3 SECRETS TO MANAGING GRANTS SUCCESSFULLY
Receiving a grant comes with great responsibility to both your organization and the Grantor. Every grant typically has requirements and/or deadlines that must be met or progress reports that must be filed. And just because you were awarded a grant this year, doesn’t mean you will automatically be awarded the grant in the future. Here are three secrets that will help you manage your grant more successfully.
Define your organization’s mission. One of the biggest mistakes organizations make is not defining their mission and ensuring it is aligned with the grant. You want to make sure that your organizations day-to-day mission supports the objective of the grant and visa versa. Misalignment of your mission and the grant can lead to misunderstandings and unmet expectations.
Have clear financial goals. Have you worked closely with your finance team to ensure you have a well thought out budget that is in alignment with the expectations of the grant? Will the grant provide enough funds for you to accomplish your mission? Who will oversee the funds and how will they be distributed? Remember, receiving a grant is receiving someone else’s money and it comes with expectations. Make sure you have clear financial goals established that are in alignment with your mission so both your organization and the Grantor can achieve success.
Monitor and track progress. You will need to provide both your team and Grantor with frequent and timely updates on your mission progress, including use of funds. Make sure you have the right financial team in place to oversee the distribution of funds to meet your mission goals as well as a project management team that can keep you on track and report progress on a moments notice.
Pursuing and receiving a grant can be difficult, but managing that grant successfully can be even harder. FM Talent can help you pursue and manage your grant, as well as report your progress to ensure you maintain compliance and are best positioned to continue to receive grants in the future. Reach out to start a conversation.