“Hey I’ve got this great idea for a project! I think we should (fill in the blank).”
Have you ever heard that before? Or has your organization been approached by other individuals or organizations in your community asking you to take on a project? All of these great ideas with such good intentions come our way. How are we supposed to use our limited resources to assist those who want to make a difference for our community? It can be so hard to say no to someone who has so much energy and passion for their idea!
SWIF community foundation affiliates have access to two project funds, while school foundations have one project fund available to them. These funds can be used to accept restricted gifts and/or to raise money for a specific cause or capital project. But with a limited number of project funds available, here are some questions you need to ask before you jump right in:
- Is this organization eligible to receive tax deductible donations? If the organization approaching you is not a 501(c)(3) public charity, a unit of government or a public agency they will need a fiscal sponsor who is eligible and willing to host the project.
- Does the purpose of the project align with the mission of our organization? There are an infinite number of good ideas, but is this one a good fit for what we do?
- Is the fundraising goal realistic? Can we reasonably hope to raise this amount of money for this effort?
- Is the timeline reasonable? How long are we willing to have one of our project funds tied up for?
When a new project comes your way, have your advisory board take the time to ask these questions. Doing so will strengthen the proposed project and help to ensure its success. If your board agrees that a project fits with your mission, and has a reasonable fundraising goal and timeline, go ahead and submit a Project Fund Activation/Application form. Don’t forget to include a motion to “activate project fund #___ for the purpose of XYZ” in your advisory board minutes.
Click here to visit the fund portal website and download a Project Fund Activation/Application form.
