Grants Management Intelligence Quick response grants
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This is an extract of the March 2017 edition of Grants Management Intelligence. To read this and more from our series, become a member of the Australian Institute of Grants Management now. Want a big impact with a small budget? Melbourne charity L2R used a $10,000 Sidney Myer Fund grant to reach a needy group of young people. Picture: L2R/Greta
What is a quick response grant? Quick response grants release funds to applicants more swiftly. Sometimes, they’re distributed in hours or weeks, but definitely within a few months (any longer and they don’t deserve the label). They often also involve less red tape, both for the applicant and grantmaker, sometimes at the cost of increased risk.
Start here: Five best practice tips for dealing with quick response grants
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1. Set the right limit You won’t be able to ask for too much information from grantees, so you probably don’t want to spend more than 10% of your total pool, and you’ll need to carefully consider the maximums and limitations.
2. ‘Quick’ depends on you When it comes to turnaround times, how quick is quick? Consider key issues including advertising, how much time it will take to assess the applications and approvals, and how long it will take you to deliver the cash.
3. Target your quick grants Quick response grants are often only vital in time-critical areas such as during/after disasters, and in some instances involving the arts or sports. Your focus is likely to be on smaller groups and individuals.
4. Set reasonable expectations The amount of effort required of grantseekers should be commensurate with the potential reward. Don’t make your process a drag on the good work of others.
5. Take your time You might be swift in handing out the money, but you should be slow (or at least measured) in assessing how well your efforts are working. (Turn to page 18 for more on quick response grants best practice.)