5 Tips to Understanding Grant Requirements
Grant management can be an overlooked and underappreciated task—until a problem arises. At Boost Midwest, our team knows that understanding and navigating the specific requirements of the grant you are managing is crucial to your success and we’re sharing 5 tips to better understanding them.
Different types of grants have their own set of requirements to fulfill. Federal and state grants often require different and more frequent reporting schedule than private grants and those from nonprofit organizations. Keep your grant application close at hand as a reference and a resource, and follow these tips to help keep you on track throughout the life cycle of the grant:
1. Know the terminology. The words, phrases and acronyms used in the grants field varies among the different types of grantor organizations. If you aren’t clear on the meaning of terms, it will be harder to clearly understand what is required. A comprehensive list of grant terminology and definitions can be found here.
2. Stay on top of reporting. The reports you file during the life of the grant program should have all the information spelled out in the grant requirements. If they are not clear, check with the grantor first, rather than turn in what may be viewed as an incomplete report.
3. Continually evaluate. The mission and goals of the grant project should provide a clear understanding of what a successful grant close out will look like. Frequently checking the progress of the grant project against its mission and goals will alert you to any vagueness or confusion on your part or the grantor’s in the grant requirements.
4. Be clear on matching requirements. Many grants require a funding match. Be sure you know from the start whether there are restrictions on where and how matching funds come from.
5. Know your deadlines. Your grant project timeline should include all reporting deadlines, based on the requirements of the grantor. Failing to meet reporting deadlines may put your project in danger of having funds withdrawn.
If you have trouble with your grant management or are looking for further tips, be sure to check out the Boost Midwest newsletter or you can schedule a time to chat with someone on our team (HERE) and we’ll be happy to introduce ourselves and the best practices we’ve found work best with our clients.