Discover the world of impact!

Gather knowledge about sponsorship, grant and CSR. Type your query and find out all about it!

Grant management best practices

To award grants and to manage them is a fragile and time consuming process. Take inspiration from those grant management best practices!

Think of funders as customers

Since your mission needs to be sustainable and successful, you need to treat your funders like customers whilst you are negotiating with them. 
By treating funders like customers, you will also build relationship with them. You may have an opportunity of being funded by them again because you have already built a relationship with them.
Through communicating with your funders, you may convey to them that their fundings makes it possible for anything to happen. Show them your gratitude and your passion about how their funding is going towards a good cause. Developing a grant circle and relations with grantees is a pillar of grant management best practices.

Schedule your reports

Most of the times reports should be submitted according to a schedule to show progress within the foundation and what the budget is going towards. Sometimes funders do not ask for it however it is a good practice to still provide it to funders to show good business practice and maintain good relationship. This action will definitely build trust between your foundation and your funder.
Scheduling report to deliver it on time is a good practice in business and enhances credibility. It may help build a solid relationship with the funder.
What you should include in the report are: Financial overview, Program implementation, Program outcomes, Change of plans, Challenges, Successes, and Lessons, and attach any information like news, pictures, letters, to show funders that their funds are making good differences.

Grant management best practices – Let everyone know about it!

Announcing about the awards you are granting will show the public that your foundation is definitely doing something to serve the community. Among the grant management best practices, thanking your funder for making everything possible at the same time is also a good way to show appreciation. This way, not only will your funder feel appreciated, it will also help your foundation build trust with the community. 
Note that some funders may ask for your foundation to announce it publically and some won’t. Even if they don’t ask for it to be announced, it is also a good cause to thank your funder for their support.
As a result, this can highlight your foundation’s commitment towards the cause.

Are you looking for a solution to manage your grants?
Take a look at Optimy, our grant management software: get your free demo here.