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4 Ways to Utilize the Grant as a Product
- Update & Resubmit the grant application! If grant is not awarded, then ask the funding source that you applied to for feedback.
- Update/tweak the grant and submit it to other open grant solicitations! You obviously still need money for that project, so find other good-fit funding sources to submit to.
- Repurpose the grant application for other funding streams. You have created a product and if it is a good grant application it has updated statistics to lend credibility to your project, a defined target population, a specific goal, S.M.A.R.T. objectives, a timeline, evaluation process, data gathering process, and updated information about your organization.
- Provides Clarity. Just the nature of creating a grant application creates clarity.
3 Ways a Nonprofit Can Pay a Grant Writer
- Fundraise! The nonprofit can do some fundraising (car washes, bake sales, online fundraiser, etc.) to generate general funds to pay a grant writer!
- Generate income from a product or service: Many nonprofits have thrift stores, cafes, provide counseling, etc. to generate general operating funds for their nonprofit. Having a diversity of income is fundamental for creating healthy nonprofits!
- Utilize the Indirect-Cost Rate: If you utilize an indirect cost rate for your budgets, then including a sustainability developer (or something of that nature) may be something to consider! Refer to this podcast on indirect cost rate for more information!
Watch the full episode!
