Rose Report: Issue 32
RFS: Granting Clients Efficient Financial Project Tracking and Management
As most nonprofit professionals know, organizations often rely heavily on grants from the government, foundations and corporations to support their missions. This means successful companies must implement complex tracking systems—and this stands true for project tracking when it comes to federal and non-federal projects, too. Nonprofit grant management and business project tracking can positively—or negatively—influence a company’s funding and project success. For this reason, implementing efficient financial tracking systems and achieving financial clarity are critical.
Project Tracking and Grant Management
Every grant has different requirements when it comes to its management, tracking and reporting systems. For organizations bidding on public grants, this process includes applying for funding, reaching a cooperative grant agreement and finally being awarded the grant by the agency. Once an organization has won a project or award, its professionals must work closely with the federal program or grant management officer to successfully track the project.
After the project is awarded, the organization must submit its work plans to the managing officer to make sure the information they are providing meets the requirements. They must develop a reporting system and work collaboratively with the agency—this could include quarterly or even monthly reports. The relationship is a close one, therefore a positive working relationship with the program officer is paramount. Each company’s key staff members must be involved with this process, making sure the criteria are fully met, the correct information is reported and that this process happens on a timely basis.
Unfortunately, working toward a meaningful mission isn’t enough when it comes to grant and project management. Organizations without good reporting mechanisms will be delayed in getting funding, won’t be able to capture their expenses against the funding and, as a result, may not get the funding they need. The danger of being poorly prepared for an audit regarding the grants they are receiving is an added risk.
The RFS Solution
At Rose Financial Services (RFS), we understand how important grant and project management processes are. That’s why we offer our clients support, from the first steps to the last.
RFS accountants begin by requesting grant documentation, taking the time to truly understand the grant requirements and preparing tracking systems for the required reports. For organizations with several grants, our team breaks the reporting into each specific grant, looking at expenses associated with each individual program. This way, clients can go back and analyze the grant revenue they are receiving and the expenses associated with each grant. We know there will be indirect costs, professional services charges and more that can be allocated in ways that are beneficial to the client. For example, select organizations can even receive funding for their overhead costs.
RFS provides all of this information on a monthly basis balance sheet, P&L and statements and cashflows. Our goal is to make sure each of our clients has financial clarity when it comes to grant reporting and project management, so your organization can focus on what’s really important—your mission.