The grant management process is essential for operating a nonprofit organization. It involves all aspects of creating and managing grants, from the initial research stage to reporting results. Once a grant is awarded or accepted, its management process begins, and projects are carried out. The following will explore the value of a grant management program.
The grant management process is a series of steps to manage a grant from application to completion. It is usually a set of actions followed by your organization or group to receive funding for research, program development, and various other activities. The process begins with finding your financing.
There are several elements of this process:
Identifying Funding Sources.
Making an Application.
After the grant is awarded, expenses are monitored, and records of expenditures are often kept in accounting programs. This process ensures the funds were spent for their intended purposes and recipients didn’t use them for other purposes. The monitoring process also helps determine any problems with how things are being done or if additional funding is needed.
Grant management involves tracking progress and reporting on the status of a project. Progress is tracked by measuring performance against goals, which are outlined in the grant proposal that was submitted to acquire funding. Reporting is done by providing periodic updates on the status of a project to funders and other stakeholders such as grant partners and communities, allowing them to measure impact and ensure funding continues if progress has been made towards achieving desired outcomes.
Evaluating the Grant
The final stage of the grant management process is evaluation and reporting. You must assess your project’s success and evaluate your organization’s performance. Your partner or organization may also do independent assessments.
Finally, you will work with your partners on a joint report that summarizes what was accomplished throughout the grant period and how it contributed to community development or social change in some way. This report will be submitted with other required post-grant paperwork before receiving payment.
Contact us to learn more about how we can help with the grant management process.