Nonprofit Grant Management Checklist

For nonprofits handling multiple grants at a single time, it is easy for things to fall through the cracks. As an accountant, I encourage all my clients to really focus on building processes that help improve efficiency and reduce errors. This is true for both your accounting operations and grant management!

Building a grant management process is going to take a few things. You will want to consider applications to help you easily track progress, create a task management system, and consider a grant management checklist.

A grant management checklist is designed to make sure no steps are overlooked as you submit grants. While each grant may have different requirements, there should be a flow to the work that helps you quickly get your grant applications out the door and into the right hands. 

Below you will find a grant management checklist to use as a blueprint for your own processes. Consider the steps and make it your own!

Before You Apply

Review Your Nonprofits Model & Plan

An essential part of applying for the grant is your ability to clearly communicate your vision, mission, values, goals, and ultimate plan. The more confident you are with what the purpose of your organization is, the more confident donors will feel in your ability to expertly manage funds.

Perform an Internal Audit on Your Financial Statements

It is possible donors will want to see financial statements to gain a better understanding of how their funds will be used. Make sure your statements are updated and accurate. This is easier said than done since nonprofit accounting is very different from standard accounting used in businesses. 

Ensure you have an accountant on your team with experience working with nonprofits. Reports that are poorly put together can be a reflection on your nonprofit and ability to handle funds. So be sure to do your research.

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Research Donors

Researching what sort of grants your organization is eligible for will take a significant amount of time and organization. Tools like Instrumentl and apps to help you manage your grants will make the process more efficient as you communicate with the various members of your team. 

Submit Applications

Be sure to thoroughly read and understand the requirements of the grant. Not all applications are going to be the same and so even if you have a basic template you build your grant application from, you will want to ensure you are answering all of their questions. 

Grant applications are not intended to be quick submissions, they should take some time! Truly tailoring your application will give you a better chance at success as you communicate your attention to detail to your donors.

After Successful Grant Applications

Review Requirements

Upon receiving the grant you may already be aware of some of the requirements but it is good to refamiliarize yourself with the specific to make sure you are operating within compliance. Review the standards and be sure to communicate them to the appropriate members of your team.

Accounting Considerations

Once you have successfully secured the grant you will want to make sure the appropriate steps are taken to financially manage the grant funds. Here are a few things you should add to your checklist:

Create The Budget

You should be working with a bookkeeping system that can easily create funds and appropriate budgets for grants received. This is where nonprofit focused applications become essential. Not all accounting applications have the necessary tools so consider whether your tech stack has all the features you need.

Reporting

As mentioned above in your internal auditing step, you will want to make sure your tools and staff are experienced in how to handle grants as they impact your financial reports. Nonprofits and grants are represented very differently on financial statements when compared to business reports. So making sure your accountant understands the ins and outs of reporting these numbers can be vital to a successful relationship with your donors.

If you have questions about what to look for in your accountant or would like to discuss working with an accountant who thoroughly understands the nonprofit industry, consider scheduling a call with me.

I understand grant management is a major part of the success you have as a nonprofit. So much flexibility to achieve your purpose is available when you receive your grant. Let’s make this process as easy and efficient as possible.

By creating a repeatable process that allows for collaboration and attention to detail, you can enjoy a higher chance at success with the grants you do submit.

To learn more about how we advise our clients on managing their grants, view more of our articles here.