Here in Nashville, 3 arts & culture nonprofits have changed their names relatively recently: TACA (Tennessee Association of Craft Artists) became Tennessee Craft; Tennessee Repertory Theatre became Nashville Rep; Frist Center for the Visual Arts became The Frist Art Museum. The top-line reason was to improve public perception of what they are and do, but I doubt any of them will feel negative effects on grants because they're long-established. Tennessee Women's Theater Project chose a name that is direct and mission-descriptive. Conversely, the Women's Project (est. 1978) of NYC has rechristened as WP Theater.