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Putting the Funding Matrix to Work
Part Two
Last week we learned how to prepare the "bones" of a funding
matrix. Once you've done this, it's easy to begin implementing
the matrix to help guide grantseeking and determine if your
organization should pursue a specific request for proposals
(RFP) that has reached your desk.
The far right column of the funding matrix (Remaining Need)
totals all of your organization's existing funding sources
(Grants A through D and Unrestricted Funds) and subtracts
that total from the annual budget cost (Annual Cost). The
result is the annual remaining need in each budget category.
About Alaska Funding Exchange
For the past 16 years, the Alaska Funding Exchange
(AFE) has helped agencies and organizations throughout
the U.S. secure the funds to fulfill their mission
and effectively do their good work.
AFE services are designed in progressive modules,
so while they offer a full range of fundraising-related
assistance, an organization may choose to use AFE
for just one component of the work - such as writing
a grant proposal to a funder - or use their comprehensive
services for all development needs.
AFE services include:
- Grantmaker Research;
- Planning and Facilitation;
- Writing and Editing;
- Project Evaluation; and.
- Training and Mentoring.
Visit the AFE website at www.funding-exchange.org for
a more in-depth description of their services, or
contact them directly at info@funding-exchange.org.
You can talk directly with AFE's President, Sharon
Charnell Gherman, by emailing Sharon@funding-exchange.org. |
How to Use the Funding Matrix
I use the Remaining Need column to triage the RFPs
and grant announcements that come across my desk. Here's how
I do it:
Grant Announcement Triage
In the RFP, look at what the prospective grant will NOT fund. You'll usually
find this list in or around the budget description. You can assume that anything
not listed in the restrictions can potentially be funded by this grantmaker.
Will the grant fund any of the budget categories for which you still have
a remaining need? If there are areas that match, this is an RFP you should
look at more closely. If there are few or no areas that match, toss the RFP
and don't bother reading further.
Flexibility of Unrestricted Funds
The Unrestricted Funds column is where you list any income that is flexible.
These funds may come from membership fees, operating funds, project or consulting
income. . .any income that your organization is not committed to spending
in one particular way should be included under Unrestricted Funds.
Any monies listed in the Unrestricted Funds column can
be shifted around within the categories under that column.
As you compare RFPs to your remaining need, ask yourself
whether the grant will provide support in a category currently
covered by unrestricted funds. If the RFP is otherwise a
good fit, you can move your unrestricted funds to another
unfunded category and use the new grant to cover that category.
For instance, if the new grant would fund Utilities, but
not Advertising, then you can shift the unrestricted monies
currently listed in Utilities ($8,000 in the example above)
to Advertising in the Unrestricted Funds column and use the
grant funds to pay for Utilities.
The important thing to remember when looking at the matrix
is that Unrestricted Funds are flexible.
Visual Aid/Presentation Tool
As the funding matrix developed, I realized I could finally visualize my program
and its complexities. Today, I use the matrix as a visual aid to explain
the program to interested parties and have found it to be universally simple
to understand. It's also a great planning tool to use with organizations
as they create their initial program budget.
Would you like to obtain a copy of the funding matrix template
and receive AFE's assistance in putting the matrix to use
in your own organization? AFE is offering a special offer
for Insider readers: for $399, you'll receive a
copy of the funding matrix template and up to an hour's assistance
from AFE staff to organize your budget into the template,
answer your questions, and jumpstart your development planning.
Visit http://www.funding-exchange.org/resources/grantstation.php to
learn more. |
