Pillar assessed grant agreements are a popular type of funding agreement between grant givers and grant receivers. These agreements typically involve a multi-year commitment from both parties, with a focus on long-term goals and objectives. They are becoming increasingly common in the nonprofit sector, where organizations are looking for ways to secure funding and achieve their mission over a sustained period of time.
Pillar assessed grant agreements are based on the idea of ”pillar funding” – that is, providing funding for the core activities of an organization, rather than just specific programs or projects. By providing funding for core activities, grant givers can help ensure that an organization has the stability and resources it needs to achieve its goals over the long term.
The key feature of a pillar assessed grant agreement is that it is structured around a set of metrics or ”pillars” that are used to assess the performance of the grant receiver over the course of the agreement. These pillars may include things like financial stability, program impact, community engagement, and organizational capacity.
The grant receiver is typically required to report on their progress against these pillars on a regular basis, often quarterly or annually. This allows the grant giver to track the impact of their funding and make adjustments as needed to ensure that the grant receiver is staying on track to achieve their goals.
One of the advantages of a pillar assessed grant agreement is that it provides both parties with a clear understanding of what is expected over the course of the agreement. The metrics or pillars provide a roadmap for the grant receiver, helping them to focus their efforts on the areas that will have the greatest impact. For the grant giver, the pillars provide a framework for assessing the impact of their funding and making decisions about whether to continue funding in the future.
Another advantage of pillar assessed grant agreements is that they can help promote collaboration and partnership between grant givers and grant receivers. By working together to identify the key metrics that will be used to assess progress, both parties can be more aligned in their objectives and work more collaboratively to achieve their shared goals.
Overall, pillar assessed grant agreements are a powerful tool for grant givers and grant receivers who are looking to achieve long-term, sustainable impact. By providing funding for core activities and using metrics to track progress, these agreements help ensure that both parties are working together to achieve meaningful results that will make a lasting difference.