Funding Opportunity: Change Capital
The Change Capital* funding opportunity will support nonprofit primary care clinics and centers that are interested in deeply exploring and assessing their business models and capital structures with the Nonprofit Finance Fund (NFF) to build financial strength and adaptability. The Foundation will contract with NFF to consult with up to 15 organizations** that are motivated and have the capacity to explore their business dynamics.
Applications for this funding opportunity are accepted by invite only. Proposed projects must reflect the Foundation’s cornerstones. These outline who we serve, how our work is informed and our intent to create health equity.
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The Colorado Health Foundation is offering support through a two-pronged approach:
- One-on-one consulting with NFF for up to 12 months to assess the organizations’ business model and develop a work plan; and $50,000 in grant funding during this period to support staff and project costs associated with participation.
- Following the consulting period, up to $250,000 in flexible grant funding will be provided for 24 months to implement tools and practices identified with NFF that will impact the organization’s business model for improved financial adaptability.
NFF will work with key staff, executive staff and board-level leadership to determine the organization’s full costs of operation and think critically about how to affect change.
*The Foundation defines change capital as a flexible investment in an organization to support improvements, growth or other adjustments that impact the efficiency, quality or scope of an organization and its programs or operations.
**This invitation-only funding opportunity is open to nonprofit primary care clinics and centers that have attended an NFF Financial Leadership Workshop. If your organization is interested in attending an upcoming Financial Leadership Workshop, please contact Khanh Nguyen, senior program officer, at 303-953-3639.
To be considered for funding, organizations must meet the following criteria:
- Attended a Financial Leadership Workshop hosted by the NFF and the Colorado Health Foundation.
- Staff capacity and commitment to work with NFF one-on-one over a period of four to 12 months.
- Motivation to deeply explore the revenue dynamics of the organization, as well as the current financial health and capital needs.
- Board and leadership support to implement changes that may be identified.
- Preference will be given to organizations that are in states of transition (such as having new executive leadership), critical providers of health care in their community (such as being the only care provider in a rural area) and/or are especially financially vulnerable.
Likely partners/applicants are nonprofit primary care practices such as:
- Community Supported Safety Net Clinics
- Federally Qualified Health Centers (FQHCs)
- Rural Health Centers
Implementation projects, developed by health centers in partnership with the NFF, will vary. Examples of projects considered for funding may include:
- Launch an effort to improve the financial literacy and capacity to communicate the organization's financial story to key staff and board members.
- Implement a more robust cash flow or budget reporting system for the organization to foresee challenges, monitor progress and make course corrections as needed.
- Participate in scenario planning exercises to better inform revenue and expense projections in support of improved decision-making for financial resiliency.
- Plan for the integration of new, or the expansion of existing, services or programs.
- Identify changes to hiring or training of staff to improve service capacity and functioning.
- Identify necessary investments in organizational infrastructure and capacity to increase revenue.
- Identify opportunities for partnership and collaboration that could result in shared cost savings.
- Calculate and communicate the full cost of mission delivery beyond day-to-day expenses currently and as the organization experiences growth and/or change.
We often partner with third-party evaluators, contractors and other organizations over the course of our work with applicants and grantees. Your application and its attachments may be shared with these individuals or entities during the review process and grant cycle. All third-party organizations partnering with the Foundation have signed a confidentiality agreement and will not use or share the information for purposes outside of the scope of work specific to the grant application or grant award. If you have any concerns or would like additional information, please email firstname.lastname@example.org or call our senior director of Grantmaking Operations at 303-953-3600.