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7 Ways Your Nonprofit Can Build a Strong Financial Foundation in 2024

Blackbaud

For more information on getting your organization ready for government grants, check out our webinar with Rachel Werner and James Spencer from RBW Strategy on Building a Strong Grants Compliance Team: The Importance of Finance and Program Staff Collaboration or our follow-up blog post.

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The Financial Edge: Crafting Budgets for Grant Success

Allied Grant Writers

The primary parts of a grant budget include personnel costs, project expenses, and administrative and indirect costs. Personnel Costs Personnel costs encompass the expenses related to the staff involved in the grant-funded project. These may include utilities, rent, and general administrative costs.

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Upcoming Webinars on The Financial Edge Nonprofit Accounting Software

Tech Soup

Join Blackbaud for two upcoming webinars on this product: Pay No Attention to the Person Behind the Curtain (Financial Reporting). With The Financial Edge, nonprofits can manage reporting, grants, restricted funds, nonprofit-specific workflows, and collaboration with the fundraising department.

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Upcoming Webinars on The Financial Edge Nonprofit Accounting Software

Tech Soup

Join Blackbaud for two upcoming webinars on this product: Pay No Attention to the Person Behind the Curtain (Financial Reporting). With The Financial Edge, nonprofits can manage reporting, grants, restricted funds, nonprofit-specific workflows, and collaboration with the fundraising department.

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Breaking Down the Budget

Grant Geek

Along with your specific costs associated with your project, sometimes there is also an indirect negotiated cost rate that needs to be factored in. An Indirect Cost Rate is the negotiated rate that you, as the applicant, have negotiated with the funder to cover. Indirect costs may be either fixed or variable.

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Elevate Your Funding Prospects: Key Grant Writing Resources Revealed

Allied Grant Writers

Budgets should include: Direct Costs : Expenses that can be directly attributed to the project, such as salaries, materials, and equipment. Indirect Costs : Overhead costs, such as utilities and administrative expenses. Budget Component Description Direct Costs Expenses directly related to the project.

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Learn How to Write Grants

Grant Writing Made Easy

Itemize and justify each cost associated with the project, from direct costs like materials and labor to indirect costs such as administrative expenses. Step 2: Enroll in Specialized Training To truly excel, consider taking a structured grant writing course.