Step 2: Vet Grant Prospects

Step 2 in the grant development process includes implementing a process for vetting grant prospects

The vetting process brings the grants team together to determine whether to apply for funding opportunities as they arise. This includes taking the following actions:

• Identify relevant decision-making criteria (internal).
  A common practice is to put the decision-making criteria into a rubric that can be completed during the vetting process. The criteria could include factors such as:

• • Alignment with the organization’s strategic plan.
  • Community need.
  • Capacity to prepare a high-quality request by the deadline.
  • Capacity to execute the grant.
  • Existing partnerships.
  • Short-term and long-term sustainability.
• Research funders.
  • Use these resources to learn about specific funders:
    • Foundation websites.
    • Government agency websites.
    • Grant Advisor.
    • Minnesota Council of Nonprofits — Grants Directory.
    • Candid — Foundation Center.
    • Candid — Guidestar (990 Finder).
    • Grants.gov.
  • Get funder guidelines in the following ways:
    • • Foundations — obtain from websites and/or program officers.
      • Corporations — obtain from websites and/or corporate contacts.
      • Government (non-federal) — obtain from agency websites.
      • Government (federal) — Grants.gov.
  • Use a prospect research worksheet to compile the information.
• Determine alignment of the funding opportunity with your criteria.
  Convene key members of the grants team to review the grant guidelines and information gleaned from prospect research. Then discuss your city and community needs, and how these needs fit with the funding opportunity.
• Seek internal approvals to proceed.
  Before writing the grant proposal, inform the authorizing agent of your city and seek any needed internal approvals.