Obtaining Obtaining PrivatePrivate Funding 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
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
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
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
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
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
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
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
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
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
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?
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