Right after the referendum in June, a number of charities have been looking for our advice regarding the impact of the decision to leave the EU. In addition, some organisations have found their initiatives placed in extremely unpredictable situations, with application submissions to monetary funds such as the ERDF (European Regional Development Fund) pending and no strong or consistent guidance from the Government or regional LEPs as to whether the funding streams will still come to fruition.
Whilst at this phase not one person knows with certainty exactly what the impact will be, we 'd suggest that charities faced with the difficulty of an unknown result from European funding follow these vital steps:
1. Do Not Panic!
In the years following 2008, charities as well as not-for-profits throughout the UK made it through one of the worst times of economic downturn the nation has ever seen. In case you made it through the challenging times of the previous eight years, you are very likely to make it through BREXIT as well.
2. Communicate With Current Funders
If you are mid-way through fundraising for a capital project, talk with your present funders now. If they have committed already it is since they have confidence in your undertaking and will certainly be understanding of your situation - some may even increase their grant offer to cover a potential shortfall.
Facing the problem head on and providing a brief evaluation of precisely how you intend to mitigate against a potential funding deficiency - seeking additional funders, scaling or phasing an undertaking and so on - will certainly be perceived positively by both present and potential benefactors alike, creating confidence in your organisation.
If you need guidance regarding your development strategies or fundraising challenges, do not hesitate to speak to one of our Directors for a casual conversation. For those who are looking at additional information concerning Click here for additional information fundraising.