The second Impact100 Signature Event is the Meet the Finalists event in which we announce to the community the worthy nonprofits selected to vie for our grants. It is these nonprofits who will present at our Annual Meeting and from which our grant recipient(s) will be selected.
Executive Summaries are created to describe each Finalist and their proposed use of our funds. Those summaries are distributed to every Impact100 member and provide sufficient information for members to cast their vote.
All members are encouraged, however, to attend the Annual Meeting, where they will hear directly from each nonprofit for a specified period of time (Typically between 6-10 minutes each) with nothing more than a microphone and a podium. We insist on creating a level playing field, so each nonprofit has an equal chance to receive our funding. For that reason, we allow a maximum of two presenters and a strict adherence to the time allotted. We do not allow any technology, party favors, children or animals to be a part of the Finalist’s presentations. Each nonprofit is introduced by the same volunteer, sharing the same data about each.
Once every Finalist has been heard (the order of their presentations is randomly drawn from a hat at the Meet the Finalists event, to further ensure a level playing field), our members cast their vote. Until your Impact 100 chapter gives away five grants ($500,000), you will have five Finalists and your members will rank vote (with 1 being the first choice and 5 being the last choice) each of the five. Once you are giving away five grants, you will have ten Finalists two in each Focus Area and your members will select one in each category.
The ballots are collected, and the vote is tabulated and certified by a CPA firm in a private room. By the end of the event, the outcome of the vote results in the presentation of big checks to our Grant Recipient(s).
The Finalists are encouraged to reapply next year and the grant recipient(s) must typically wait before reapplying. The grant recipients execute a grant agreement with Impact100 which spells out exactly how our funds will be spent (typically over a period of no more than two years) and what each party is responsible to provide to the other party.
Regardless of the timing of our grant funding, regular updates are expected from our Grant Recipients. Any changes to the original grant agreement are presented to the Impact100 board for review and approval in advance.