U.S. foundation and institutional giving represent approximately 15 to 20 percent of total giving to charitable organizations (source: GivingUSA Foundation). While the majority of charitable giving comes from individuals-approximately 80% if you include bequest gifts-a significant amount of money can be raised for your organization through foundation support. Here are some strategies to help you in your search:
1. Know Where to Look
2. Research Prospects Thoroughly
3. Stick to your Mission and Prioritize
4. Follow the Guidelines
5. Cultivate the Relationship
Know Where to Look
If you are new to the whole process of finding foundation support, you are not alone! Organizations such as the Foundation Center and the Chronicle of Philanthropy have a ton of resources to point your in the right direction. The Foundation Center hosts an online directory of the nation's top foundations with a user friendly search engine to search for the right prospects by geographic location and field of interest; they also provide a free training on how to use the database.
Additionally, look at the Annual Reports of organizations that do similar work to you; many post an electronic version on their websites where they often list foundation giving. This can be a tremendous resource for finding institutions that have a proven alignment with your work. Use these resources and make a list of potential prospects to research.
Research Prospects Thoroughly
I recently went through a list of 150+ foundations and institutions that I compiled from various referrals. While the task was somewhat daunting, I learned some valuable lessons; research your prospects thoroughly and take notes! Simply putting a "no" next to a name is not enough. Take the time to add a few more details such as "This foundation only serves California and Washington...we only work in Texas." For the ones that might be a fit to your project or mission, put together a prospect worksheet for each foundation that answers questions such as the funder's giving capacity, top priority areas, and deadlines. (We'll come back to these worksheets later!) When you are done with your list document the ones that are a definite no fit-while this list may seem useless to you now, it is important research for your organization. Six months down the road when an eager board member suggests the No Fit Foundation, you can reference your list and save yourself 5-10 minutes of duplicate research.
Stick to your Mission & Prioritize
Take one more detailed look at your prospect worksheets. It's important at this stage to be strict and stick to your mission. If the foundation is clear about their priority areas don't waste valuable time and organization resources trying to make your project seem to fit. Your project is worth funding, but that doesn't mean everyone wants to fund it. Spend your time on the right prospects!
Next, prioritizing your prospects is key. First, look to see which foundations on your worksheets have deadlines that are quickly approaching. Of these, which should you move forward on? How much potential funding is available and which has the best match with your project? Next, look for the Great Fit Foundation that doesn't have a set deadline. Put this lead as one of your top priorities and set yourself a deadline for your submission. Finally, schedule the remaining leads on your fund-raising calendar. If a prospect has a deadline in 11 months, schedule a reminder on your calendar for 8-9 months so you have time to meet with program staff and get in touch with the foundation contact.
Follow the Guidelines
This is the golden rule of foundation fund-raising! Know your funder's guidelines inside and out. You are about to ask them for a significant contribution to your organization so make it as easy as possible for the person(s) who will be charged with reviewing your submission. If they set a page limit, don't go over it; if they ask for questions to be answered in a particular order, don't cut and paste a proposal from another foundation application just because it got funded. Stick to the guidelines!
Now, what if you find a Great Fit Foundation but it says they don't accept unsolicited proposals? Don't give up. Many foundations say this, but will still often accept a Letter of Inquiry (LOI). This is often a 1-3 page document where you can send an introduction to the foundation describing your project and how it aligns with their mission. Use the foundation's own guidelines as a model for how to frame your letter. You have only a couple of pages to make your case, so be clear, concise, and compelling.
Cultivate the Relationship
Cultivating foundations is just as important as cultivating individual donors. While foundations do fall under "institutional" giving, they are still run by people and ultimately it is people-the grants manager or executive director-who are making the decision to fund your project. Building a relationship with the contact person at the foundation is absolutely vital. If it's a larger organization, perhaps look for a program assistant or officer. These people are often the gatekeepers, so making a personal connection by phone will help you track down the right person. When you've found that person, ask for just 5-10 minutes of their time to discuss the foundation and its potential fit with your program. Many foundation staff are happy to speak with you-they would much rather spend 5 minutes on the phone determining that you maybe aren't the right fit, rather than spending hours reviewing your proposal! Not to mention, wouldn't you?
Cold calling a foundation can be scary, but with just a few minutes of preparation, you'll hang up the phone feeling empowered. Write down some key words from the foundation's website, as well as from your own program materials that align with those priorities. Finally, jot down a few questions that you can ask directly. e.g. "Your website indicates that you give grants ranging from $10,000 to $200,000; does that range apply to first time applicants?" Sometimes foundations don't give more than $25,000 to a first time applicant; knowing this ahead of time can save you from getting rejected for asking for too much.
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