What are the different funding sources needed to implement your project?
So, now you have a project plan and a budget. Next, it’s time to figure out how to get the funds to actually put your project in action. Therefore, it is important to research different potential sources of funding, depending on the aim and topic of your project. Donors can be diverse and include private sector (companies), foundations, and international organizations. Furthermore, perhaps in your community there are specific funding options led by the local and/or national government. Try to be organized in your search, start locally (in your municipality/province), then nationally, and then expand to a worldwide search. Finally, you can also consider alternative ways to raise funds, such as crowdfunding campaigns or local fundraising events.
What are the donor(s) requirements? If so, do you fulfill the criteria?
In order to obtain funding from certain institutions, you will usually be required to fill out applications and in many cases compete with other project proposals. Drafting applications for funding takes time and dedication. Before applying, read carefully the requirements. If you fulfill all of them, then draft the application. If you can, have another person look over your application for feedback. You want to have the best application possible! When you draft a fundraising plan, include the different sources of funding, the application requirements, and the deadlines. You should also take into consideration how much time it will take between drafting the applications and actually receiving the funds.
How will you manage the funds?
If you do get the funds, where are you going to deposit them? Often, this implies that the organization you work with has to be legally registered and have a bank account. If this is not a possibility, another mechanism can include asking donors to directly carry out expenditures (purchase equipment, pay for rent, etc.) for the project.
If you are working with other (larger) partner organizations they might be able to receive the funds. Keep in mind that perhaps you (or your organization) will be required to sign a contract or agreement with the donor to guarantee that the funds are spent on the project. Read carefully the agreement to make sure that your organization will be able to fulfill all donor expectations. Note that donors might ask for evidence of previous projects implemented, or expertise in managing funds.
Finally, keep in mind that resource allocation will depend on the donor, and can come before the implementation of the project, after (depending on the results) or an advance can be given at the beginning with the remaining percentage awarded upon completion of the project.