There’s money out there. How does a nonprofit organization tap into it?
An organization can apply for grants from foundations, government agencies, or private companies. Such applications typically involve a proposed budget and metrics showing the value of the programs and may require follow-up reporting to the donor for the duration of the grant period.
This is just one option for an organization’s funding; there are other, less traditional methods. Consider the Ice Bucket Challenge of 2014. The challenge went viral on social media as nominated participants were filmed having a bucket of ice water poured over their heads. It raised awareness of ALS/Lou Gehrig’s Disease while at the same time leading to $100 million in donations for the ALS Association. Creativity, then, can lead to major rewards. But not every funding method will be right for every organization.
In addition to these traditional methods, there are a number of other ways that nonprofit organizations can tap into funding. For example, some organizations have been successful in raising money through social media campaigns. Others have partnered with businesses to create social enterprises that generate revenue.
The best way for a nonprofit organization to tap into funding will depend on the organization’s specific goals and needs. However, by considering a variety of funding options, organizations can increase their chances of success.
Here are some additional tips for nonprofit organizations that are looking for funding: