Following the vote in June, a number of charities have been seeking our advice about the impact of the decision to leave the EU. Additionally, some organisations have found their initiatives positioned in very uncertain scenarios, with application submissions to monetary funds such as the ERDF (European Regional Development Fund) pending and no solid or dependable support from the Government or regional LEPs as to whether the financing streams will still come to fruition.
Whilst at this phase no one knows with certainty exactly what the impact will be, we would certainly suggest that non profit organizations faced with the challenge of an unknown result from European funding follow these essential steps:
1. Don't Panic!
In the years after 2008, charities and not-for-profits across the UK made it through one of the most awful times of economic downturn the nation has ever seen. If you managed to get through the difficult times of the previous 8 years, you are most likely to make it through BREXIT as well.
2. Communicate With Current Funders
If you are mid-way through fundraising for a capital undertaking, talk with your current funders now. If they have actually committed already it is because they have confidence in your project and will be understanding of your situation - some might even increase their grant offer to cover a possible shortfall.
Facing the problem directly and providing a brief evaluation of precisely how you intend to mitigate against a possible funding shortage - seeking other funders, scaling or phasing an undertaking etc. - will certainly be perceived positively by both present and potential donors alike, generating confidence in your organisation.
In case you require advice about your development plans or fundraising challenges, do not hesitate to call one of our Directors for an informal conversation. Go here for addiitional information www.giftedphilanthropy.com.