Charitable Foundations Impact Fundraising
Fundraising Using Charitable Foundations Cont’d
Part – 21
In our last fundraising blog we discussed the approach to a charitable foundation for funding of a particular project.
In this blog we will continue our fundraising discussion using charitable foundations as a source of funding.
A charitable foundation while frequently created by one individual will likely have a Board of Directors who will oversee the operation of the foundation. It would be wise to review this list of directors to ascertain each director’s function so that your letter can be addressed to the appropriate individual.
Also, it might be possible that you know some of the directors who served on the board of this particular charitable foundation. If so, then you would be wise to make a phone call to the particular director to discuss your project and to determine if there is any interest on the part of the foundation in funding a portion of your project.
When submitting your letter to the appropriate individual outlining your proposal for funding be sure to include your charitable tax number, a brief description of your project, a specific funding request and indicate how you will be accountable for the funds invested by the charitable foundation. This should be some form of measurable number, which can substantiate the benefits attributed to your project.
In addition, it is important to point out how your particular fundraising project relates to the goals of the charitable foundation and how they will benefit from participating in your project.
Do not ask one charitable foundation to provide funding for the entire project. The charitable foundation will want to know who else is funding this project and how many people are involved. It is quite likely that if the charitable foundation request additional information they will want a copy of the latest audited annual report along with a copy of your board members and their responsibilities.
While this is simply an overview, it should help get you started on your journey acquiring funding from charitable foundations.
Well, that’s the way I see it!
Monty McKinnon
Master Financial Planning Services Inc.