By Abraham Woods
Receiving grants is fantastic way to fund your non-profit work. However, the process to becoming approved for a grant can be a challenge if the organization is not well-prepared. The very first step begins with evaluating your nonprofit’s level of grant readiness. Many non-profit owners have been launched into the world of grant writing with little to no guidance, creating a bigger challenge when it comes to locking in those funding dollars. If you have found yourself in this situation, read on for 5 ways to make sure your non-profit is eligible to receive grants.
- Assess the Requirement
Receiving or “winning” a grant is not like the lottery. Securing grants is paired with strategy and intentionality. There are often eligibility requirements to apply for grants. Once your organization has been incorporated, request the 501(c)3 tax-exempt letter from the IRS. If by chance you do not have a non-profit, there is also the option of starting a partnership with an organization that can fiscally sponsor and represent yours. Other additional requirements can include presenting your EIN (employer identification number), obtaining a DUNS (data universal numbering system), and overviewing the grant’s request for application.
- Define the Purpose
The next way to ensure your nonprofit is ready to accept a grant is to have a clearly defined purpose behind your organization. Grants will be given to those who have unique, strong-willed visions. It is important to have a well-developed mission statement. With only one in ten grant proposals being accepted by funders, it is well-worth every effort to increase grant readiness. Having a mission statement can give your nonprofit a competitive edge when working to secure a grant because the funders know it is for a sound cause.
- Highlight the Impact
Showcase the impact that your organization has had on the community by regularly evaluating internal operations and gathering data. Whether your non-profit helps with children, education opportunities, the homeless, or animal rights, find tangible ways your organization has made a difference. This could include video testimonials, annual reports, social media, and impact letters.
- Gather the Resources
Funders will be looking for a well-developed, thriving infrastructure. Take time to assess which non-profit management resources will be most beneficial for your organization. Resources might include having an annual operations plan, board of directors, or legal accountability. Laws aside, your non-profit must have basic resources such as facilities, staff, transportation, and financial management system.
- Organize the Finances
Speaking of finances, having organized financial statements is crucial. Accepting a grant means taking on a new sum of money and there must be a plan about how it will be used. A non-profit that is ready to accept a grant is sure to have organized revenue streams. Determine your organization’s liabilities and assets to better present an accurate financial picture to funders.
The Limitless Program Consulting Group is here to help you check these things off your “to-do” list. From evaluating your business to formulating strategies, our team of experts is here to help your business maximize its eligibility for grant opportunities. Our grant readiness review service is the first step in achieving support for your organization’s unique mission and vision.