Grants are essential to nonprofit sustainability and can often impact an organization’s overall growth . But what does a nonprofit do once they get awarded the grant they so desperately need to keep their program running?
Getting a grant awarded is great but there is more work to be done after the grant is won. As a leading provider of grant management solutions we understand how frustrating the life cycle of a grant can be and staying on top of grant regulations and requirements. We know the importance of meeting deadlines, transparency and accurate financial details. Having a good grants management system can help you build capacity with less stress and more efficiency.
It’s critical to consistently monitor your grants and maintain a working relationship with the Grant Maker. This improves all chances of your project running smoothly. There is ever-changing legislation around grants and reporting requirements. Failure to comply could cost you critical grant funding.
For example, one common grant condition is the funding term. Having one year to spend all grant monies may seem easy but may be harder than you’d guess if unplanned expectations or program milestones are involved. Know such conditions before going after grants and prepare, prepare, prepare for proper positioning for good grant stewardship.
When drafting a funding request, some grant applications ask what your goals, evaluation, and reporting process look like. If you haven’t set goals before your grant application and just threw some goals together, you may have set your organization up for failure down the road.
Better Grant Management
- When choosing a Grant, put your mission first. Ensure your mission and the grant makers mission are a good fit.
- Don’t wait until the last minute to include your finance department or sit with a grants professional or a CPA to develop your budgets and overall expenses. Grant proposals require a well put together budget.
- Understand all the costs involved. Will you need additional operating funds?
- Plan to monitor and track. Grant giving organizations require recipients to submit details upon request.
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