Make grant management a priority for your organization. If you want to ensure greater productivity and fewer errors, consider investing in a management solution. Here are common grant management mistakes and how the right management system can address each one.
Lack of Internal Controls
Follow your grant management process. Are there internal controls to map it out? Who keeps track of grants received and allocated? Where is the documentation? Do you have written processes for managing the grants? Ensure your data complies with applicable laws. Document the steps through process mapping. That’s one way to identify potential gaps. A grant management program easily keeps track of your documents, allowing you to have internal control of all the important information.
No Centralized Location
Find a way to centralize grant management. Where are all the documents and files located? You need centralized resources to improve the management of the grants. That includes cloud-based file-sharing platforms that allow everyone authorized to access the data. That will also facilitate faster decision-making.
Outdated Record-Keeping
Traditionally, grant management required tons of documents and manual tasks. A grant management solution is the best option if you want your team to be more efficient. With its automated features for record-keeping, it’s easier to store, access, and generate the data that you need for your reports.
Compliance Issues
Comply with documentation requirements. Make sure your team has no compliance issues. A grant management solution has the features to provide the support and functions you need. Your staff can ensure full compliance with regulations by investing in a grant management system. The system makes it easier for you to measure and document the progress of your grant proposals, whether pending or active and the progress of the grant funding. That ability to record and monitor all relevant activities can make it easier for you to come up with compliance documentation.
Too Many Grants
Organization and monitoring can be a problem when you deal with numerous grants. A grant management system eliminates that problem, making it easier for your team to keep track of all grants you handle. If you’re struggling with your grant resources, find a way to improve your processes. With the right grant solution, you can pursue more grants and not worry that you won’t be able to keep track, monitor, or ensure compliance. A grant management system can help you centralize your data, streamline your resources, and provide the support you need to help your operations grow and succeed.
