Following the vote in June, various charities have been looking for our advice concerning the impact of the decision to leave the EU. In addition, some organisations have found their projects placed in very unpredictable scenarios, with applications to funds such as the ERDF (European Regional Development Fund) pending and no strong or consistent guidance from the Government or regional LEPs regarding whether or not the financing streams will still come to fruition.
Whilst at this stage not one person knows with certainty what the effect will be, we 'd suggest that non profit organisations confronted with the challenge of an unknown result from European funding comply with these crucial steps:
1. Do Not Panic!
In the years after 2008, charities and not-for-profits throughout the UK survived one of the most awful times of recession the country has ever seen. In case you managed to get through the difficult times of the last eight years, you are very likely to make it through BREXIT too.
2. Talk With Existing Funders
If you're mid-way through fundraising for a big undertaking, communicate with your current funders now. If they have actually committed already it is because they believe in your project and will certainly be understanding of your predicament - some might even increase their grant offer to cover a possible deficiency. www.giftedphilanthropy.com is certainly one website that has lots of up to date knowledge about fundraising feasibility study.
Facing the problem directly and giving a short review of precisely how you intend to mitigate against a possible financing shortage - looking for additional funders, scaling or phasing an undertaking and so on - will be perceived positively by both present and potential benefactors alike, creating confidence in your organisation.
If you need guidance regarding your development plans or fundraising challenges, don't hesitate to speak to one of our Directors for an informal chat.