Since funders want to ensure they’re giving grants to recipients that’ll make a positive, impactful change, nonprofit organizations need to manage the way they make use of their grant awards. Here are some specific steps nonprofits follow to manage grants:
Defining the basics: establish what they’ll do with the money and who will be responsible for managing it.
Documenting grant awards: keep track of the processes they need to configure or streamline to manage their funds.
Reviewing requirements: ensure all requirements are met and the team has easy access to this information.
Coming up with a schedule: lay out a plan and highlighting relevant deadlines to execute fund-related tasks and report progress to funders.
Getting the finance team on board: keep a recording of the received funds, and make sure the financial team is involved and knows region-specific regulations.
Reporting, reporting, reporting: even when funders don’t ask for reports, make a habit of sharing quarterly status reports internally to review performance and progress towards goals.
Defining the end of the grant: determine what it means to reach the end of the grant, how it needs to be reported, and the required documentation.