June 23, 2014
An effective fundraising strategy helps nonprofit groups raise the money they need to not only continue current operations, but begin new initiatives and expand the scope of their missions as well. The growth of digital giving has placed much of the discussion of attracting contributors around optimizing websites and creating easy paths to online donations. Charitable groups need to consider all their options, however, to make sure that a potentially strong donation channel isn't being overlooked. One such area, challenge and matching grants, can help some organizations create a significant, long-term boost to specific campaigns as well as general giving.
While challenge grants carry the risk of not being met by donations from other sources, they can also serve as an incredibly useful method for creating a sense of healthy competition and attracting the attention of new and returning contributors. Matching grants can be approached in a similar fashion, by highlighting the fact that any amount given will be doubled by the grant. Nonprofit Quarterly points out the value of these grants are two-fold: they create a great environment for encouraging gifts and help identify new donors for future outreach efforts.
Finding challenge and matching grant providers
Identifying businesses and foundations, and even individuals, to commit to a matching grant can be difficult. Nonprofits need sufficient funds in place, as these contributions are often at the five- or six-figure level, and the potential donor needs to feel some connection to the overall mission or specific campaign. Raise-funds.com suggests drawing on the higher-level connections of the board of trustees or directors to find qualified prospects. This approach will also make it easier down the line to convince the board to accept such a gift, especially with challenge grants where the contribution isn't guaranteed.
When trying to convince a prospect that a challenge or matching grant is better than a regular contribution, the person or group pitching the idea need to take time to explain the effects outlined above. If a donor is used to making regular contributions, or is uneasy about the idea of using a challenge grant because the donation isn't guaranteed, then care should be taken to explain the positive influence that this approach has on overall efforts.
Content presented by First Nonprofit Group, the leading provider of state unemployment insurance solutions for 501(c)(3) nonprofit employers.
NYCON members who use First Nonprofit’s programs enjoy enduring savings and improved efficiency. Our association knows that success, because from the beginning, we achieved the same great benefits. Great savings, seamless technology, and responsive service. NYCON highly recommends First Nonprofit’s remarkable unemployment solutions.
It has been our sincere pleasure to maintain a strong, vibrant business partnership with First Nonprofit. We greatly admire their strong industry knowledge, technical expertise, constant professionalism, knowledgeable and dedicated staff. They are always extremely responsive, personable and provide us with the necessary guidance and recommendations on a numerous variety of employment scenarios. We are impressed with the accuracy of their employment decisions, integrity of their employees and efficiency of their claim handling. We greatly respect and value the consistent, impressive cost savings from the utilization of their outstanding services.
Because INCS advocates for the operating conditions that allow charter public schools to provide high quality public education, partnering with First Nonprofit was an easy decision. First Nonprofit’s unemployment programs provide our member schools two operating elements crucial to their ability to provide high quality public education: savings and budget certainty. Capable, committed teachers are the key to student success. By participating in the unemployment insurance savings plan, charter public schools gain peace of mind and are able to invest more money in their teachers.
Throughout our membership in the Unemployment Savings Program, First Nonprofit understood our demands, community dynamics, and the importance of seamless services; that allowed us to serve our constituents better.