Grants can help universities expand educational opportunities and resources for students and faculty. But how can you ensure funds are being appropriately allocated throughout your college?
Read on for tips on how to effectively redistribute and track funds internally from the foundation or development office.
Redistribute Funds Properly
Effectively redistributing grants requires the foundation or development office to properly vet department’s financial needs against the college’s allocated budget.
Easily manage the competitive bidding process, in a centralized location, to ensure all grants that are being requested have integrity in mind and align with your college’s mission, goals and needs. Have the ability to:
- Collect and vet all grant applications across departments in a single location.
- Evaluate submissions with applicant scoring capabilities.
- Select, submit and notify departments that will receive the desired funding.
Grant management software can also help the foundation or development office gain enhanced visibility as to where grant money is being spent, once it has been awarded. This can be achieved by running internal reports across all departments, allowing your college to make more strategic financial decisions in the future.
Track Cash Receipts, and Time and Effort
When redistributing funds, especially multiple grants at once, it is your job to ensure funds are spent properly. With grant management software, your college is able to store all cash receipts in a centralized location. You can also easily gather staff timesheets, guaranteeing salary expenses are properly allocated toward each grant.
Compare Performance to Budget
When managing funds, there are specific items that need to be tracked and recorded. These include:
- Expected outcomes and outputs versus actual.
- Budget compared to performance.
- Milestones versus progress.
- Sub activities.
Keeping track of this information throughout the entire grant management process lets you easily monitor department activity.
Communicate with Departments through Centralization
Clear and organized communication with your college’s departments, faculty and staff helps ensure grants are being effectively spent. Grant management software allows departments to work with the college’s development office to compile funder reports.
Through a centralized portal, colleges can make the process seamless for all parties involved. Departments and staff simply input the data relative to the grant received, and the information rolls up to the foundation or development office for review. This lets colleges keep tabs on budget and performance activities, milestones, and deliverables.
Automate Reporting Capabilities
Overall, grant management software can simplify reporting through advanced functionalities. When it comes time for the foundation or development office to send reports to grant funders, data collection and report creation can be automated, making submission simplistic and eliminating data-entry mistakes along the way.
Learn more about improving your college’s grant management by downloading our ebook, “Grant Seeking and Grant Management in Education.”
How does your college effectively redistribute grants? Share in the comments below.
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