Your organization needs support to manage grants in an effective and professional way. There are many different things an organization can do to have a superior grant management system. Foundations exist to give away money, so it only makes sense they’d want to ensure their funds are going to good use. The following are six tips for organizations to better manage their grants.
1. Take time to prepare donor reports for grant management
Preparing a financial report can be laborious, to say the least. Not allowing yourself enough time to complete these reports could also lead to over- or underspending. This type of money management does not look good for your public image, and could lead to fewer donations in the long-term. With that in mind, make sure you take the time to conduct a careful, accurate report.
2. Keep accurate files
After receiving a grant, creating files and notes about all things related to it would be beneficial. This will make the details clear to whoever is in charge of the grant. Some things that can be included are timetables, budgets and contracts. The donor should also be able to see some of the details in this agreement so they know if their donation is being managed appropriately.
3. Delegate positions
Organization is key when it comes to a complicated process like grant management. If each person is in charge of one specific area, the grant can be understood much more easily. Having one person in charge of coordinating applications and organizing the database would be a smart move, as well. An employee whose job is to specifically manage donations would also be a useful position.
4. Hold post-award meetings
An implementation meeting is called for after you have been awarded a grant. This way you can ensure everyone involved in the grant knows their responsibilities. The head of the grant can discuss things such as budgetary management, financial reports, grant management software and much more.
5. Don’t under spend
Organizations have certain targets to meet with their donations. It is a hassle for donors to be reimbursed money that was underspent when it was meant to be given away in the first place. This could be problematic for donors because if all of the organization’s allocations are not met, then it may not have the same allocation for next year.
6. Pay attention to dates
Do not enter into a commitment if you do not know when you will start receiving the grant. Make sure all commitments are met, donors are informed and everything meets the budget. Adhering to a specific schedule within the project proposal is important to avoid mishaps. What’s more, following previously laid-out dates shows the money you received is being used at an efficient rate. Grant management can be complicated, but sticking to a schedule can certainly simplify matters.
Grant management is a responsibility. It takes more than one person to successfully implement processes and manage tasks in order to maximize effectiveness. Trust is a big factor when it comes to grants. The donor and the receiver must trust one another for the program to be successful and following certain steps can ensure that trust remains intact.
