A grant management system is undoubtedly essential. A grant management system supports an organization in getting grant money in the best possible way. It also helps manage financial and program needs throughout the grant’s lifecycle.
When managing business processes, the correct grants software may relieve grant personnel of the load. This is by automating the main tasks and activities of the grant lifecycle. While grant management software is crucial these days, you should also keep these best practices in mind.
1. Assess Organizational Capacity
When submitting a grant request, an organization should confirm that it can carry out the proposed activities. If you expect any deficiencies, the organization should include them in the plan.
The organization should also certify that the budget proposed is feasible. If there are cost overruns or unallowable charges, how will the organization account for them? Are there extra monies that the organization may have to use in such cases? When examining the proposed budget, consider all costs necessary to carry out activities.
2. A Scheduled Calendar
A calendar can assist your organization in remaining on track. It can remind you of a funder’s proposal deadlines and assist you in submitting grant reports on time.
You can have a separate schedule for grant management that your entire team can work on. It will help keep everyone on the same page and allow for more effective accountability and communication. Important dates, team check-ins, deadlines, and meetings should all be on the calendar.
3. Create an Orderly Grants Management Process
An organization that receives a grant should plan to create a system for tracking donations. This includes maintaining a record of all donor correspondence, grant documentation, and deliverables. Everyone involved in the grant should understand this system.
They should be available so that personnel can find grant papers with minimal effort. A simple method will also be beneficial if there is personnel turnover during the grant’s duration. The organization should also ensure that the grant proposal budget matches its chart of accounts.
4. Maintain Organization of Supporting Documents
The best grant management system results come from a year-round organization. To stay organized and save time, save the following in one location
- all supporting documents
- all templates
- reusable answers to common inquiries
You might want to hunt for a suitable template to complete some of the work ahead of time. You might be able to finish up to 80% of the funding proposal even before you know which one you’re applying for. Keep all financial materials organized, including contracts, invoices, and receipts. Also, make sure that everyone who needs them has easy access.
Grants are an excellent way for an organization to fund its goal and improve its activities. But, there is some extra complexity that you should consider. For example, nonprofits should establish an open line of communication with donors. In addition, they should develop a good internal grants management system.