How Much Should I Ask For?Through experience I have learned that the budget is one of the first things that a funder reads, regardless of it's location in the proposal packet. They like to see a where you are taking them.
Knowing how much to ask for in a proposal has a fairly common-sense answer, but the actual "asking" part requires some finesse.
It's hopefully obvious that when you underestimate your costs, you increase your chance for failure. Likewise, when you overestimate your costs, you decrease your chance of building a dependable reputation with your funder.
So, how much should you ask for? A whole project's worth of funding? Or just a piece of the pie? Well, it depends. (classic fundraising mantra...ohmmm) It's about finding your fit.
- Does your funder like being the only supporter?
- Do they like to have reign over possible naming opportunities?
- Do they want to anchor your partnership?
- Has your potential funder taken on entire projects with other organizations?
- Can you provide your potential funder an opportunity to make a multi-year pledge to fulfill a larger gift?
If the answer is "yes", then you can probably be safe approaching them for full funding. Keep in mind, you need to stay in their giving guidelines and have a solid plan for sustainability after a few years of their support. Don't be foolish to ask for $150,000 when their largest gift in the last five years was $15,000. Remember to do your research.
On the flip side, it is more common to find funders who want to be part of your project, but shy away from being the only major funder. It's less risky to know that a particular foundation won't break your project if they cannot come through with funding.
- Has your potential funder noted that they like collaboration?
- Can you make your potential funder a partner in project development?
- Can you connect your potential funder with others who are supporting you?
- Can you find a way to leverage funding from a company's foundation and corporate marketing budget?
Nine times out of ten, I have a question on the grant proposal that asks if and who is also funding the proposed project. Below is an example taken directly from the Minnesota Common Grant:
Additional funders. List names of corporations and foundations from which you are requesting funds, with dollar amounts, indicating which sources are committed or pending.
Be reasonable in your request. Decide what you need to fund and what can be funded elsewhere. Respect the mission of the foundation/funder and don't take advantage of their ability to fund you. Funders are smart folks, they know how the game is played.
As noted in "The Only Grant Writing Book You'll Ever Need", "...they are looking for a budget that's not too high, not too low, but just right." Goldilocks knows her stuff!
~Cheers