TOPIC | Managing your EU funding expectations post BREXIT
Following the referendum in June, a number of charities have been seeking our counsel regarding the impact of the decision to leave the EU. In addition, some organisations have found their projects placed in very uncertain situations, with applications to funds such as the ERDF (European Regional Development Fund) pending and no firm or consistent guidance from the Government or regional LEPs as to whether the funding streams will still come to fruition.
Whilst at this stage no one knows with certainty what the impact will be, we’d recommend that charities faced with the challenge of an unknown outcome from European funding follow these key steps:
1. Don’t Panic!
In the years following 2008, charities and not-for-profits across the UK survived one of the worst periods of recession the country has ever seen. If you made it through the tough times of the last eight years, you're very likely to make it through BREXIT too.
2. Communicate with current funders
If you are mid-way through fundraising for a capital project, communicate with your current funders now. If they have committed already it is because they believe in your project and will be understanding of your situation - some may even increase their grant offer to cover a potential shortfall.
Facing the problem head on and providing a short review of how you plan to mitigate against a possible funding deficit - seeking other funders, scaling or phasing a project etc. - will be perceived positively by both current and potential donors alike, creating confidence in your organisation.
If you need advice about your development plans or fundraising challenges, feel free to contact one of our Directors for an informal chat.