Fact sheet: Funding Exchange
Background
Many voluntary sector organizations have indicated that locating compatible
funding agencies and applying for funding can be difficult and time-consuming.
At the same time, funding agencies find that effectively matching their
funding options with appropriate voluntary organizations can be resource-intensive
and inefficient. Currently, no standardized, interactive system exists
for funding application and response. To simplify this process, the
IM/IT Joint Table proposed creating an on-line service to link funding
agencies with voluntary organizations.
Work of the IM/IT Joint Table
The work of the Table included:
- research into current funding information available on-line; and
- surveys and research on voluntary sector organization needs.
Expected Benefits of the Recommendation
This Web-based service would be provided through the Voluntary Sector
portal and possibly be sustained by subscription fees from voluntary
organizations and funding agencies.
Key benefits:
- use of common technical standards;
- simplified, harmonized, on-line application and reporting procedures;
- voluntary organizations will have easier access to relevant funders;
- funders will have fewer resources tied up in red tape, and a more
efficient matching system; and
- greater technological efficiency will benefit all participants.
An effective funding exchange will significantly increase the cost-effectiveness
of the processes associated with funding-both for the voluntary organizations
and their governmental, foundation and private sector partners.
For more information, contact the IM/IT Secretariat at (613) 990-7233
or e-mail: imit@ic.gc.ca
