Spring is just around the corner, and that means it is the start of another Project Redwood Grant Cycle. While another snowy day here in NY makes it hard to believe, the longer days do hint that a new season is coming…and with it, a new season of prospective projects to fund.
In our last grant cycle, we distributed over $266,000 to a record number of 13 projects. Since the founding of Project Redwood almost 10 years ago, we have supported 56 projects worldwide with over $1.2M in funding.
Ever wonder about how this grant process unfolds? Curious about how projects end up being in contention for one of our grants? Better yet, can you picture yourself as a sponsor championing a favorite project to be funded?
Well, here’s a quick overview of the grant application and review process. It’s a comprehensive process, but not something that should intimidate any of you (Hint: keep that in mind as you read the brief recap below. And, then picture yourself personally involved in helping a worthwhile project gain our funding and support. Project sponsors, and those willing to apply their business expertise to help out, are always welcomed!)
Behind the Scenes…
In order for a project to be reviewed and considered by Project Redwood, it must have a GSB Class of 1980 sponsor. This can happen in one of two ways:
(1) Often, a classmate with a personal tie to a worthwhile organization will want to sponsor their application.
(2) However, we also receive numerous independent inquires from organizations who have learned about us through their own research efforts and word-of-mouth from our past grantees. (See…here’s an opportunity for you to get involved!)
The Actual Application Process…
Each prospective application goes through a 5 step process. The entire process takes about 6 months.
Step 1. Grant Applications: This takes place between April and May. This year, grant applications comprise two distinct parts that are submitted for internal review.
• Preview letters from each applicant should be submitted in April. The committee will review and then invite organizations that meet our criteria to apply.
• The actual completed applications are submitted in late May to a Project Redwood Grant Review Committee.
Applications, available on line, allow the prospective grantee to share background on their program mission, activities, etc. as well as provide details about the intended uses of our grant. The information we request is generally consistent with what other funding sources and foundations require, so most applicants find the process familiar. During this phase, a project sponsor usually serves as a ready resource to help with questions; they also tend to review the application and suggest ideas to make the request as compelling as possible….after all, we MBAs are somewhat(?) competitive and all want our pet projects to pass muster.
Step 2. Internal Review: The Project Redwood Grant Review Committee really starts its work in late May. They carefully go through all project proposals and may request additional, clarifying information to help them assess the relative merits of each project. By early summer, the Grant Review Committee will have completed their assessments and prioritized the proposals most worthy and eligible for our funding support – typically more projects than we will ultimately fund in the current cycle.
Step 3. Outside Review by Rockefeller Philanthropy Advisors (RPA): At this stage, we reach out to RPA (Rockefeller Philanthropy Associates), our fiscal advisor. As one of the world’s largest philanthropic service organizations, they offer us counsel and management support. With their endorsement, a final pool of project applications is ready for a partner vote.
Step 4. Partner Vote: All Project Redwood Partners are invited to vote on the slate of proposals and have access to an overview of each proposal that includes a brief project overview and commentary. Partners are asked to rank projects and submit their recommendations by early August. Note to sponsors: here’s your chance to show how well you influence friends and demonstrate your persuasive skills at work….get out the vote for your project….After all, we’re hoping for strong voter turnout and lots of friendly competition to energize this process. Votes are tallied and reviewed by the Board.
Step 5. Final Board Decision: The Project Redwood Board of Directors makes final decisions regarding grant awards based on committee recommendations, partner vote, portfolio considerations, and resource limitations of our all-volunteer organization.
Final Grant Distribution…
Grantees are selected and notified of their award in September. Actual monies are then distributed.
Once projects are approved, sponsors are the primary driver for any non-financial assistance as well as the key contact point between the grantee and PRW.
There you have it….a process with careful oversight and thoughtful consideration that does our GSB education proud. You should know that Project Redwood is always eager to learn about new projects that deserve our consideration. So, if you know of a worthy project that could benefit from both our funding and potential ad hoc advisory support, feel free to share the information with our Board. Better yet, consider being a sponsor yourself. It’s a wonderful way to combine your personal passion for a cause with the chance to reconnect more deeply with other GSBers.