Whether you are trying to quantify your value as a grant writer or set goals for the new year, using an ROI (return on investment) formula is one way to view the grant program’s effectiveness as a whole.
There are multiple ways to evaluate the benefit of a grant program for your organization, but I like this quick and easy formula. I feel like it provides a good snapshot.
Check out the formula below:
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My go-to formula for calculating ROI is:
(Financial Benefits- Cost of Grant Program)/Cost of Grant Program x 100
So, how does this work? Let’s break both parts down a bit.
Financial Benefits: If you want to estimate and create a quick number, the financial benefits could simply be the grant funding awarded. If you want to get more granular, you could include residual benefits such as in-kind grants, volunteerism that resulted from the grant, matching grant donations, etc. The best way is the way that works for you to understand your program.
Cost of Grant Program: Again, if you are a contracted grant writer, this could simply be your yearly wages. On a more granular level, it can include any grant software the organization funds, the accounting department’s time to compile financial documents for grants, or any related costs.
On a simplified level, if you are a grant contractor who wins $250,000 in grant awards and your yearly contract pays you $50,000, the organization’s ROI is 400%. That means for every $1 invested in the grant program, the organization can expect to receive $4. This is an obvious win.
If your organization is new to grants, the ROI may not be realized until year two. That’s OK because developing a grant budget is a long game.
One of my clients contracted with me to launch their grant program. The first four months were dedicated to getting them grant-ready and developing the necessary documents to apply for grants. Our ROI for year one was negative, but that was to be expected. Our year two ROI was 250%, which will continue to climb from here. Growing a grant budget is a marathon, not a sprint.
Until next time,
Write Epic Grants
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