Many grant writers are captivated by generating Foundation Directory prospect lists and beginning the grant writing process. I say, “Whoa”. While that prospect list is a good place to start, you must remember it is just the first step in your prospect research. What follows are the thorough and appropriate steps to prospect research done in a manner which increases your odds in winning that grant. Here they are:
1. Foundation Directory: Place you criteria in and make certain to click the button which tells them to exclude ‘unsolicited’ applications. This is your first list.
2. Review Prospect List: Review the above prospect list by looking at each funder to find out who they are making grants to. Make a list of those nonprofit organizations who have been recipients of grants from List one. This is now your second list.
3. Review Non Profit Grantee’s: Look at the non profits grantee’s page within the Foundation Directory; make a list of other organizations that have granted to them. You should also take the time to visit their website to see if you can download their annual report. If so, capture even more funders who have granted to them. This process makes up your third prospect list.
You now have three prospects lists by searching the front end within the Foundation Directory through a typical search; but you have created a second and third prospect list (the second list simply leads you to developing your third prospect list) by searching the back end of the Foundation Directory – seeking out grantee’s similar to your organization and finding out who is funding them. This 1-2-3 process can all be accomplished within the Foundation Directory search features.
Now that you have two solid prospect lists which accept unsolicited grant proposals – qualify them and place them into categories of P1 (Priority One), P2 (Priority Two), and P3 (Priority Three); you can qualify by how closely the guidelines match your organization or by grant deadlines. Create a spread sheet to assist you with the next step. Your spreadsheet should include: Name of Organization, Contact Information, Guidelines, Grant Range, Deadlines, Application Information, Grant Submission Date, Ask Amount, Outcome and then a place for Notes.
4. Contact Prospects: Now that you have your prospect lists well organized, you must contact (when allowed) your prospective funder. Remember this, what the guidelines indicate on the foundation directory are only guidelines – call the funder to discuss the guidelines to ensure they truly fit your organization before you write a grant to this organization. This gives you an opportunity to pitch your project and the funder will be more than happy to let you know if it is something that would be of interest to them or not. If they are interested, you submit your grant or letter of intent. If they are not interested you take them off your prospect list.
One of the most common errors in grant research is taking a prospect list and blindly submitting grants to organizations on this list. If you follow the above steps you will be better serving your non profit or clients. You will ensure that you have the most comprehensive list by searching the back end and looking at similar nonprofits and adding their funders to your initial Foundation Directory list. Then you create your spreadsheet so you can easily track your contact with your prospects and finally you call your prospects to ensure they want to receive a grant from you and your organization or client.