Giving Compass’ Take:
•Here are themes from a discussion among lean funders addressing their grantmaking responses to COVID-19, and how they plan to pivot their actions to better respond to the needs of communities and organizations.
• What are the main takeaways for individual donors in adjusting their response to COVID-19? In what ways to private funders have more funding flexibility?
• Read these lessons from donors responding to the pandemic.
On Friday, March 20, Exponent Philanthropy hosted a live discussion among lean funders to discuss how they are responding to COVID-19. We will continue to host these discussions every Friday at 2 PM ET to give all lean funders the opportunity to connect around their response. We are also compiling COVID-19 information and resources relevant to lean funders.
Lean funders are responding to COVID-19 with a number of strategies. They are also mindful that the virus, response, testing and treatment options, medical supplies, and community needs are constantly changing.
Here are the strategies we heard from funders on March 20:
- More flexible funding and reporting Many lean funders’ first response to COVID-19 has been to move toward more flexible funding for their grantees. Recognizing that the situation is fluid and nonprofits’ future needs are unknown, many are providing additional general operating support to their grantees, converting existing grants to unrestricted grants, and/or suspending or postponing reporting requirements.
- Getting funds directly to those who need it Some funders are starting to work out programs to make grants to individuals, and others are seeking out partner organizations to help administer those funds.
- Contributing to relief funds and collaborating with other funders Lean funders are also contributing to various response and relief funds, including funds focused on:
- Local nonprofits
- Small businesses and their employees
- Individuals and families
- First responders
- Giving more than expected Many funders shared that they are planning to give beyond their typical annual grants budget. Several suggested giving beyond the annual 5% minimum distribution requirement. They believe, especially in times of crisis, that 5% should be a minimum, not a maximum.
Read the full article about lean funders by Brendan McCormick at Exponent Philanthropy.
Interested in learning more about Philanthropy? Other readers at Giving Compass found the following articles helpful for impact giving related to Philanthropy.
Looking for a way to get involved?
If you are interested in COVID-19, please see these relevant events, training, conferences or volunteering opportunities the Giving Compass team recommends.
Are you ready to give?
If you are interested in COVID-19, please see these relevant Issue Funds, Charitable Organizations or Projects where you can get involved.