When awarded a grant, does your organization receive every dollar pledged? For many, the answer is “no.”
Organizations we surveyed lost 5% of awarded funds because they were not drawn down during their allotted timeframe. Incompliance, missed deadlines and unorganized processes are usually to blame.
When a grant is awarded, a set of guidelines comes with it. This includes where money needs to be allocated, how long the process should take, and reporting deadlines. If these stipulations aren’t met, your organization risks forfeiting funding.
Why settle for less than the amount awarded? Grant management software can help your organization receive the full amount of every awarded grant.
1. Clear Eyes. Clean Calendars.
Often times, a deadline is missed simply because there isn’t a system in place to track progress and remind you of important actions and dates. Eliminate the guessing game and map out a concrete plan to meet grant deadlines and allocation calendars.
Grant management software offers features such as built-in calendars, automated reminders and full lifecycle reporting. These features help eliminate missed deadlines; ensuring the full grant is drawn down.
2. Stick to the Agenda
Another common way you may not receive the full potential of a grant is if you allocate money to items that weren’t outlined in the grant parameters.
Grant management software allows you to track every penny of a grant through all phases of the cycle. This way, you can guarantee that money is being spent in an appropriate and approved manner. Keep all relevant documents in one central location, including approved budgets, receipts and timesheets for easy ongoing tracking.
3. Continuously Keep Track
The third way in which organizations often forfeit grant money is by losing track of documents, receipts and expenses. Without the ability to prove that money was allocated appropriately, the grantor has no choice but to withhold a percentage of the award.
Put the processes in place to track every expense applicable to the grant. Monitor activity ongoing, compare to set goals and allocate funds as approved. This ensures that all money is available for drawdown.
Don’t forfeit money that has already been awarded to your organization. Implement grant management software, and help your organization drawdown every penny you worked so hard to earn.
For more on the ROI of grant management software, read our ebook.
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