Ways to Avoid Wasting a Grant

Managing a Grant

Proper grant management is a key component of a successful grant program and it is essential to ensure that all funds are used effectively and efficiently. Five fundamental steps can be taken to ensure the proper management of a grant. First, develop clear goals, objectives and deliverables that the grant aims to fulfill. Second, determine measurable outcomes and benchmarks to use in monitoring progress towards completion. Third, create a budget that includes all of the expected costs associated with fulfilling the project requirements. Fourth, create procedures for reporting on progress made during different stages of implementation, including any challenges or successes encountered along the way. Fifth, establish an evaluation system which involves rigorous assessment criteria and methods of review before any disbursement is approved. Taking these steps together will help ensure that all grants are managed as effectively and responsibly as possible (Sand, 2005).

Managing grants can be a daunting task, so it is essential to understand what types of practices should be avoided. First and foremost, never compromise on ethical standards. Never underestimate the importance of documentation and always keep thorough records. Also, do not try to cut corners when it comes to budgeting as this can create issues down the line. Further, never deviate from established laws and regulations related to grants. Finally, it is important to resist the temptation of working outside designated deadlines as this can have a ripple effect on other elements of the grant project. When managed responsibly and intentionally, grants can be a powerful tool for enabling positive change in various areas. When managed poorly, the grant will be wasted and nothing good will come of the support received from the grantor.