Many people are concerned about finding matching funds when they apply to the Knight Arts Challenge. Here are answers to some of the most frequently asked funding questions.
What do you mean by “find other funding to match” the foundation’s gift?
In order to have the greatest impact in our community, we’re going to commit our $20 million to motivate others to add their financial support for the arts. For example, if the project will cost a total of $10,000, then you must find at least $5,000 from somewhere else, as the foundation’s maximum contribution will be $5,000. (This is only an example to demonstrate how matching funds work. There is no pre-set maximum contribution from the foundation.)
Will Knight assist winners with strategy to match their grant?
Knight Foundation will work with you towards the successful completion of your program if you receive a Knight Arts Challenge grant. When possible and when appropriate, we will provide contacts and letters of recommendation for your project.
Can the matching funds be my own money or existing money from within my organization?
No. We’re seeking new money for the arts. That means you need to get others to put up funds just like ours. Generally, only cash contributions from new sources to your organization or project will count toward the match. Matching funds can come from any source – individual donors, philanthropic foundations, fundraisers, etc.
At which point must the funding match be made?
The initial application does not ask for any financial information, so go ahead and submit your idea by March 2. A budget will not be requested until the following round if you are successful in moving through as a finalist. If you are chosen as a winner, you’ll have approximately one year from the time you receive the grant to match our funding. If it is a multi-year project, you will have about a year to match each year’s grant amount.
Is it always a $1 to $1 match?
Generally, yes. Under rare circumstances (and generally for very small groups) we will consider matching at a higher level. Likewise, we might require a larger outside contribution for every dollar we put in if your organization already enjoys solid financial support.
Is there a minimum or maximum amount I can request?
There is no limit on the amount of funds you can request. As long as you have the know-how to get the project done and show us that you can handle the grant size, you should apply. But keep in mind that the total initiative is $20 million over 5 years. The money is split between multiple winners from all 5 years.
As an individual or business, not a nonprofit, do I have to have a fiscal sponsor to receive funding from Knight?
If you are an individual or a for-profit organization you will need to receive grant funds through a fiscal agent. However, that is not something to worry about at this stage in the contest. We will help you take care of that as we move towards making a grant. Go ahead and submit your idea!