Traditionally, foundations have chosen to maintain an air of mystery about their grantmaking priorities, selection criteria, and even the organizations they support. However, in today’s increasingly digital and connected world, foundations have an opportunity to streamline their grantmaking processes, share their stories of impact to inspire others and attract potential collaborators, and highlight their grantees to draw other prospective funders and supporters to them.
Did you know?
- The U.S. is home to 140,000 foundations, yet in our increasingly digital world, only approximately 10 percent of them have websites.
- One percent of foundations share recent grants data online and only .1 percent of foundations share the knowledge they are funding or producing online.
- Of the 140,000 foundations, only 100 have shared their information on the best practices platform Glasspockets, that facilitates benchmarking and ultimately increased efficiency.
- Foundations are increasingly requiring transparency of their grantees throughout the grantmaking process, whether it be from first-time applicants, or for those requesting additional support.
In an increasingly digital and connected world, transparency by foundations can:
- Establish credibility in the sector and increases public trust.
- Improve relationships with grantees.
- Decrease redundancy and increase collaboration with other stakeholders.
- Build a community of shared learning and increase potential impact.
ㅤ