Managing a multi-year grant requires effective management and stewardship to ensure compliance, achieve project goals, and maintain a positive relationship with the funder. Here are some strategies to consider:
Grant Management and Reporting:
- Establish a Grant Management System to track the grant’s finances, activities, and outcomes.
- Adhere to the approved budget and project plan, and obtain approval for any significant deviations from the funder.
- Regularly monitor expenditures and compare them against the budget to identify discrepancies or areas where adjustments are needed.
- Keep detailed records of all activities, expenditures, and correspondences related to the grant for reporting and auditing purposes.
- Prepare and submit reports as required by the funder, detailing project progress, fund usage, and challenges or changes.
- Continuously evaluate the impact of the project and gather data and stories that demonstrate the project’s success and areas for improvement.
- Ensure compliance with all regulations, laws, and the specific terms of the grant agreement.
Sustaining Relationships with Funders:
- Keep the funder informed with regular updates, even outside of formal reporting requirements.
- Be transparent about your operations and any issues that arise, and acknowledge the funder’s support in materials and events.
- Involve the funder in your activities when possible, such as providing tours or involving them in discussions.
- Regularly seek feedback from the funder on reports and project progress to demonstrate a commitment to continuous improvement.
- Engage with the funder through networking events, workshops, and other industry activities to build a stronger relationship.
- Discuss future collaboration possibilities, even if the current grant is for a specific project.
- Share what you have learned from the project, including best practices, challenges, and insights, to contribute to the funder’s knowledge base.
