obtaining private funding

13
Obtaining Obtaining Private Private Funding Funding

Upload: sheri

Post on 12-Jan-2016

51 views

Category:

Documents


0 download

DESCRIPTION

Obtaining Private Funding. Steps to follow once you have a general idea. Conduct research for possible funding sources Try multiple key word searches Do not use basic terms such as “higher ed ” as a search unless there are no other alternatives Develop a list of prime “suspects” - PowerPoint PPT Presentation

TRANSCRIPT

Page 1: Obtaining  Private  Funding

Obtaining Obtaining PrivatePrivate Funding Funding

Page 2: Obtaining  Private  Funding

Steps to follow once you have a Steps to follow once you have a general ideageneral idea

Conduct research for possible funding sourcesConduct research for possible funding sources Try multiple key word searchesTry multiple key word searches Do not use basic terms such as “higher ed” as a Do not use basic terms such as “higher ed” as a

search unless there are no other alternativessearch unless there are no other alternatives

Develop a list of prime “suspects”Develop a list of prime “suspects” Based on your search resultsBased on your search results Weed out those that have exclusionary guidelines that Weed out those that have exclusionary guidelines that

don’t fit your project/research/initiativedon’t fit your project/research/initiative Keep it short – 5 is idealKeep it short – 5 is ideal Save others…just in caseSave others…just in case

Page 3: Obtaining  Private  Funding

Reviewing your top “suspects”Reviewing your top “suspects”

Carefully review exclusionsCarefully review exclusions Geographic, Higher Ed, Research, OtherGeographic, Higher Ed, Research, Other

Find the best fitFind the best fit Purpose vs. giving areasPurpose vs. giving areas Cost vs. average/maximum giftCost vs. average/maximum gift Project vs. previous gifts/organizationsProject vs. previous gifts/organizations

Be sure to check their website for the most Be sure to check their website for the most current informationcurrent information Private funders change their guidelines oftenPrivate funders change their guidelines often

Page 4: Obtaining  Private  Funding

IF you want to move forward...IF you want to move forward...

Contact development office right away (Contact development office right away ([email protected] or ext. 4247) or ext. 4247)

The development office will be able to look The development office will be able to look for:for: Past gifts to OUPast gifts to OU Internal research on the organizationInternal research on the organization Previous contacts with the organizationPrevious contacts with the organization Outstanding proposals with the organizationOutstanding proposals with the organization Future plans for the organizationFuture plans for the organization Alumni and other connectionsAlumni and other connections

Page 5: Obtaining  Private  Funding

Waiting for clearanceWaiting for clearance

The development officer will let you know if you The development officer will let you know if you may proceed based on:may proceed based on: The guidelines of the organization and fit with your The guidelines of the organization and fit with your

project/research/initiativeproject/research/initiative The history of previous solicitationsThe history of previous solicitations The plans of the universityThe plans of the university

Answer is more likely to be proceed or wait vs. Answer is more likely to be proceed or wait vs. do not pursuedo not pursue

““Do not pursue” will save you time and possibly Do not pursue” will save you time and possibly embarrassmentembarrassment

Page 6: Obtaining  Private  Funding

If you do not get clearance for your If you do not get clearance for your desired organizationdesired organization

Review prime suspects for next best Review prime suspects for next best alternativealternative

Ask development office for other Ask development office for other suggestionssuggestions

Modify your project/research/initiativeModify your project/research/initiative Form ‘Plan B’ and come back to the Form ‘Plan B’ and come back to the

development office if private funding is still development office if private funding is still desireddesired

Page 7: Obtaining  Private  Funding

So, you have clearance…So, you have clearance… Note deadlinesNote deadlines Call the organization if required or desired and Call the organization if required or desired and

permittedpermitted Development office may need to callDevelopment office may need to call

Letter of intent vs. full proposal Letter of intent vs. full proposal Prepare a draft for the development office to Prepare a draft for the development office to

reviewreview Give yourself enough time to have the required Give yourself enough time to have the required

OU Leadership (President, VP, Dean, Assoc. OU Leadership (President, VP, Dean, Assoc. Dean) review the proposal and sign the cover Dean) review the proposal and sign the cover letterletter

Page 8: Obtaining  Private  Funding

Keys to private proposalsKeys to private proposals

Follow proposal guidelines/outline carefullyFollow proposal guidelines/outline carefully Do not exceed the length permittedDo not exceed the length permitted Ensure the cover letter is on OU letterhead from Ensure the cover letter is on OU letterhead from

the required executivethe required executive Focus on problem/issue, proposed solution, Focus on problem/issue, proposed solution,

audience served, and impactaudience served, and impact Outcomes and evaluation plan are important to Outcomes and evaluation plan are important to

many organizationsmany organizations Methodology is generally not of interest to private Methodology is generally not of interest to private

review committeesreview committees

Page 9: Obtaining  Private  Funding

BudgetsBudgets

Detailed line items with definitions of Detailed line items with definitions of purposepurpose

Provide back-up to calculationsProvide back-up to calculations Calculate as accurately as possibleCalculate as accurately as possible Define other sources of funding – Define other sources of funding –

confirmed and requestedconfirmed and requested Indirect costsIndirect costs

Page 10: Obtaining  Private  Funding

Waiting for an answerWaiting for an answer

Review may be as much as 6 months after Review may be as much as 6 months after deadlinedeadline

Notification is generally within 6 weeks of Notification is generally within 6 weeks of decisiondecision

Disbursement may be another 3 monthsDisbursement may be another 3 months Be prepared to wait as long as 9 months Be prepared to wait as long as 9 months

for the gift/grant to be receivedfor the gift/grant to be received

Page 11: Obtaining  Private  Funding

Status ReportsStatus Reports

Some organizations require status reportsSome organizations require status reports Typically mid-term and/or end of cycleTypically mid-term and/or end of cycle Must complete these to keep the funding Must complete these to keep the funding

and to ensure multi-year payments are and to ensure multi-year payments are receivedreceived

Page 12: Obtaining  Private  Funding

Other considerationsOther considerations

Convert a denied government proposal to Convert a denied government proposal to a private funding requesta private funding request

Gift or grant?Gift or grant? Recognizing the organizationRecognizing the organization Combining two or more gifts to obtain total Combining two or more gifts to obtain total

funding amount neededfunding amount needed Applying to more than one organizationApplying to more than one organization Extra money left over?Extra money left over?

Page 13: Obtaining  Private  Funding

Model to FollowModel to Follow Well-defined projectWell-defined project Thorough researchThorough research Identified top prospect – national foundation with Identified top prospect – national foundation with

superb fitsuperb fit Followed process – OU and foundationFollowed process – OU and foundation Came to development office for assistanceCame to development office for assistance Turned downTurned down Development office follow up – reasons and next Development office follow up – reasons and next

stepssteps Approached againApproached again Looking for new prospectsLooking for new prospects