective foundation funders, and foundation research products like FoundationSearch and Foundation Center’s Foundation Directory Online provide many of the tools required to identify funders that meet a diverse range of funding criteria with comparative ease.
The funding factors that are the most determinate are:Giving Category. Arts, health, education, the environment, social services, sports and recreation, international causes – almost all funders are specific in terms of which non-profit categories they wish to fund. A few questions to ask yourself when evaluating a funder’s granting history: How diverse is the foundation’s funding pattern? Do they give to a wide range of giving categories, or are they very specific in what they choose to fund? If they do give to a wide range of interests, then perhaps they may be open to funding something new?
Grant Size. Grant size can be overlooked, but it’s important to note that if you are asking for too much—or even too little—the funder may be less likely to fund your project over a competing project that has an ask amount more in line with the funder’s giving preferences. Not only should you look at the dollar amount given per grant in your category, but also the total number of grants given at that dollar amount.
There is no sense in asking for a $500,000 grant from a funder if they have not previously given a grant of this size. Similarly, foundations frequently set “floors” on the smallest grant size given as they find that it is difficult to cost-effectively oversee the progress made by recipients.
Giving Trends. Reviewing a funder’s funding history should also include reviewing the overall, general trends in giving. For instance, is their funding to the arts increasing over time, or decreasing within your category? It may be trickier getting grants from a funder that has given dozens of arts grants five years ago, but only one arts grant in the past year. The odds of getting grants from a funder that is increasing granting to a category is better than from a funder that is decreasing granting to that category.
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