For questions regarding Impact100’s guidelines or process, you may email us. We do not communicate with prospective applicants about their request for funding except to answer specific questions about our guidelines or application process.
Does our organization need to have our own 501(c)(3) to apply for an Impact100 grant?
Applicants must have 501(c)(3) status.
Organizations that are a local chapter of a national nonprofit can provide the national 501(c)(3), but need an income statement and balance sheet for local operations, along with evidence the funds are controlled locally, usually with a bank account in the name of the local entity. Impact100 Philadelphia does not accept grant applications from organizations that operate under the 501(c)(3) of a fiscal sponsor.
What financials are needed to apply:
- Two years of IRS Form 990 tax returns – most recent and prior year
- Your current full year operating budget, including actual results year-to-date through the last completed quarter vs budget.
- Three years of independently prepared financial statements (audited or reviewed)
- Impact100’s Financial Summary Form
- List of Board of Directors, with affiliations and year joined.
- If you are a local affiliate of a national organization: An income statement and balance sheet for local operations.
- If most recent financial statements are more than 6 months old: A draft or internally prepared income statement and balance sheet for the most recently completed year.
When are financial documents “due?”
We recently created a two step process for submitting financial documents.
- Step one: Three years of financial statements are due when submitting information for Inpact100’s initial application. These will be reviewed by our Financial Review Panel (FRP) at the same time the application data is reviewed by Impact100 members.
- Step two: Those organizations that are invited to Impact100’s second phase will be asked to submit additional information as listed in the previous question (990s, etc.).
At each stage of the process, our Financial Review Panel members (FRP’s) may reach out to organizations if they have questions or if more information is needed.
Is there a minimum number of years we need to be a nonprofit?
There is no formal requirement that an organization have nonprofit status for a minimum amount of time. However, we need at least three years of audited financial statements.
If an organization is exempt from filing with the IRS and does not have 990 returns, can they still apply for an Impact100 grant?
We require all applicants to supply two years of their 990s so the organization would not be considered for an Impact100 grant.
Are compiled financials the same as audited and reviewed? Can we submit compiled financials instead of audited and reviewed?
Impact100 requires audited or reviewed financial statements; we cannot accept compiled reports. Audited and reviewed includes the accounting firm performing their own independent assessment, weighing in on details, exceptions, and nuances that tell the story of this agency’s financial state, from the perspective of the third party.
If an organization has two years of completed audits, but the current year audit is not yet complete, can rough draft numbers be used for the most recent year?
We require three full years of audited financials which could mean going back longer than three years if the most current years’ audit is not finished. If, as an example, an applicant has a June 30 fiscal year and has a draft of the most recent report, we would want that. An internally prepared income statement and balance sheet is needed if a final or draft isn’t ready. Concretely, in this 2024-2025 grant cycle for that same organization with a June 30 fiscal year, we would need audit/review for June 30, 2021, June 30, 2022, and June 30, 2023. (This is what would be supplied with part 1 of the application and a draft or internally prepared report, with both balance sheet and income statement, for June 30, 2024.)
If we have a fiscal sponsor, can we be considered for an Impact100 grant?
No, we require that each applicant have its own, unique 501(c)3 number.
Can nonprofits that recently became a standalone organization apply?
Yes, if they have three years of financials, independent of a sponsor or parent.
Can local branches of national organizations apply?
Yes, we will request the audit for the national and then want to see locally prepared income statements and, if possible, balance sheets. We also require the local organization to show a separate bank account that is under the control of local leadership.
Do we have to have a local bank account?
We require that the bank account be registered to the local organization and that local leadership control the funds. The bank account does not have to be with a PA bank but does need to be controlled by the local executive director and/or another person within this branch of the organization. The process for budget approval is not required to be regional only, so approval through the national group is fine. Same thing with shared resources such as finance support.
What is the funding period for your grants?
Impact100 Philadelphia’s funding period for each grant is 24 months for our $100,000 awards and one year for our smaller grants.
Your guidelines indicate you will not fund capital campaigns. Will you fund capital expenditures as part of a proposal?
Yes, our grants may be applied toward capital expenditures that are related to the core mission of an organization.
Will the grant be paid in a lump sum?
Impact100 distributes $100,000 Operating Grants in installments established in a formal grant agreement written in consultation with the grantee. Our most common distribution is three installments paid over the 24-month grant period. Impact100 distributes its smaller operating grants in one or two payments (depending on the amount of the award that year) during the 6 months following the Annual Meeting.
Can a family of “connected” organizations, each with its own 501(c)(3) and tax ID number, apply independently of each other?
Yes, there would be two options 1) apply separately or 2) apply as a group. If each organization applies on its own, we will need to see segregated financials (i.e., each organization must show its own bank account and demonstrate segregation of funds). We could not accept aggregated financials for the group of nonprofits if each organization is applying separately.
The independent organizations can also apply together. One organization must take the lead and be willing to take on all the potential rights, responsibilities, restrictions, and liabilities of the grant, if it is received.
The Impact100 website said organizations that apply must have operating budgets between $300,000 and $3,000,000. Will you consider organizations outside of those parameters?
Yes, that financial range is our “preference” but not a requirement. We have funded organizations outside of those parameters.
Can religious organizations apply?
Yes, Impact100 will not fund religious activities, but we will fund nondenominational activities run by religious organizations (i.e., food pantries, healthcare programs, etc.) We will need to see how the funds are segmented from the religious organization itself.
If you have additional questions, please attend our virtual Financial Review Q&A on Wednesday, November 13, at noon.