Grant management is continually evolving. And with changes to federal reporting requirements and data transparency standards, the need for scalable solutions amplifies.
Grant software is one way to streamline grant management and automate reporting for easier compliance. Yet, many organizations still use legacy, in-house solutions, such as spreadsheets and email, to manage grants. In doing so, organizations have difficulty tying grant activities to performance metrics, ultimately resulting in failed or unclean audits.
Below, we explain how to find and select a scalable grant management system that meets your organization’s needs—both now and in the future. Continue reading for three steps for grant management success.
1. Find the Right Vendor
With changing federal regulations, it’s more important than ever that grant management data tracking be accurate and performance-based.
Knowing this, organizations must find a reliable software vendor that can organize, streamline and centralize critical data to ensure compliance.
Before you select a new system, ask:
- Is the software designed to meet federal regulation requirements, including the DATA Act and Uniform Grant Guidance (UGG)?
- Does the vendor actively participate in conversations and partnerships with industry associations and groups regarding such legislation?
- Is the vendor committed to adapting and evolving the software over time?
If the answer is “no” to any of these questions, it’s likely you’ll want to vet other solutions.
2. Research Features and Services
As your organization grows and acquires additional funds, grant management becomes more and more complex. To find the right software, run an internal audit of manual, time-intensive tasks and problem areas.
With that as your guide, outline your current and anticipated needs, including desired number of software users, number and scope of sub-recipients managed, and the number and complexity of integrations with other systems. Then, identify a solution that addresses those needs or pain points.
Some vendors limit the scope of features covered under their price quote. For example, you may be limited to a certain number of reports or users. And if at any point you need to customize the solution after it’s been implemented, additional charges can incur on an hourly basis. As a result, costs can rise exponentially as your organization scales. Look for a provider that supports your growth, rather than punishes you for it.
3. Implement Purpose-Built Grant Software
Finding a grant management solution that addresses all of your organization’s critical needs is essential to ensure compliance. To stay at the forefront of digital transformation, identify standalone solutions designed specifically for grant management. While custom solutions are an option for your organization—they're costly and resource-intensive to implement.
A purpose-built solution has core grant management tools built into its offering for a much more affordable upfront cost. In addition, purpose-built solutions are actively maintained and updated for security, functionality and compliance purposes. So as federal regulations and data standardization requirements continue to evolve, so does your software at no additional cost to you.
How has your organization scaled its grant management processes? Share your thoughts with us in the comments below.
Are you looking to purchase grant management software? Download our report: Managing Grants in a Time of Transformation: Purpose-Built, or CRM?
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