Grants are the money that government departments, public and private trusts, and foundations give. The money sponsors projects and funds ideas to provide public services and stimulate the economy. For the process to run smoothly, grant management software is needed. The software helps NGOs administer, organize, prioritize and process grant applications they receive from charities. So what features should the best software possess?
What Is a Grant Management System?
It refers to software applications to help nonprofits with every aspect of grant fundraising. It includes granting discovery and application via regulatory compliance and financial tracking. You can buy grant management software as a stand-alone or as part of a more extensive nonprofit fundraising software. You can choose to have the software on-premises or host it through the cloud. What features should the software possess?
Common features a good grant management software should posses
Software is built differently but might work the same way. A great grant software should have the following features:
- Grant recovery: Helps search grant sources automatically and notifies users of applicable grant opportunities.
- Pipeline management: Submits grant proposals and follows their progress.
- Proposal creation Keeps a collection of common responses and attachments to use in grant applications.
- Compliance management: Enables scrutinizing nonprofit compliance with continuous grant requirements.
- Document management: Stores your proposals and forms digitally in searchable storage.
- Financial reporting: helps analyze your grant success percentage and how much you receive from grants.
- Task and deadline reminders: Assigns tasks to individuals and receives notifications for deadlines regarding grants.
How much does a grant management software cost?
It’s hard to figure out how much it costs. Most software vendors don’t list their pricing on their websites. However, the price varies depending on the specification and capabilities of the software. In addition, your payment plan differs depending on whether the system is sold with perpetual or subscription licensing. Paying by perpetual means, you pay the whole amount upfront before using the software.
On the other hand, subscription licensing is paying a fee every month or annually. The two payment methods are equal, but knowing your budget is vital to see which suits you. Also, remember to include additional fees like training, implementation, and support.
A grant management system is an important part of a NGOs daily operation. This means they need the best system to help run the business seamlessly. So, always check for the features that will fit your operations perfectly.