For new programs, document the desired impact of the program and then assess:
Which funding source or sources would be best positioned to support the work?
How might those sources be used in tandem?
Is this a short-term operational need or a long-term strategic opportunity?
For programs that are already up and running, perform a gap assessment. Be specific about the amount and characteristics of the funding needed.
Examine your current funding sources as well as those of your partners. Consider:
Could the total costs of the program be divided up amongst various sources through cost allocation?
Could the costs for certain aspects (such as training, transportation, food) be paid from one source vs another based on their areas of focus?
Could the funding be sequenced in a way that would expedite the delivery of service, reduce risk or increase participation?
Consider which funding sources might be missing.
Is your current “capital stack” primarily made up of the public sector? Exclusively philanthropic? How might you engage with new funders to raise awareness of this work? Beware the myth of diversification - diverse sources of funds can be powerful but sometimes they are just more work. Depends on the amount, timing, requirements, etc.
Conduct exploratory conversations with potential stakeholders/funders to assess feasibility of partnership for the project.
Carefully evaluate the compliance requirements associated with each funding source.
Is it allowable to use the funding to cover the gap?
What is the level of effort and is it worth it based on the expected benefit?
Do you have the human resources necessary to tackle it?
Review your existing processes to determine what other changes might be necessary to provide a seamless customer experience.
Will changes be needed to forms to meet all eligibility or compliance requirements?
Could data or staff be shared across partners to avoid having a participant re-tell their story?
Could teams be co-located or cross trained?
Can systems be connected or integrated to speed up access to information?
What governance processes or structures will be needed to successfully manage the partnership?
Rank target funding sources based on factors such as complexity, stakeholder interest and capacity, etc.
Prioritize sources of funding, acknowledging that an agency may choose a more modest budget with fewer sources of funding as compared to a larger budget with more - and more complicated - sources of funding.
Establish systems and processes to support successful implementation of the project such as:
Program strategy (e.g. leadership councils, shared strategy documents, program meetings)