This post discusses grant consultants’ prospect research fees in early 2016. It is part of an ongoing series. Other new posts for 2016 will cover hourly rates and flat rates (also called per-proposal rates or per-project rates), retainer fees, and other topics related to how grant consultants earn an income.
Prospect Research Fees:
Prospect research is the search for viable grant opportunities. Consultants often do prospect research for client grant-seekers. If the client can set some of the research’s parameters ahead of time (e.g., search terms, funding type, beneficiaries, grant award range), the search for potential funders is apt to be that much more efficient and less costly. Consultants may adjust their prospect research fees based upon:
- The number of prospects to be identified
- The extensiveness and scope of the search for potential funders
- The nature of the project concept
- The amount of the anticipated budget request
- The size of the client’s organization
At the search’s end, consultants may deliver to clients a detailed and prioritized list of possible grant sources; an analysis of the chances of obtaining grants from each source; and a plan for what to do next to pursue grants from the best prospects.
Sample Fees:
Consultants’ charges for prospect research services vary widely. As the table indicates, they can range from $500 to $5,000 per funding report. In 2016, the ultimate cost of such searches may observe a pre-established not-to-exceed amount. Evaluations of identified grant leads – held either on-site or conducted remotely with a client – may be charged at rates from $50 to $150 or more per hour.
| Prospect Research Fees | Minimum Fees | Maximum Fees |
| Consultant/Firm 1 | $500 | $3,200 |
| Consultant/Firm 2 | $500 | $7,500 |
| Consultant/Firm 3 | $1,500 | $3,500 |
| Consultant/Firm 4 | $2,000 | $4,000 |
| Consultant/Firm 5 | $2,000 | $4,000 |
| Consultant/Firm 6 | $2,000 | $4,000 |
| Consultant/Firm 7 | $2,000 | $5,000 |
| Consultant/Firm 8 | $2,500 | $5,000 |
| Consultant/Firm 9 | $795 | Unstated |
| Consultant/Firm 10 | $1,500 | Unstated |
| Consultant/Firm 11 | $50/hour | Unstated |
| Consultant/Firm 12 | $150/hour | Unstated |
Charges for prospect research vary with its nature, scope, and complexity. Private grant makers are far more numerous than public ones. In general, grant seekers can expect to spend a bit less for a search for state and federal grant prospects, and a bit more for foundation and corporate grant prospects.
