Most projects need a pot of money drawn from different sources. Here you can find some tips on how to go about considering what funding you might need.
Where to start
The starting point for any project is a sound estimate of the total amount of money required - the project budget. This might include:
- Repair and other building costs
- Professional fees
- Project management costs.
Often a professional estimate is needed, for example where repairs are proposed, to feed into the project budget.
Remember to include all the costs which will be incurred in your project budget.
Applying for funding
It is unlikely that one grant will cover the whole project budget. You will need to put together a funding package made up of the money you can put to the project (from your own resources) and other grants and contributions (known as partnership or match funding).
Before you apply for funding, you need a fundraising plan for your project which should fit into the overall fundraising strategy for your organisation. You will need to timetable the project so that the money (or reliable pledges) are in place by the time you start work.
Grant money and other contributions may not all come in at the start of a project. Some grants from public or charitable bodies are paid on completion of the work in stages.
You will therefore need to plan how you will pay the bills that come in during the project. This usually means having a sufficient 'float'. If this is not possible then loan finance may be necessary.