Grants are essential for funding valuable projects that assist organisations in handling various corporate social responsibilities. The funds also help in driving corporate purposes. This process comes with accessing and assigning grants. So, it’s essential to use a well-organised grant management system. Grant management comprises all the organisational actions grantmakers and grantseekers take to simplify the undertaking.
What is grant management?
Typically, grant management is the managerial role and procedure that goes into getting and completing the requirements of a grant. For grantmakers and grantseekers, there is a lot of organisational involvement in this procedure that useful management methods and tools can boost.
That’s important since grants are like contracts. The contract can stipulate the grant agreement, the intended funds used, the implementation process, timelines, and reporting requirements. In that case, the grant management will make sure that all parties adhere to these conditions.
Therefore, if well executed, grant management assists organisations in effectively assigning funds to worthwhile projects that solve corporate issues.
The work of grant managers
The work of grant managers is to collect insights on the progress and results of grants and report back to the stakeholders. Grant managers manage grant logistics and coordination, such as effective communication, administration, and reporting. The role is available on the nonprofit and company sides.
What might go wrong if a grant is mismanaged?
Many things might go wrong throughout your grant period if you don’t have the right grant management system. For instance, mismanaging the grant lifecycle might lead to the following:
- Missing obligatory targets
- Losing track of the timeline
- Misusing grant funds
- Forfeit future funding
So, it’s important to have a grants management system to help you.
Grants are important as they help you fund projects that deliver your organisation’s value. In return, you open yourself to numerous benefits surpassing your community. This includes better-engaging workers through things they care about.
