Following the vote in June, various charities have been seeking our counsel about the impact of the decision to leave the EU. Additionally, some organisations have found their initiatives positioned in very unpredictable situations, with application submissions to monetary funds such as the ERDF (European Regional Development Fund) pending and no firm or reliable support from the Government or regional LEPs as to whether or not the funding streams will still come to fruition. This excellent website major giving consultants has a lot more info on the topic of heritage lottery fund.
Whilst at this stage nobody knows with assurance what the effect will be, we would certainly suggest that charities faced with the difficulty of an unknown outcome from European funding comply with these vital steps:
1. Don’t Panic!
In the years after 2008, charities as well as not-for-profits throughout the UK survived one of the most awful periods of economic downturn the nation has ever seen. In case you managed to get through the tough times of the last eight years, you’re highly likely to make it through BREXIT too.
2. Communicate With Current Funders
If you are mid-way through fundraising for a big project, speak with your present funders now. In case they have committed already it’s since they believe in your project and will certainly be understanding of your position – some may even raise their funding offer to cover a possible deficiency.
Dealing with the issue directly and giving a short review of how you plan to mitigate against a potential financing deficiency – seeking other funders, scaling or phasing a project and so on – will be viewed favorably by both existing and potential benefactors alike, creating confidence in your organisation.
In case you need advice regarding your growth strategies or fundraising challenges, feel free to speak to one of our Directors for an informal conversation.