Foundations Adopt Policies to Move More Money Faster, and With Fewer Restrictions
As the coronavirus pandemic continues to worsen, many foundations are learning that speed is of the essence. They are tossing aside their own grant-making rule books as they find ways to expedite transfers of money to nonprofits struggling to stay afloat.
Some, like a group of 26 Texas grantmakers and the United Way of Metropolitan Dallas, have jump-started the process of applying for a grant. Called North Texas Cares, the group created a common application form for Texas nonprofits responding to community needs. Nonprofits fill out a basic form describing their needs. The participating foundations can view the applications and indicate to the other grantmakers whether their board members are considering a grant.
The idea is that nonprofits don’t have to jump through so many hoops to land a grant, and foundations can get a better picture of where their money can be put to best use and not overlap with other efforts.
Source: The Chronicle of Philanthropy