Cloud-based grants management is critical during this period where timely funding could mean the difference between economic recovery and continued financial struggle. With the majority of grantmakers working from home, reliance on paper, outdated procedures, and decentralized management can seriously hamper an institution’s ability to disperse and track funds.
During these unprecedented times, foundations and nonprofit organizations can fully benefit from the use of grant management software even as they work remotely to review applications, make grant awards, communicate with funding recipients, keep track of payments, and ensure that recipients comply with the requirements of each award. Grant seekers use this type of software to identify funding opportunities, complete applications, follow up on the status of each application, and communicate directly with funding organizations.
Most importantly, grant-making organizations and grant recipients use grant management software to generate reports that can help them identify trends and determine the best way to use and manage their resources. With an unexpected turn of events due to COVID-19, most aspects of the grantmaking cycle that organizations and institutions work on manually can now be done conveniently.
Here are some benefits and must-have features worth looking into:
Benefits of Grant Management Software
Grant management software allows grant seekers and funders to:
- Save time: Searching for grant opportunities manually is time-consuming. By the time you find a good opportunity, it may be too close to the submission deadline to prepare a detailed application. Some of the processes involved in awarding grants also take up a lot of time, taking staff members away from other projects. Using grant management software can reduce the amount of time it takes to perform repetitive activities, allowing everyone involved in grant management an opportunity to focus on other tasks.
- Get organized: With grant management software, there’s no need to look for important paperwork or fill your office with file folders. All the information you need is stored in a single database, making it easy to access applications, grant agreements, and other funding documents from almost any location. Many software packages also have built-in alerts to help you plan your schedule and meet every important deadline, ensuring that you meet all funding requirements promptly.
- Generate more grant revenue: Because grant management software makes it easier to identify funding opportunities and apply for them, using these tools may increase the amount of revenue generated from grants each fiscal year.
Must-Have Features of Grant Management Software
Every software package offers a unique combination of features to help grant-making organizations and grant recipients manage each stage of the funding life cycle. However, some features are more important than others. When searching for grant management software, it’s important to look for the following options:
- Discovery Tools: They help grant seekers identify funding opportunities and access application materials. These tools can also be used by funding organizations to identify nonprofits in need of financial assistance, manage grant applications, and streamline the award process.
- Tracking Features: These make it possible to track grants through every stage of the life cycle, from the initial application to the final disbursement of funds. Grant seekers can use these features to track the status of each application and determine if any supporting documentation is missing or incomplete, and grant-making organizations can use tracking tools to check how many applications have been received, determine if award recipients have been notified, and follow up on compliance requirements.
- Reporting Capabilities: These are a necessity when applying for grants or providing funding to a nonprofit. With the right reporting tools, users can sort through a large volume of data and extract important insights about each grant program. For example, grant recipients can use reporting tools to determine what percentage of their applications are approved for funding, and grant-making organizations can use them to determine if any recipients aren’t in compliance with reporting requirements.
Whether you’re a startup organization or a leading grantmaker, CommunityForce provides fully customizable, all-in-one online grant management solutions to maximize your efficiency, simplify complex processes, and improve collaboration so you can focus on increasing your impact. We’ve helped countless universities and philanthropic organizations streamline their entire grant-making process no matter the size and scope of their giving.
We provide online grant management solutions for organizations of any size and offer solutions for all grant-making organizations from universities to philanthropic organizations, to manage their grant applications, simplify experience and improve collaboration. We enable organizations to reduce the amount of time spent on administrative burdens and focus on what matters: increasing their impact.