Expenses are high and profit margins are thin for stables of all types, but especially for non-profits. Grants, sponsorships and fundraising efforts offer opportunities to increase cash flow outside of fees for services (i.e., lessons).
Monies awarded through grants, sponsorships or donations might require an application process that includes a detailed description of how the funds will be used and a concluding report that identified if the goals identified in the application were met. In most cases, repayment is not required.
“For some centers a $2,500 grant is significant. For others, a $25,000 grant award is a big deal. It all depends on the center’s needs and the monies available,” said Kaye Marks, director of marketing and communications for PATH Intl.
Researching, applying for and maintaining the necessary paperwork associated with grant awards, sponsorships and fundraising can be a full-time job. “Many centers have a person who specifically does fundraising. Other centers may perhaps have an executive director focus on fundraising,” said Cher Smith, communications coordinator/webmaster for PATH Intl.
Centers that belong to PATH Intl. receive complimentary access to the Foundation Center Directory online, a powerful online database that can connect them with more than 100,000 grantmakers. “It’s wonderful that we are able to provide access to this database as a benefit of membership,” Marks said.
The online database is a tool to help nonprofits find the grantmakers most likely to fund their projects. This database includes between 100,000 and 140,000 foundations, corporate giving programs, and grantmaking public charities in the U.S. The database also provides details about grant limitations, purpose and activities, fields of interest, geographic focus, transaction types, support strategies, application information, governing bodies and financial data.
“The executive director of centers can sign on and receive all sorts of information about grants and how to find them all in one place,” Smith explained.
By no means are grants, sponsorships and fundraising quick or easy cash flow streams. But, with a commitment to building relationships and dedication to researching sources that could be a good fit, these sources provide opportunities for additional and continued revenue.