Your nonprofit’s best defense against missing grant deadlines is a robust notification system throughout your grant’s lifecycle.
By setting up automatic notifications through software, employees will receive alerts on approaching deadlines and reviews. Some software will even provide notifications on spending thresholds.
Monitor spend and performance regularly, so your nonprofit is prepared when it comes time for audits. Reconcile balance sheets, review bank and investment accounts, and run financial expenditure reports (e.g. expenditures by project, time/cost versus budget, cost and trend). Flag unusual activity.
There are also a number of solutions for recipient nonprofits to ensure they maintain compliance. Nonprofits should always:
To ensure proper communication, your nonprofit must have clearly defined user roles and set goals for each of these roles. Setting these distinctions right away will streamline your grant management and improve communication.
Specifically, there are four primary user role types you should consider assigning: a team lead, impacted employees (employees who are actively involved in the grants process), a middleman between your organization and outside vendors, and an executive-level employee who can assist with internal roadblocks.
And if you are employing a workflow tool, be sure to assign user roles in the system upfront.
Utilize a centralized hub for your grants. Your organization should have one organized location for all grant and community partner information. Instead of using disparate systems, consolidate your information in one system to keep everyone from your team to your partners on the same page.
To lay the groundwork for future awarded funds and maximize funding for current initiatives, nonprofits should begin to implement some key steps in their grant management process. This will lay the groundwork for a standardized grant management process centered on consistent data elements. See below for specific strategies to win awards, maximize fund drawdown, ensure compliance and simplify reporting.
Everything from the number of grants you manage to the tools you are currently utilizing will influence if software is right for your nonprofit.