Improving Funding Readiness and Fundability
The resources below help schools improve their “Funding Readiness.” The concept of funding readiness includes:
- Qualities that are typically desired by funders because they are viewed as indicators of strong organizations that are capable of managing funding and programming well (fundability), and
- An organization’s ability to select, apply for, and manage awards successfully (preparedness).
Having stronger fundability and preparedness makes applying for awards easier and more likely to yield positive outcomes. For example, having strong financial practices for grant funds, such as separate expense coding and monthly income/expense reconciliation, is desired by funders. This increases the likelihood of being funded and/or trusted with a larger award. If awarded, this financial infrastructure improves a school’s ability to manage grant finances, stick to the approved budget, and keep spending on pace for the award period. Staying on top of spending also reduces the effort and stress that comes with required funder reporting deadlines.
Another way to reduce scrambling is to have related documentation, such as financial policies and/or descriptions of the process, developed and at the fingertips of people involved in proposal writing—a “Funding File.” Funding applications often involve many components and information pieces; by having common items gathered together and accessible, your team is free to focus energy on information specific to the request.
It is important to understand that funding readiness is a journey, not a destination. Readiness looks different for schools at different stages of development and for schools of different sizes, locations, and grants experience. The important thing is to know where you are at, to set achievable goals for improvement, and to reevaluate over time.
Navigating Resources
- Fund Seeking Readiness Self-Assessment
This worksheet helps school leaders gauge and improve their readiness to apply for grants and other funding opportunities. This process is relevant to all planned and operating schools that anticipate pursuing grants and other application-based funding. It includes a section specific to facilities funding but other areas are relevant, regardless of fundraising focus.
Note: Some of the readiness items are documents; collecting those items in one place is part of the following resources on creating a funding file.
- Funding File Development
Most funding applications involve providing standard documents, conveying basic school and community information, and entering general details. This is where a “Funding File” comes into play. A Funding File is a collection of documents and information that prepares you to easily gather standard attachments and commonly requested information. This should be in electronic/digital format (a hardcopy backup is fine), maintained over time, well organized, and accessible to staff members who work on grants. The NISN Resource Hub has created checklists of these items to help you build and organize your grant file. NISN has prepared the tool in either a Google Sheet or PDF form. Select the version(s) that best met your situation:
- Fund Seeking Readiness Assessment
- Funding File Spreadsheet for all users (includes separate tabs for the entity characteristics below)
- PDF Funding File Worksheet for Pre-Operational or Planning Stage Schools
- PDF Funding File Worksheet for Operating Schools
- PDF Funding File Worksheet for 501(c)(3) Entities (this should be completed if using a fiscal sponsor or school foundation to apply for grants)
These tools are relevant to all planned and operating schools that anticipate pursuing grants and other application-based funding. They include files specific to facilities funding, but most items are relevant to grant seeking for any purpose.