Grantor management is getting easier. Solutions to long-time challenges are on the rise and technology is much more affordable. The days of state and local governments spending millions of dollars to custom build a grant system are gone. Here are 3 common grantor problems that can be solved today with a modern grants management system.
The Problem: Braided funding refers to the coordination of financial assistance from several sources to support a single initiative or strategy. With braided funding, each individual award maintains its award-specific identity and requirements. For a grantor, the task of maintaining distinguishable funding streams and tracking the hundreds, if not thousands, of awards is complex and demanding. In addition, cost allocation methods are required to assure that there is no duplicate funding of service costs and that each funding source is charged its fair share.
The Solution: By setting allocation methods prior to grant solicitation, a payment basis can be established in order to ensure that each funding stream is properly encumbered and drawn down when a reimbursement request is made. Imagine: no more spreadsheets and audit findings.
Application and Award Package
The Problem: If you are managing your application intake, review, scoring, and award processes through a patchwork of email, spreadsheets, legacy systems and document files, overseeing each award probably feels like performing administrative gymnastics. Moreover, the manual processes associated with updating program files, reviewing forms, validating contact information, and supporting applicants is inefficient and error-prone.
The Solution: A standard online application and award package will streamline this process, dramatically reduce administrative costs and provide solid internal controls. It will transform your grantee reporting process. Even if you can only move a portion of your programs to a standard package, the administrative cost savings will be significant.
The Problem: What happens when your grantee needs to make a change that requires formal approval? Do you have a process? Without an established process, the dreaded grant amendment can invite administrative chaos.
The Solution: An amendment workflow can streamline and automate the the amendment acceptance process, streamline budget review and negotiations, if required, and confirm and record the amendment in your records. If you need an appeal process, or conduct pre-award communication with your applicants, workflows can automate communication with your grantee and provide an audit trail. Well designed workflows will help avoid internal control issues and shorten your audit process.
Want to learn more about grantor management systems? Go to our Grantor Management Page. If you need help solving one or more of the 3 problems on this post, contact us today!