What does a grant management software do?
A grant management software lets grant seekers organize their grant management process, end to end. This type of software assists in recording grant applications, managing grant opportunities, automating spreadsheets, and using data to build transparent reports.
How do nonprofits manage grants?
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:
1. Defining the basics: establish what they’ll do with the money and who will be responsible for managing it.
2. Documenting grant awards: keep track of the processes they need to configure or streamline to manage their funds.
3. Reviewing requirements: ensure all requirements are met and the team has easy access to this information.
4. Coming up with a schedule: lay out a plan and highlighting relevant deadlines to execute fund-related tasks and report progress to funders.
5. 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.
6. 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.
7. 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.
What are the benefits of grant management software?
Grant management software has several benefits, such as:
- Connecting funders and grant seekers
- Streamlining the communication process between grantmakers and seekers
- Managing the end-to-end process of grant applications
- Using platform data to generate accurate and compliant reports
What is the difference between grant management and grant writing?
Grant management and grant writing are two different practices. The first one is related to managing the process of applying, receiving and managing funds, and reporting to funders. Grant writing is a part of grant management. It’s the process of filling out applications to apply for financial grants.