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If you ever considered utilizing the several opportunities across your institution, then grant management systems should be a big deal. The success of an organization does not only depend on an acquired grant but the ability to implement and achieve the desired result. However, there is no doubt a grant management process can be complex. As a result, institutions use different grant products.
Several questions may pop up in your mind about the grant process and all you should know about it. This article has got you covered. Delve in as you discover the best procedures for the grant management system.
What is a Grant Management System?
Grant management involves the procedures an organization or institution implements to oversee grants. These procedures include how to win a grant and execute proper grant management.
Often, sponsors reward successful grant applicants based on the resources management. When the lifecycle is more complex than necessary, sponsors may decide to give an award at particular phases. Hence, it is essential to let your funds run your mission smoothly by following the correct practices to meet your organization’s needs.
Steps Involved in Grant Management System
The steps involved in the grant management system include the efficiency of the internal operations, which is your workplace. Occasionally, remind the staff members, boards, and organizations about teamwork and the expected performance.
Ensure close monitoring of the activities during the pre-award, award, and post-award phases. It will help to carry out necessary adjustments and minimize project costs.
To effectively manage project risk, both the grant maker and grant receiver should consider the following steps during the pre-award, award, and post-award phases.
The grant maker steps:
1. Set strategic goals: This is the planning phase where the grant maker highlights what to expect in the grant winner among several participants. These expected attributes mainly determine the organization that receives the funds.
2. Receive grant applications: Grant makers provide opportunities at this stage and review the requirements for updates.
3. Evaluate the applications: At this stage, the decision-making process starts by reviewing the applications.
4. Execute the grant pay: The grant makers award the chosen institution. From here, the monitoring process begins.
5. Grant management: The grant maker monitors and evaluates the grant process of the receiver.
The grant receiver steps:
1. The planning: The receiver needs to pay attention from the first step. You should identify a problem to convince the grant makers you have something to offer.
2. Look for opportunities: Do not go for any grant makers that come your way, but ensure you look into their histories. Go for a grant that matches your institution’s needs and goals. For instance, a primary institution’s needs would differ from secondary and tertiary needs.
3. Application: This stage is where you present your offer by providing detailed information on how you hope to manage the expected funds.
4. Award: At the award stage, the grant maker acknowledges your proposal and provides financial support.
5. Execution and management: The grant management system is more detailed here as you begin to carry out grant activities, including assigning tasks and recording the processes.
6. Present final updates: The grant receiver compiled every record to the grant maker. Hence, the grant makers would determine the institution deserves a post-award based on the allocation of funds.
7. Closeout: Both parties close the contract and any relationship concerning the business.
Why You Need Grant Management
It will be vague to keep working without tracking your progress, hence the grant management system comes to play. Grant management would help you run your operations in a linear cycle by ensuring you follow through with the planning, execution, and close-out.
Also, the grant management system ensures you carry out both internal and external communication to prevent inaccurate reporting. As mentioned above, it will ease the frustration of managing a complex grant system. Due to grant management complexity, LISTedTECH offers data records, as announced in the opening of the institution portal.
“In our Implementation Time visualizations, we break down the data into three graphs: from RFP to purchase, from purchase to implementation, and the overall from RFP to implementation. At a glance, we can see the median for all the steps.”
There is no doubt it is not easy to keep up with constant grant rules and regulations. However, it is necessary to keep up with deadlines and financial transparency. It is often the best option for institutions, and an owner must understand the grant management system. Sound knowledge and understanding of grants will ease the anxiety that comes with the grant operation. Hopefully, the information above will guide you as you take note of the processes.