Grant Writing Keywords
Welcome to Grant Writing! Being new to this world of funding development can be intimidated. Here are some of the most common phrases and documentation used in grant writing.
Key words:
Board of Directors: All nonprofits and foundations are required to have a governing board. These people are responsible for making major strategic decisions. In grantwriting, building relationships with board members who serve foundations you are prospecting is a great way to get your foot in the door.
Mission Statement: All nonprofits have a mission statement that guides the work they do. It is already written and is included in their incorporation letter.
Vision Statement: Most nonprofits will have a vision statement, but if not, the vision of the organization is best explained as “what will happen if the mission is completed”.
Foundations: Organizations that exist solely to provide funding to nonprofits. There are a lot of different types, including corporate foundations, family foundations, and government agencies.
Prospect research: The act of researching foundations that will make good funding fits for your nonprofit. This can include finding out funding cycles, funding amounts, board and staff members, funding priorities, and other details about funders.
Funding cycle: Foundations give out money on a consistent schedule. Typically they give out money once a year, once a quarter, or once a month. Timing is specific to the foundation and can vary from funder to funder.
Funding priorities: The areas that a foundation typically funds. They are usually outlined on their website. For example, “Foundation XYZ funds mental health, youth development, and racial equity programing”. When you are prospecting a foundation, it is important to ensure that the mission and goals of your nonprofit align with the priorities of the foundation.
Letter of Inquiry: Typically one of the first official steps in approaching a foundation for funding. A one to two page summary of what your nonprofit does, what program you want funding for, and how much money you are asking for.
Grant proposal: This is the application process of requesting funding from a foundation. Typically includes an organizational overview (mission, vision, goals, strategies, etc), program description and goals, budget, and legal documents.
Letter of Incorporation: This is a legal document proving that the nonprofit is a legitimate 501(c)3 entity.
Form 990: Nonprofits are required to file this tax document. Includes all of their funding received. For foundations, it lists all of the nonprofits they have given to. These are public records and can help inform your request amount and program.