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  • Writer's pictureBryan Tamburrino

Grant Management: Best Practices for Managing Grants Effectively


Introduction

The best way to manage grants is the one that works for you. You might find that a spreadsheet helps you keep track of your grants, or maybe an online software program is more effective for your needs. The key to effective grant management is finding a tool that works for both you and your organization's goals — not only in terms of efficiency, but also effectiveness. It’s important that you consider all aspects of managing grants before choosing the right software solution:



Effective grant management can be a challenge.

To start, it's important to note that effective grant management can be a challenge.


Grants are time-consuming and complex processes, which means there are many things to keep track of throughout the duration of your project. Additionally, each organization has its own unique needs when it comes to managing grants effectively--some organizations may want more hands-on involvement in their application process while others may opt for automation over manual workflows. There are also numerous types of grants available through various agencies across the country; some programs require you to submit specific documents while others ask for different information altogether (and sometimes both).


Regardless of what type of organization you run or where you're located geographically, there are several things all organizations can benefit from when it comes down to managing their funding opportunities:


The first step to effective grant management is finding the right software for your needs.


If you're looking to find the right software for your needs, here are some things to consider:

  • Is it easy-to-use? The last thing you want is a complex interface that makes it difficult for your team members to access and share information.

  • Does it integrate with other tools in your organization? If so, how well does it work with those tools? For example, if someone sends an email from their Outlook account but attaches a file via Dropbox, will that attachment be visible in both places (and vice versa)?

  • How much training do I need before my staff can start using the software effectively on their own? If there's too much training involved or if they have no prior experience using similar systems before (for example if this is their first job), then they may not be able to get up-to-speed quickly enough on their own without help from others around them like IT specialists who know how everything works together under one roof."

Tracking compliance with statutes and regulations is an important piece of effective grant management.


Tracking compliance with statutes and regulations is an important piece of effective grant management. While it may seem like a burden, tracking compliance can help you avoid penalties and fines, as well as save time in reporting. Compliance software can automate some aspects of this process, making it easier to stay organized while staying compliant.


Financial management can be an important part of effective grant management, but it's not always the most important.

Financial management can be an important part of effective grant management, but it's not always the most important. If your organization is large enough and has enough staff members to dedicate time to financial management, then this may be your primary focus when managing grants. However, if you're a smaller organization with limited resources--and especially if you're a new organization that doesn't yet have systems in place for tracking data or making decisions based on that data--you might need other strategies for managing grants effectively without spending too much time on financial details.


Here are some ideas:


Grant monitoring and reporting are an important part of managing grants effectively, but they aren't everything.

Monitoring and reporting are an important part of managing grants effectively, but they aren't everything.

  • Monitoring: monitoring is about making sure that the work being done is on track and within budget. It can be a formal process or informal check-ins with staff, depending on the organization's needs.

  • Reporting: reporting is what happens after you've monitored your grantees' progress (or lack thereof). Reporting helps ensure compliance with grant requirements, so it's important to have solid systems in place for this step of the grant management process too!

Effective grant management depends on using the right tools for your needs and goals

Grant management is a complex process that requires the use of many tools. While compliance is important, it cannot be your only consideration in choosing software. In addition to financial management, monitoring and reporting are essential for effective grant management.


Additionally, you may need different tools depending on what stage your organization is at in its development: if you're just starting out or if you're well established with a large number of projects on the go at any given time (or both).


Conclusion

If you're looking to get started with grant management, the first step is choosing the right software. There are many options available today, so it may take some time to find what works best for your organization. Once you've found a solution that fits your needs and budget, there are still plenty of other things that need attention!


Effective grant management requires careful attention across multiple areas including financial management, compliance with statutes and regulations, monitoring and reporting activities. You should also consider how these processes impact each other when planning new initiatives or making changes within existing programs.



For more information about putting this information to work at your organization contact Bryan at ( 203) 954-5121 or bryan@tangibleconsult.com.

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