![]() ![]() Before you start officially fundraising, make sure that everyone from the marketing manager to the board of directors is on board with your challenge grant initiative. It’s difficult to raise money if you don’t have a solid team backing you up. Making your grant proposal stand out is a surefire way of ensuring the organization agrees to the challenge grant. Draft your challenge grant proposal. Once you’ve found grant you want to apply for, the next step will be to create a proposal explaining why you need the funds and how the money will be used.Your future goals and fundraising strategies will largely depend on which challenge grant you apply for. We mentioned challenge grant eligibility earlier, and it’s an important first consideration to begin with. Some general first steps to take when planning for applying for a challenge grant include: Just like you wouldn’t start building a house without looking at a blueprint, you can’t jump into a challenge grant without a plan in place. Challenge grants are an opportunity to develop and strengthen that relationship.īoth nonprofits and grant makers stand to benefit from challenge grants! Stronger partnerships. Any time a grant-making organization gives a sizable amount of money to a nonprofit, it signals the beginning (or extension of) a partnership between the grantee and the grant maker.A nonprofit might include the grant-making party in their annual report or as a partner on their website, resulting in more positive press. More publicity. Depending on how the nonprofit chooses to advertise the money raised by the challenge grant, a grant-making institution can benefit from the positive press generated by the success of the challenge grant.Organizations and companies that issue challenge grants are able to donate large sums of money to nonprofits, increasing the chances that individuals and consumers will have a favorable impression of them. Philanthropic institutions are more likely to be viewed in a positive light by the general public. These grant-making institutions stand to benefit from issuing funds to nonprofits. Your nonprofit stands to gain so much when you apply for challenge grants. Even though the challenge may seem insurmountable, the benefits of challenge grants are well worth the hard work!Īs stated earlier, challenge grants are typically issued by: Expanding your donor base is just another benefit of applying for challenge grants. Attract new supporters. Just like you’ll need to revitalize your fundraising strategies, your organization will want to solicit and appeal to new prospects and donors.Maybe you start hosting more events or look to mobile-based giving to help you reach your goal. Because your organization will need to raise quite a lot of money, you’ll need to shake up your fundraising tactics. Diversify your fundraising strategies.Re-engaging lapsed donors. If you have a pool of donors that gave a few times and haven’t donated lately, a challenge grant is the perfect opportunity to solicit them for their help and get them back in the game.They’re the perfect opportunity to get your board and higher leadership involved in the fundraising process. Because challenge grants often require a large amount of money be raised before the grant maker disperses the grant, fundraising efforts are an all-hands-on-deck affair. This is a no-brainer, but there are numerous other advantages that your nonprofit should consider when applying for challenge grants: At first glance, the benefit of applying for a challenge grant is obvious. ![]()
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