While small youth-serving nonprofits can be gleeful about receiving a new grant, a reality check is soon in order: As The Finance Project (TFP) reminds the field in a new brief, proper handling of grants and contracts is a major part of effective fund management. In “Beyond the Award Letter,” the organization, a training, research and consulting firm, aims to get nonprofits thinking about some key questions after they’ve won a grant:
- Who is going to manage goals and deliverables?
- What are the reporting rules?
- And, what about data collection?
As TFP notes, nonprofits – whether they have a paid financial manager or a volunteer treasurer – should establish a grant or contract management system so that they can meet their obligations to funders and get the most out of the assistance. The 25-page guide includes post-award worksheets with key considerations and tasks, information on developing a work plan and ways to avoid pitfalls.