Grants management made much easier with the technological breakthroughs Before getting on to Grants management first let us see broadly what is meant by Grants. Grants are financial assistance provided by a grant agency that could either be a Government Department, Corporation, Trust or non-profit institutes like an educational institution, or it could be even from an individual, a corporate business or other charitable trusts. There are various types of grant programs offered to different fields such as agriculture, education, research and development, science, technology, energy, transportation and so on. Process of obtaining a grant For obtaining a grant one has to submit a Grants Management application or a proposal to the concerned agency giving all the details for which the amount granted would be utilised. After scrutinising the application and if satisfied the grant will be awarded. Once the grant is received it is very important to maintain regulatory compliance. Some grants are awarded without specifying any restrictions and the recipient of the grant can use the amount in any way the recipient organisation thinks proper. Grants management Receiving grants for a specific purpose may be relatively more easy than the grants management that has to be complied with after the grant has been awarded. Most of the organisations awarding grants for whatever purpose require the grant amount to be accounted for in a proper manner. Each and every dollar utilised has to be noted and has to be in accordance to the grant agreement. A lot of paper work is involved and a lot of attention has to be paid to all the details. Grants management is all the more complicated when the grant has been awarded by a federal government though a good grants management system is incorporated into the system. The OMG or the Office of Managemeng and Budget works alongside the grant awarding body and the recipient of the award to ensure that the federal grants are spent in accordance to the rules and regulations laid down in the agreement. All this needs a lot of professional knowledge and experience for effective grants management. One should have adequate knowledge about the regulatory requirements of Code of Fedral Regulations, Federal Acquisition Regulations and the Office of Management and Budget to be able to adhere to the norms specified in utilising the grant awarded and for proper grants management. Part 31 of the Federal Acquisition Regulation contains guidelines related to federal Online Grants Management and specifies costs that are allowed and those that are not allowed. Only those costs that comply with the regulatory compliance requirement are allowed by the federl grant; for this the cost must be a reasonable one that has been agreed upon and mentioned in the contract. If not, it is deemed unallowable; as such it is very important to apply the correct accounting principles and maintain proper records and the expenses have to be supported by relavant documents for receiving reimbursements.
Well, all this sounds so very confusing but with proper grants management software the recipient of the grant will be able to manage all this efficiently unlike in previous times when everything had to be maintained manually, thanks to technology!
Published on Jun 13, 2013
Some grants are awarded without specifying any restrictions and the recipient of the grant can use the amount in any way the recipient organ...