Understanding and gaining access to potential grant funding for the public benefit portions of your project could be a game-changer. Grants can contribute non-dilutive capital to your project funding strategy when the match is just right between project and funder, and they meet over the story told in the application.
That's where we come in. Our expertise lies in researching and matching your project with the right funding opportunities, leading to successful outcomes. At WeIncentivize Tax Services, we specialize in making federal, state and private grant funding accessible to all qualified organizations, including nonprofits, municipalities, and some small businesses.
Our mission is to help you create social and public value using these funds.
Grants are a type of funding provided by the government and private entities that do not require a payback by the grant recipient. In seeking grant funding it is important to remember this type of capital is typically based on the goods or services providing a public benefit.
Government grant funding is an essential economic tool used to help financially support ideas, projects, and businesses that intend to create social and public value through the use of these dollars.
In private grant funding the intent for use of funds is at the sole discretion of the grant funder.
| Federal Grants | State/Local Grants | Private Grants | |
|---|---|---|---|
| Small Businesses | √ | √ | √ |
| Public Housing Organizations | √ | √ | √ |
| Educational Organizations | √ | √ | √ |
| For-Profit Organizations | √ | √ | √ |
| NonProfit Organizations | √ | √ | √ |
| Government Organizations | √ | √ | √ |
While grant funding is meant to be accessible to everyone it is an extremely time consuming and detailed process, below are some of the steps WeIncentivize Grant Services will take to help secure funding.
There is a common misconception that grants are essentially free money, but this is not the case. In reality, grants are considered “fee for performance funding.” This form of funding has existed for decades and focuses on helping communities and organizations provide a clear and measurable service, solve an agreed upon social problem or contribute to the common good.
Your organization may be eligible for grants if (1) you are proposing a project that will provide a tangible public benefit and (2) you already have access to some, but not all, of the funding needed to complete this project. Many grants are targeted toward nonprofit organizations, educational institutions and public entities such as municipalities. Some grants are available for business, particularly those that are in the research and development phase of a public benefit project. Businesses that are good candidates for grants may be in need of additional funding to complete research and development before they can move on to commercialization.
When we say that grant funding is available for projects with a “public benefit” component, we are referring to the positive outcomes of projects realized through clear and measurable service. A “public benefit” project or initiative will work toward solving an agreed upon social problem, thus contributing to the common good. When funding sources announce their intention to provide grants, they will name the specific problems they want to solve, explain how they would like them solved and define who is qualified to solve them.
Searching for and applying for grants is a very time-consuming process. Hiring professionals will save you time to focus on the work you do and provide you with invaluable guidance from seasoned experts in the complicated world of grants.
Award amounts vary greatly depending on the funders providing them, but as a general rule of thumb, you can expect to receive 35-50% of your total project costs in grant funds.
The timeline for grant funding largely depends on the funder. Generally, you should expect a wait of at least three to six months. It can occasionally take upwards of a year to receive funding and may require multiple phases of a project.
Federal and state funding will often allow success fees to be covered by grant funds. However, this is not typically the case for foundation funds. It is typical that a 6-10% admin fee can be used to reimburse for grant services, in compliance with all the rules and regulations of each grant award. This depends largely on what the sponsor chooses to allow.
In short, no. Although it is true that grant funding can often be used to reimburse success fees, the upfront cost of retaining WeIncentivize Grant Services must be paid by the client themselves. This initial fee goes toward covering the labor involved in researching and developing proposals, which is an in-depth process.
Because each project is unique, the answer to this will vary. In general, you will need to acknowledge the funds on your income taxes, but you should confer with your CPA on the best tax strategy for your specific situation.
Ready to amplify your client offerings and discover unclaimed tax savings? Contact us today to discuss a partnership or schedule a no-obligation consultation. Let WeIncentivize be your partner in empowering financial success for your clients.