Seeking a fund from different organizations for helping any particular cause, research, or grant has become a common practice in recent years. Organizations and foundations which provides funds for a noble cause or any important research, typically like it better to receive a proposal letter, which is formally called Latter of Inquiry (LOI) regarding fund-asking proposals. Inquiry letter for funds actually resembles auditions for getting a part in the play. Many individuals or institutions might seek funds from a particular foundation. Whom the foundation will pick to grant funding almost entirely depends on this letter that will definitely assist the funder to choose which one is the best fit for their fund.
Definition of Inquiry Letter for Funds
In the realm of business communication, an inquiry letter can be defined as a letter which is written by an individual (or a person on behalf of any organization) to another party or organization asking from specific information regarding any particular interest. An inquiry letter for funding is the one that is sent to the funder by the fund seeker briefly discussing reasons behind seeking a fund and why the fund should be granted to the seeker. Inquiry letters are being asked by foundations who grant funds for causes, as going through a lot of full-proposal files would be much more time-consuming and tiresome comparing to the same number of 2-3 pages long inquiry letters.
Major Points to Include in An Inquiry Letter for Funds
A letter of inquiry for funds is quite identical to a proposal letter, although this size is the main difference. Compared to an actual proposal letter, an inquiry letter is a miniature form. A well-written inquiry letter can confirm your ticket to grant the desired funding for your project. An ideal inquiry letter should include the following features to catch the eye of a fund-granting foundation:
Introduction: A small summarization of executive type. Should include the name of your institute, the volume of the requested fund, a brief narration of the project for which the fund is requested. In this portion, you should explain why your proposal is an appropriate choice for the aims and funding preferences of the funder. This introduction could allow you highest chance for making the best impression on the funding organization.
Description of your institute: Describe the potentials and abilities which your institute holds for fulfilling the proposal you mentioned in the introduction. Be precise and compact, provide a short recitation of the particular nonprofit and a brief analysis of your agenda. You must confirm to include what you currently do, and what can be accomplished by you and your institute with the requested fund.
Declaration of demand: Directly and clearly decipher the requirement which your proposed project can fulfill. Remember to explain the target population and geographic area which will be involved in your project, with relevant statistics, data, and samples.
Methodology of the project: Describe how the project will be conducted to accomplish the maximum outcome. Give a brief list of primary actions, major staffs, overall and ultimate goals of your agenda, etc.
Other funding sources: Short description of other foundations, organizations, and facilitators which you are approaching for funding as well, also mention about the funds you have already received (if applicable)
Conclusion/Summary: Once again, briefly state the aim of your project, invite to ask for further information, while thanking the funder for his/her kind consideration. If the funder’s guideline asked for any special attachment, include those.
Format of An Inquiry Letter for Seeking Funds: (Sample)