Matching grants are a great resource, particularly to grant-funded organizations. Maximizing funding for these programs requires meticulous tracking and organization of donations in order to receive the maximum match from your grant. Utilizing grant management technology and software can greatly help record the source and history of donations making it easy to track and then become fully eligible to receive the matching funds.
In additional to monetary donations non-profit organizations can use grant management software to track the value of non-monetary donations. Things like clothing, canned goods and used vehicles must be tracked and having technology can help to determine the value of these donations, track receipts and uses.
Another important component to ensuring you are fully utilizing the grant funding you have received is budget tracking. Funds that aren’t spent are at risk for being lost; in turn overspending would result in the need to find additional funding to cover those costs. Having the right technology will provide automated budget monitoring.
Another benefit of grant management technology is the ability to perform allocation calculations and keep them accurately recorded in the general ledger. This is particularly valuable for organizations who have multiple funds and programs, necessitating those funds are spread across multiple programs fairly, and consistently. This talk can prove challenging for many organizations who are using spreadsheets to track this data. By choosing an accounting solution specifically designed for grant-funded organizations you are able to take advantage of automated allocation management processes. Using this technology to track and manage grants will ease the preparation when it comes time for an audit review. Simply print audit-ready reports.
Planning with purpose
Having a complete understanding of your financial status will enable you to accurately predict future spending trends and avoid overspending. Keeping accurate records of spending and other details allows you to create budgets and view spending details daily. You can then use this information to make adjustments in real time empowering you with financial freedom in your day to day budget. Employing these measures will help you manage overspending. Having great grant-management software will allow you to see the financial history of your programs and then create a future budget comprised of actual data. You can even project a budget taking into account any funding you may not receive in a future year.
Every grant contains a multitude of documents and details to track. Everything from contact information to applications to specific grant details can be centrally filed within a grant management software application. Having this information stored electronically eliminates valuable time sifting through files to find details when applying for future grants.
Reporting with ease
Grant specific reporting requirements can be a breeze with the software as well. Regardless of how complicated the task, multiple grants, varied reporting periods etc. become a simple task with grant management software as it simplifies these processes. Analyze performance and create progress reports as well as track spending across multiple time periods all while saving precious time.
Technology’s role in your mission
Understandably the initial cost of software can be a concern for cost-conscious grant-funded organizations. It is important to keep the big picture in mind. Knowing that an investment in your organization through technology will reap long term benefits and ultimately save you time and money. As you enjoy the benefits of technology such as reporting, document organization, budget management, planned giving, gift processing, and mailing list management. Consider the staff costs you’ll save as you reduce the administrative hours required and maximize time spent on achieving your organizations mission. Not to mention the potential risks of un-renewed grants due to a lack of financial accountability you’ll likely find a considerable return on your investment of grant fund technology.
Purchasing software that improves grant administration, budgeting, and financial reporting will provide an excellent return on your technology investment. The right technology helps ensure that you maximize limited resources, cultivate important relationships, and obtain more money to secure the long-term health of your organization.
Contact us here at RBP Methods to learn more about grant fund technology discussed in this article. Find out how we can help in your overall nonprofit success by getting you the nonprofit accounting software solutions and support you need to help in all areas of your business.