Q. Can I get a grant to help me start my business?
A. The short answer is no. Grants are reserved primarily for 501 c 3, nonprofit business structures. Free start up, or seed money is rare, but not impossible. There are funders/foundations that give grants to individuals. To obtain a list, visit the Foundation Center's website to access their online database. The fee is $19.95 for one month. Or visit your nearest Foundation Center to conduct a free search. You also may want to search your community for nonprofits that offer micro-enterprise loans and/or grants and individual development accout providers. Usually, these programs require income eligibility and are reserved for low income households.
Q. How can I start my own grant writing consulting company?
A. Read Grant Source article "Starting a Grant Writing Consulting Business"
Q. Is a nonprofit corporation exempt from taxes?
A. A nonprofit corporation is not automatically exempt from federal or state taxes. To become exempt, it must meet certain requirements and apply with both the IRS and the State Corporations Office.
Q. Can a nonprofit make a profit?
A. Absolutely. Every nonprofit should have a business model that generates at least 50% of its total annual budget through earned revenues. A word of caution, nonprofit profits must be reinvested back into the work of the organization. Excess dollars cannot be distributed to shareholders or board members.
Q. What is a grant?
A. A grant is free money, a charitable contribution to businesses established as 501 c 3 tax exempt, or other nonprofit type.
Q. Can my nonprofit get a grant?
A. To compete for grant funding, your organization should have a business plan, substantial volunteer support, organization and program budgets, updated federal tax filings, etc. To see where your organization falls in with the competition, click here to download the Grant Source Capacity Building Checklist. This checklist serves as an outline for determining if your nonprofit is ready to apply for grant funding.
Q. Should I establish a nonprofit organization? If yes, how do I go about doing this?
A. Establishing a successful nonprofit business is not easy. Your nonprofit business model should be the same as a for-profit business model. Profit first, charity second. The primary benefit of having 501 c 3 status is the ability to give a tax deduction in exchange for a cash donation. If you do not build your business with this foundation in mind, the road is long and tiresome.
Q. How much can my nonprofit expect to be awarded through a grant?
A. This question actually can't be answered in a short paragraph. The most simple response is that, most foundation and corporate grants range from $1,000 - $10,000. Grants larger than $10,000 are generally reserved for nonprofits that have been operating for a number of years (5 or more) with a proven track record. Government grants generally provide significantly larger grant awards over multiple years.
Q. How long does it take for the IRS to publish my tax exempt application?
A. This depends on how busy they are. Some applications are approved within weeks, other several months or longer.
Q. What if I register for a training/workshop and can't attend?
A. Refunds will be issued for cancellations made within 48 hours of the scheduled training date. Notifications not made within this timeframe will result in forfeited registration fees.
Q. Who is the presenter of the online trainings?
A. The presneter of the online trainings, Mrs. Chataun R. Denis, Grant Source Founder and CEO, has over 18 years of experience in nonprofit programming, fundraising, and administration. She has a Masters degree in Urban Planning, Design, and Development and is currently pursuing a Master's in Business Administration. Over the course of her career, she has helped raise over $1.5 million for a variety of charitable organizations.
Q. Do you have a marketing plan template available for download?
A. Read Grant Source article Is Your Marketing Plan Doing What It's Supposed to Do? Six Steps to Developing a Simple, Yet Effective Marketing Plan.
Click here to download the marketing plan template.
Q. Who is the company's disclaimer regarding the use of external websites as references?
A. Links to Other websites and Products - Unless otherwise specifically stated, the links and references contained herein (on this website or in recorded presentations) are used as examples and/or references only. Grant Source assumes no legal liability or responsibility for the accuracy, completeness, or usefulness of any information, product or process disclosed in these examples. Reference herein to any specific commercial product, process, service by trade name, trademark, manufacturer, or otherwise, does not constitute or imply its endorsement, recommendation, or favoring by the company or any entities thereof. The views and opinions of the originators expressed therein do not necessarily state or reflect those of Grant Source.
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