A Guide to Managing Grants

Managing grants can be overwhelming. Many nonprofit leaders are passionate about the work their organization is doing. However, GrantWatch has identified that many organizations lack the in-house procedures in place to manage their grants successfully. If you’ve ever wondered what the keys are to effectively managing grants, or just want to learn more about grant cycles, then this article is for you!

What is Grant Management?

Some care and attention are often given to the grant writing process. However, knowing how to manage grants – once you’ve been awarded at least one – is just as critical. Whether seeking grant funding through the state or from private organizations, managing grants requires ongoing, extensive attention and care. Ensuring that your organization follows and meets guidelines, along with effectively communication with funders, are all keys to proper management of your grants. Most nonprofits rely on grant funding to keep their organization in operation. Nonetheless, being awarded a grant is only the first stage of managing grants. From writing the draft of a grant proposal to completing the final report, grant management encompasses all aspects of receiving and tracking grant funds.

Identify Your Grant Goals

As a result, determining your organization’s funding goals is an essential first step. Outline the purpose, mission and plans for your nonprofit or business. Be clear and focused regarding your purpose(s) for requesting funding. If you have a concise vision of how the funding will be used, you will be more likely to find and obtain grant funding that aligns with your organization’s specific needs.‍ Furthermore, a clear understanding of your funding priorities can save you time because you can quickly bypass grants during your research that do not meet the goals of your organization.

Search for Opportunities

Many organizations start with a Google search to locate grants that may be available. Often, results send organizations on a wild goose chase with little to show for it. Also, organizations could easily waste countless hours scouring detailed lists, databases and donor websites to find grants. But there is a better way! Your organization can easily search for grants specific to your mission and project(s). When researching grant opportunities, determining which opportunities are not worth pursuing are almost as important as identifying the grants that do best align with your organization’s objectives.

Develop A Grant Timeline

All things considered, having a pipeline of opportunities for your organization is highly impactful. There are three phases of the grant lifecycle timeline. There is the Pre-Award Phase, the Award Phase and the Post-Award Phase. An organized timeline is the most effective way to identify grants for which your organization is not only eligible but also aligns with your organization’s mission. Also, noting the dates and requirements for each grant in an organized manner that works for you will make your life much easier. Keep in mind, your organization may have unique tasks at each stage. Furthermore, remember the extent of an award timeline will depend on the outline provided by the funder. 

Organize Your Opportunities

Many organizations are understaffed. Unfortunately, it is often easier to sacrifice timely management rather than take time away from other key staffing functions. Although managing grants with minimal tools is possible, an organization can then be left with the task of making critical choices with only basic spreadsheets and tools. However, to help with this, we recommend utilizing the GrantWatch calendar tool when you search for grants. This feature is in the top right-hand corner of your ‘My Account’ dashboard. Undoubtedly, this calendar feature simplifies the daunting task of managing grants.

If you have not recently added a grant to your calendar, you can see your previously viewed grant history under ‘My Grant Views’ to identify grants similar to the one(s) you’re seeking to consider applying to. Furthermore, utilizing these features helps to lay the groundwork for more straightforward grant-seeking and grant management in the future.

Risks of Mismanaging Grants

Failure to properly track and report grants can have dire consequences. This can be potentially devastating, especially to nonprofits who could risk losing (already awarded) funding essential to its operation. The nonprofit could even be subject to more thorough (and costly) financial audits of their entire operation. A common example of mismanagement could occur if the stated requirements of an awarded grant are not adhered to. These losses may not only damage the organization’s reputation among potential funders, but would also make it increasingly difficult to secure future grants. These kinds of setbacks can cause irreparable damage to an organization’s future. In short, protect your organization by ensuring that you follow the stated guidelines for all grant awards.

Steps to Follow After Winning a Grant

First, be sure to always genuinely thank your funder. Also, consider utilizing this opportunity to promote your organization on social media by announcing your grant award. Winning a grant helps strengthen your reputation. Gaining the respect of other funding sources will increase your chances of winning more grants. It is critical to remember that grant fundraising is an ongoing, repetitive process. Finally, multiple grant cycles will likely overlap. Recently winning a grant should not stop you from applying for grants for other projects. Never stop researching new grants for which you should consider applying. Successful grant funding is a year-round, never-ending necessity!

Looking for grants? With nearly 8,000 grants currently available, GrantWatch.com is the leading grant listing directory for nonprofits and businesses. Upgrade to a MemberPlus+ subscription to view the full details, including eligibility criteria and application information.  For more information, visit the GrantWatch FAQ page.