The Power of Prospect Research with Bloom Grant Consulting

A new year brings with it the promise of fresh opportunities and a chance to embark on new adventures. For nonprofit organizations, this is the ideal time to set your sights on grant funding prospects that align with your mission and long-term goals. However, starting the new year with old grant prospects might not be the most effective approach. Instead, let's explore the power of prospect research and how Bloom Grant Consulting can help nonprofits unlock new funding avenues at any stage of their grant success journey.

The Pitfalls of Sticking with the Status Quo

It's easy to fall into the routine of pursuing the same grant prospects year after year. You might have developed relationships with some funders, and it's tempting to continue seeking grants from those familiar sources. However, relying solely on old prospects has several potential downsides:

• Missed Opportunities: By focusing exclusively on known prospects, you might overlook new opportunities that have emerged in the grant landscape.

• Stagnation: Your organization's mission and projects evolve over time. Relying on old prospects can hinder your growth and limit your ability to address current needs.

• Funding Shifts: Grantors can change their funding priorities, and what worked in the past may not align with their current focus.

The Power of Prospect Research

Prospect research is the process of identifying and assessing potential grant funders that align with your organization's mission and objectives. Here's why it's a critical step at any stage of your grant success journey:

• Expanding Opportunities: Prospect research opens the door to a wider pool of grant opportunities, both from new sources and those you might have missed previously.

• Strategic Alignment: Effective prospect research ensures that you're targeting funders whose priorities are closely aligned with your projects and goals, increasing your chances of success.

• Maximizing Resources: Pursuing grants that closely match your mission and projects means you can allocate your resources more effectively, reducing wasted effort and increasing your impact.

• Enhanced Fundraising: Accurate and up-to-date research can provide insights into funders' preferences, making your grant applications more compelling.

Bloom Grant Consulting: Your Partner in Prospect Research

Prospect research can be a complex and time-consuming process. That's where Bloom Grant Consulting comes in to assist nonprofit organizations at every stage of their grant success journey. Here's how we can help:

• In-Depth Research: Our team of experts will conduct thorough research to identify grant prospects that match your mission and goals.

• Strategic Planning: We'll work with you to develop a strategy that aligns your organization's initiatives with the funding opportunities we uncover.

• Customized Approach: Every organization is unique, and we tailor our research to your specific needs and priorities.

• Relationship Building: We can help you establish and maintain relationships with potential funders, increasing your chances of securing funding.

Conclusion

The power of prospect research can open up a world of opportunities and ensure that your organization is well-aligned with funders who share your vision. Whether you're just beginning your grant journey or looking to expand your reach, Bloom Grant Consulting is here to help you navigate the grant landscape with expertise and precision. Start the new year with a fresh approach to grant prospecting and take your mission to new heights.

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What is a Grant vs. a Sponsorship?

What is a grant and how is it different from a sponsorship? Read on to learn all about grants and sponsorships and what they each have in common and what they do not.

You are likely reading this post because you want to maintain a robust budget for your nonprofit and you know how important it is for your organization to maintain several sources of income to support the sustainability and long-term impact of your nonprofit. This is where grants and sponsorships can support your budget needs, and as a result, attract more funders!

So, what exactly is the difference between a sponsorship and a grant? 🤔

Sponsorship: A sponsorship is an exchange for goods or services (e.g., sponsorship funding can be exchanged for visibility via social media) and does not have any impact or performance measures. Sponsorship dollars come from marketing departments and are more flexible in nature than grant applications. Corporate foundations tend to be sponsors and the initiatives that they fund tend to be smaller investments. Bloom does not provide a sponsorship strategy but often supports clients with sponsorship applications.

Grants: A grant is a quantity of money given by the government, a foundation or charity, or a person for a specific purpose (e.g., for research, general operating, and capacity-building needs). These agencies typically have the resources to fund initiatives at a national level but do not have the human capital, relationships, and understanding of the problems at a local level to take on initiatives directly. Additionally, unlike a loan, you do not have to pay back grant money; a grant is like a gift. Bloom provides a suite of services, resources, and coaching to clients to search for and help win grants.

Both Sponsorships and Grants:

• require a relationship in place and a clear ask;

• require deliverables (but look different for Grants vs Sponsorships).

Still feeling unsure about which one to go for? Let's review these scenarios:

Scenario 1: Your nonprofit needs funding for a fundraising event that is coming up within the next couple of months. Apply for a Sponsorship.

Scenario 2: Your nonprofit wants to design and execute a long-term program with performance measures and impact at the forefront. Apply for a Grant.

Do you need support with researching funders for your nonprofit? We'd love to help! Complete our Interest Form to schedule an introductory chat and tell us about your organization's needs.

How to Search for Grant Funding

Your organization has a dream project in mind and needs funding to make it come to reality. Now you might be wondering where to begin searching for grant funding to support your project. With the internet at our fingertips, there are hundreds of places to look, but only a few effective resources available to identify the grants we need.

Here are some tips to consider as you prep for your next big grant search:

1. Start where you are. Dust off those old digital files and review your organization's previous grant applications. Has your organization successfully secured grants in the past? If so, take note of them and reapply for the same grants. Making an effort to secure recurring dollars will save you time and energy in your grant-funding search.

2. Connect with your board. Ask the board for their ideas about the type of grants to search for. Ask them about potential funders and connections. You never know what connections they might have that could lead to your next big grant win. You don't have to do it alone and collaboration is key in this process!

3. Connect with volunteers and corporate relationships. Can you think of any current or former volunteers and corporate relationships that could lead to grant funding that aligns with your organization's needs? Consider who your volunteers are associated with. Use your network to your advantage and reach out to your connections to see if they have potential leads. A brief email or a LinkedIn message to your contact can do the trick.

4. Use free resources. Although there are abundant free online resources available for grant searching, not all resources are created equally. For example, there are currently no known online resources available that filters grants. Below are a couple of popular grant funding resources to consider:

• ProPublica: an independent, non-profit newsroom that produces investigative journalism in the public interest. ProPublica is a fantastic resource for grant research as it offers the best public information available about 990s and how to read them.

• Candid: Candid is a subscription-based tool that shows you where the money comes from, where it goes, and why it matters. Candid's data tools on nonprofits, foundations, and grants are the most comprehensive in the world.
  

5. Learn to navigate the 990: Form 990 is a United States Internal Revenue Service (IRS) form that provides the public with financial information about a nonprofit organization. A 990 can be easy to navigate once you know what to look for. Read this article to help you demystify and clarify a 990 form. On the form, we encourage you to pay close attention to Pages 6-7 (foundation officer names and contact information), page 10 (application instructions), and page 11 (previous grants given, how much we can apply for, who they like funding).

The resources above are excellent tools to consider in your grant searching process. However, free grant funding search tools only take you so far and subscription-based tools can be highly costly. The advantage of working with a grant writing consultant is getting access to subscription-based filtering systems. Bloom Grant Consulting has access to grant searching tools like Inside Philanthropy, Foundation Directory Online (Candid), and GrantStation. With these tools, we can identify and prepare grant applications with you and support your organization throughout the application process.

Complete our interest form to schedule an introductory chat and tell us about your grant searching and writing needs. We'd love to support you!

Jacquee + Alex | Grant Writers at Bloom Grant Consulting

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