How do you get matching funds for your grant?

1 Define matching funds

Matching funds are any contributions that match the amount or percentage of the grant you are applying for. They can be cash or in-kind, meaning goods or services that have a monetary value. For example, if you are applying for a $50,000 grant that requires a 50% match, you need to raise or provide $25,000 in matching funds. Cash matching funds can come from your own budget, donations, sponsorships, or other grants. In-kind matching funds can include volunteer hours, equipment, materials, or facilities.

2 Check the grant guidelines

Before you start looking for matching funds, make sure you understand the grant guidelines and expectations. Some grants may have specific rules or preferences for the type and source of matching funds. For example, some grants may not accept in-kind matching funds, or may limit them to a certain percentage. Some grants may require matching funds from a different sector or level of government. Some grants may have a deadline or a verification process for matching funds. Read the grant guidelines carefully and contact the grantor if you have any questions or doubts.

3 Plan your budget and timeline

Once you know the grant requirements, you need to plan your budget and timeline for securing matching funds. Start by estimating the total cost of your project and how much you need to raise or provide in matching funds. Then, identify potential sources of matching funds and how much they can contribute. You may need to research and apply for other grants, solicit donations or sponsorships, or allocate your own resources. You also need to consider the timing and availability of matching funds. Some sources may take longer to process or disburse funds, or may have different fiscal years or cycles. You need to align your budget and timeline with the grant schedule and deadlines.

4 Document and report matching funds

As you secure matching funds, you need to document and report them to the grantor. You need to keep track of the amount, source, type, and date of matching funds. You may need to provide receipts, invoices, letters, or other proof of matching funds. You also need to report matching funds in your grant application, budget, and progress reports. You need to show how matching funds are used and how they support your project goals and outcomes. You may also need to acknowledge or thank the sources of matching funds in your communication and dissemination activities.

5 Avoid common pitfalls

Securing matching funds can be challenging and risky. You need to avoid some common pitfalls that can jeopardize your grant or project. For example, do not double-count matching funds from different sources or for different purposes. Do not overestimate or inflate the value of in-kind matching funds. Do not rely on uncertain or conditional sources of matching funds. Do not commit to matching funds that you cannot afford or sustain. Do not neglect the reporting and accountability requirements for matching funds. Do not assume that matching funds will guarantee your grant success or impact.

Matching funds can be a valuable and strategic way to leverage your grant and increase your project resources and credibility. However, they require careful planning, research, and management. By following these tips and strategies, you can get matching funds for your grant and meet the grant criteria and expectations.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?