Throughout a grant’s lifecycle, both grantors and grantees must monitor, analyze and track expense and performance data at regularly scheduled intervals to ensure goals are met and budgets aren’t exceeded. In closing out a tracking period, grantees typically must also request payment from the grantor for activities performed and expenses accrued.
To ease this process and reduce the administrative burden, we’ve recently released three new features to our AmpliFund product:
- Tracking Period Closeout allows users to track the health and progress of their grants by period over their lifetimes.
- Reporting Period Closeout funnels this reporting data from recipient to grantor, giving the funding organization insight into the grant’s status.
- Payment Request Submissions allow users to create cash advances or reimbursement requests for their funding organizations.
Collectively, these features allow grantees and grantors to monitor their grants through routine check-ins, and draw down grant money accordingly.
Full Period Closeout
Grant recipients must submit performance, expense and timesheet reports to the awarding agency at pre-set intervals outlined in their grant agreements. Effective tracking and reporting is critical to eliminate problems at period closeouts.
Our improved tracking and reporting capabilities act as a checkpoint for users to monitor budget, performance, program income and/or time against grant requirements by tracking period, and validate data prior to submitting associated reporting.
Specifically, users are able to:
- View a calendar of grant reporting due dates, and make adjustments if needed.
- Quickly compile expense, achievement and timesheet information by period from data previously input into AmpliFund.
- See what activity and expenses have already been approved internally.
- Flag discrepancies. The system will automatically call out any expense categories that are 10% of budget or over budget, as well as variances for time period and the grant to date. This lets you make informed decisions on whether to close out the period or make adjustments.
- Export report PDFs to send to the funder or directly submit the report through AmpliFund if both parties are users.
- Create a payment request right from the tracking period page.
As a result, grant managers can easily:
- Review relevant grant activity and reports upon period closeout to ensure finances and performance are in check.
- Identify and fix anomalies, such as errors or missing information, in submitted activity prior to sending it to the grantor.
- Track, review and approve activity across varying period schedules and staff members without duplicating efforts.
With regular period reporting, grantors can also quickly determine if all necessary and required work is properly reported and the grant is on track. If it’s not, they can proactively fix issues by contacting the recipient or requesting report corrections.
Payment Request Submissions
With the inclusion of payment requests, AmpliFund now fully supports the financial management lifecycle, which includes cash receipts and payment authorization.
Users can create invoices directly from closed tracking and reporting periods as noted above, or independently at any time. These payment requests can be sent directly to the grantor, or exported to SF-270 form or PDF.
In addition, grantors can approve, modify or reject payments requests, and recipients can identify whether a payment request was approved or denied. If denied, they’re able to review the grant, edit and resubmit for approval.
Once a payment is approved, the transaction occurs via the organization’s financial management system, which can be integrated with AmpliFund or standalone.
How could you benefit from using our updated tracking and reporting closeout feature? Schedule a demo today to see it in action!