Following the referendum in June, a number of charities legacy advisers have actually been seeking our advice about the effect of the decision to leave the EU. Additionally, some organisations have found their initiatives positioned in extremely uncertain situations, with applications to funds like the ERDF (European Regional Development Fund) pending and no firm or reliable support from the Government or regional LEPs regarding whether or not the funding streams will still come to fruition.
Whilst at this stage no one knows with assurance what the effect will be, we 'd suggest that non profit organizations confronted with the difficulty of an unknown outcome from European funding adhere to these key steps:
1. Don't Panic!
In the years following 2008, charities and not-for-profits throughout the UK endured one of the most awful times of economic crisis the country has ever seen. If you managed to get through the challenging times of the previous 8 years, you're very likely to make it through BREXIT also.
2. Communicate with existing funders
If you are mid-way through fundraising for a capital undertaking, speak with your present funders now. In case they have actually committed already it's because they have confidence in your project and will certainly be understanding of your position - some might even raise their grant offer to cover a potential shortfall.
3. Mitigate
Facing the problem directly and giving a short review of precisely how you intend to mitigate against a potential financing shortage - seeking other funders, scaling or phasing an undertaking etc. - will be perceived favorably by both current and potential contributors alike, generating confidence in your organisation.
If you require advice concerning your development strategies or fundraising challenges, do not hesitate to get in touch with one of our Directors for an informal conversation.
Whilst at this stage no one knows with assurance what the effect will be, we 'd suggest that non profit organizations confronted with the difficulty of an unknown outcome from European funding adhere to these key steps:
1. Don't Panic!
In the years following 2008, charities and not-for-profits throughout the UK endured one of the most awful times of economic crisis the country has ever seen. If you managed to get through the challenging times of the previous 8 years, you're very likely to make it through BREXIT also.
2. Communicate with existing funders
If you are mid-way through fundraising for a capital undertaking, speak with your present funders now. In case they have actually committed already it's because they have confidence in your project and will certainly be understanding of your position - some might even raise their grant offer to cover a potential shortfall.
3. Mitigate
Facing the problem directly and giving a short review of precisely how you intend to mitigate against a potential financing shortage - seeking other funders, scaling or phasing an undertaking etc. - will be perceived favorably by both current and potential contributors alike, generating confidence in your organisation.
If you require advice concerning your development strategies or fundraising challenges, do not hesitate to get in touch with one of our Directors for an informal conversation.
