Managing Your Grant : Nuts, Bolts, Coffee
Everyone is elated! All the planning and research paid off and your organization has been awarded its first grant. Whether it’s a $500,000 grant from the US government or a $10,000 grant from a private foundation, now’s the time to lay essential groundwork to ensure grant funds will be spent and accounted for as required and that program obligations will be met. Welcome to the world of grants management.
The Initial Paperwork
As you might imagine, government grants come with more red tape than foundation or corporate grants. For government grants, your top executive officer or board chairperson must usually sign and return documents accepting the grant award and agreeing to reporting and fund draw-down requirements, as well as any other special requirements that have been attached to the funding. This is strictly a business transaction—there’s no need to send along a warm letter of appreciation. Be sure to return paperwork by the required deadline.
Corporations and foundations sometimes require that officers sign a letter accepting the grant award, but often they don’t—a check simply arrives in the mail with a letter of congratulations laying out the expected reporting requirements. If you’re expected to return a signed acceptance document, do so promptly and be sure to include a letter expressing appreciation, acknowledging any reporting requirements, and inviting the funder for a visit. While this is a business transaction, it’s also a starting point for building an ongoing relationship of trust, commitment, and support.
Establish both an electronic and hard-copy file for each grant your organization receives. Since so much business done electronically, be sure that e-documents and emails are organized for easy access–and be sure electronic documents are backed-up in case of a failure in technology.
Place copies of signed grant documents in a hard-copy file, and keep the file updated with subsequent correspondence related to the grant. When an e-document is of particular importance, print it out and file it here as well.