There’s money out there. How does a nonprofit organization tap into it?
An organization can apply for grants from foundations, government agencies, or private companies. Such applications typically involve a proposed budget and metrics showing the value of the programs and may require follow-up reporting to the donor for the duration of the grant period.
This is just one option for an organization’s funding; there are other, less traditional methods. Consider the Ice Bucket Challenge of 2014. The challenge went viral on social media as nominated participants were filmed having a bucket of ice water poured over their heads. It raised awareness of ALS/Lou Gehrig’s Disease while at the same time leading to $100 million in donations for the ALS Association. Creativity, then, can lead to major rewards. But not every funding method will be right for every organization.