Welcome to the IF Fund FAQs page! Here, you’ll find answers to common questions. If you need further assistance, please shoot us an email to if_fund@foolfoundation.org. We’re here to help!
What is the ImpactFool (IF) Fund?
The ImpactFool (IF) Fund is a signature initiative of The Motley Fool Foundation that utilizes a venture philanthropy approach to find, fund, and support early-stage nonprofits that demonstrate great potential for helping Americans take their next step toward Financial Freedom. Its mission is to accelerate the most promising pathways to Financial Freedom for Americans living paycheck-to-paycheck.
What is an ImpactFool Nonprofit?
An innovative nonprofit with incredible potential to transform lives and help Americans living paycheck to paycheck take their next step toward Financial Freedom. These are the organizations selected to receive funding and support from the IF Fund. Learn more about our selection criteria and selection process.
Why “ImpactFool”?
Since 1993, The Motley Fool has used “Foolish” naming as part of our overall brand identity. The term Fool comes from Shakespeare. The Fool was the only member of the court who could speak freely to the King. The name, “ImpactFool” continues this tradition, with The Motley Fool Foundation’s focus on having a positive impact on the people we serve. Also, it’s an “impactful” pun.
What areas of impact does the ImpactFool (IF) Fund focus on, and why?
The IF Fund utilizes The Motley Fool Foundation’s extensive research, expertise, and networks to identify “diamonds in the rough”: innovative nonprofits that hold great promise for impact at scale in the five areas that directly impact an individual’s ability to achieve Financial Freedom: Health, Education, Housing, Work, and Money.
Nearly 70% of our country is facing financial challenges that prevent them from reaching their full potential: people who struggle to pay the rent, who have to choose between paying a bill and putting food on the table or who are juggling their own education while also supporting others. They face real barriers and obstacles that set and keep them behind, with no end in sight.
We imagine a society where everyone benefits and everyone is invited to have an equal chance for a prosperous life – a place where all people have the ability to spend more money, save more money, and invest in themselves and their future without barriers. It’s a more robust, resilient economy that flourishes for the long term.
How can my organization apply to become an ImpactFool Nonprofit?
Nominate your organization: Anyone can nominate an ImpactFool! Our nomination window opens on June 20, 2024, and closes on July 19, 2024. Learn more about our selection process and criteria.
Why is the ImpactFool (IF) Fund initially focusing on nonprofit organizations based in the Greater Washington, DC region?
There are nonprofit organizations across the United States doing amazing work to advance Financial Freedom for individuals living paycheck to paycheck. We believe we have a unique opportunity to drive catalytic change by first focusing our efforts on a particular geographic area. Given that the Greater DC area is home to The Motley Fool headquarters we think it’s a great place to start. We expect to support other communities in the future.
How are you defining the “Greater Washington, DC” area?
We will accept nominations for nonprofits based in the city of Washington, DC and the immediate surrounding counties. These include:
Washington, District of Columbia
Maryland: Prince George’s County, Charles County, Montgomery County, Frederick County, Calvert County
Virginia: City of Alexandria, Arlington County, Clarke County, Culpeper County, Fairfax County, City of Fairfax, City of Falls Church, Fauquier County, City of Fredericksburg, Loudoun County, Madison County, City of Manassas, City of Manassas Park, Prince William County, Rappahannock County, Spotsylvania County, Stafford County, Warren County
West Virginia: Jefferson County
Please contact us if you have any questions.
Can for-profit organizations apply to participate in the IF Fund?
No. For now, the IF Fund will focus exclusively on nonprofit organizations.
What support does the IF Fund provide?
An Unrestricted Grant of $300,000: The IF Fund provides selected organizations with an unrestricted grant of $300,000, distributed in $100,000 increments for each year of our three-year formal engagement.
Operating Support: Each ImpactFool Nonprofit benefits from the support of a dedicated Scaling Partner. This expert in nonprofit management sits on the organization’s board of directors and works hand-in-hand with the nonprofit’s leadership to develop and execute an Annual Support Plan. The Plan is tailored to the specific needs of the organization and leverages:
- Expertise from The Motley Fool community, plus access to outside experts, providing help to address the nonprofit’s most critical needs. This could include areas like: strategic planning, marketing and communications, and fundraising.
- An annual retreat of ImpactFools to share best practices and explore collaborative opportunities.
Does the funding go to the organization or the individual?
The grant funding goes to the nonprofit organization, not the individual leader.
What is an ImpactFool Scaling Partner?
An ImpactFool Scaling Partner is an expert in nonprofit management who will work hand-in-hand with the nonprofit’s leadership to help them thrive.
Are there limits on how the grant funds can be used?
Grants to ImpactFool Nonprofits are unrestricted and can be used for both operational and programmatic costs. Like all donations, they should be used to further the nonprofit public mission. Funding cannot be used for political campaigns or legislative lobbying efforts.
How is the ImpactFool Fund different from The Motley Fool Foundation’s Rule Breaker program?
The IF Fund is a natural progression from the Rule Breaker program. Where Rule Breakers focused on social entrepreneurs leading organizations at a variety of stages, The ImpactFool Fund has a narrow focus on early-stage nonprofits with high potential for impact at scale. This allows us the ability to help more people exponentially faster. As a result, The ImpactFool Fund will provide more funding ($300,000 over 3 years) and also include additional expertise to support the organization’s development.
How often does the ImpactFool Fund accept applications?
We do not have a set schedule for announcing new programs and calling for applications. The current IF nominee window is open until July 19, and our first ImpactFools will be announced in September 2024.
Who can I contact with additional questions?
If you have questions or need any additional details about the IF Fund program, contact us.
