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In partnership with one of our consulting partners, MJ White Consulting, RBW Strategy began to assist the company with the increased compliance and grantsmanagement burdens tied to the administration of federal research grant awards.
In partnership with one of our consulting partners, MJ White Consulting, RBW Strategy began to assist the company with the increased compliance and grantsmanagement burdens tied to the administration of federal research grant awards.
By now, I hope you are realizing grantmanagement doesn’t have to be a scary web of confusing topics and rules. With this grantmanagement series, I aim to outline some of the commonly seen issues and provide resources to learn more. NGMA divides the grant lifecycle into three phases: pre-award, award, and post-award.
You will want to think ahead about being able to easily capture grant information, set up tasks and deadlines, and then run accurate reports at any time. Fund accounting systems with grantmanagement can help you from beginning to end if you are a grant-funded organization—or want to be.
Understanding the various components of a grant budget helps ensure accuracy and clarity, which can significantly influence the likelihood of securing financial support. The primary parts of a grant budget include personnel costs, project expenses, and administrative and indirect costs.
The professional development I attended this year included sessions on grantmanagement, project management, change management, business branding, and the relevance of credentials to the field of higher education.
De Minimis Indirect Cost Rate Increase (§200.414): For those recipients (and subrecipients) who do not have a negotiated indirect cost rate agreement in place, this is welcome news. The new guidance states that cognizant federal agencies will uphold these indirect rates and pass-through entities (PTEs) must do the same.
Too often, grantmanagement is seen as a scary, messy aspect of grant funding, and we have a vague understanding of the requirements or components. In the nonprofit field, it’s common for staff to be put in a role where they managegrants but might not have the knowledge or resources to understand what that entails.
In essence, this updated, reorganized, and consolidated federal grantmanagement requirements into a single document. You may have heard various terms such as Uniform Grant Guidance (UGG), supercircular, omnicircular, or 2 CFR 200. Raising the level of single audit requirements from $750,000 to $1,000,000.
Budget Development: Create a detailed budget that outlines all projected expenses and demonstrates how the grant funds will be utilized. This should include both direct and indirect costs, ensuring transparency and accountability. The process may be challenging, but the rewards are significant.
Direct and Indirect Observation In direct observation, the observer watches the event, activity, or interaction as it occurs. In indirect observation, the observer watches the results of the event, activity, or interaction. Indirect observation is not prone to bias, but only offers limited information.
GrantsManagement). When your nonprofit receives a grant, it's time to celebrate. But you know that once a grant is received, that's when the real work begins…so maybe you’re not celebrating as much as you'd like. All of this boils down to reduced time spent meeting grant reporting requirements.
GrantManagement Considerations Understanding and following tracking procedures for outcomes, time and effort, and procurement are key to maintaining ethical practices when preparing an application and managinggrant funds. Why is this addressed so thoroughly?
Also called administrative or indirect costs, theyre typically not tied to specific programs or activitiesmeaning they indirectly support your mission. Look for a fractional CFO who specializes in nonprofit financial management. Nonprofit overhead costs are expenses supporting an organizations operations and infrastructure.
GrantsManagement). When your nonprofit receives a grant, it's time to celebrate. But you know that once a grant is received, that's when the real work begins…so maybe you’re not celebrating as much as you'd like. All of this boils down to reduced time spent meeting grant reporting requirements.
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