Obtaining Private Funding

1. Obtaining Private Funding

2. 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” • Based on your search results • Weed out those that have exclusionary guidelines that don’t fit your project/research/initiative • Keep it short – 5 is ideal • Save others…just in case

3. Reviewing your top “suspects” • Carefully review exclusions • Geographic, Higher Ed, Research, Other • Find the best fit • Purpose vs. giving areas • Cost vs. average/maximum gift • Project vs. previous gifts/organizations • Be sure to check their website for the most current information • Private funders change their guidelines often

4. IF you want to move forward... • Contact development office right away (adalal@oakland.edu or ext. 4247) • The development office will be able to look for: • Past gifts to OU • Internal research on the organization • Previous contacts with the organization • Outstanding proposals with the organization • Future plans for the organization • Alumni and other connections

5. Waiting for clearance • The development officer will let you know if you may proceed based on: • The guidelines of the organization and fit with your project/research/initiative • The history of previous solicitations • The plans of the university • Answer is more likely to be proceed or wait vs. do not pursue • “Do not pursue” will save you time and possibly embarrassment

6. If you do not get clearance for your desired organization • Review prime suspects for next best alternative • Ask development office for other suggestions • Modify your project/research/initiative • Form ‘Plan B’ and come back to the development office if private funding is still desired

7. So, you have clearance… • Note deadlines • Call the organization if required or desired and permitted • Development office may need to call • Letter of intent vs. full proposal • Prepare a draft for the development office to review • Give yourself enough time to have the required OU Leadership (President, VP, Dean, Assoc. Dean) review the proposal and sign the cover letter

8. Keys to private proposals • Follow proposal guidelines/outline carefully • Do not exceed the length permitted • Ensure the cover letter is on OU letterhead from the required executive • Focus on problem/issue, proposed solution, audience served, and impact • Outcomes and evaluation plan are important to many organizations • Methodology is generally not of interest to private review committees

9. Budgets • Detailed line items with definitions of purpose • Provide back-up to calculations • Calculate as accurately as possible • Define other sources of funding – confirmed and requested • Indirect costs

10. Waiting for an answer • Review may be as much as 6 months after deadline • Notification is generally within 6 weeks of decision • Disbursement may be another 3 months • Be prepared to wait as long as 9 months for the gift/grant to be received

11. Status Reports • Some organizations require status reports • Typically mid-term and/or end of cycle • Must complete these to keep the funding and to ensure multi-year payments are received

12. Other considerations • Convert a denied government proposal to a private funding request • Gift or grant? • Recognizing the organization • Combining two or more gifts to obtain total funding amount needed • Applying to more than one organization • Extra money left over?

13. Model to Follow • Well-defined project • Thorough research • Identified top prospect – national foundation with superb fit • Followed process – OU and foundation • Came to development office for assistance • Turned down • Development office follow up – reasons and next steps • Approached again • Looking for new prospects