Episode 94: What to Know Before Applying for Grants

A Modern Nonprofit Podcast

Applying for a government grant is an effective and powerful way for nonprofits to raise funds. But before you go that route, there is a lot you need to know. It's not as simple as filling out a form, then receiving a sum of money. With government grants, there is a high level of scrutiny on how you are managing your funds. It can be stressful, and puts a lot of strain on your administrative staff. So how can you prepare? First, know the compliance requirements. Depending on which government agency you are working with, you can find the list of compliance requirements associated with the receipt of that grant. You'll need meticulous record keeping and documentation on all of the movement of money, and also the services rendered. Second, have a plan for financial tracking. You need to have a system in place, to provide the reporting required from the audit associated with the grant. A firm like the Charity CFO uses Quickbooks Online and can give additional badnwidth for documenting where the grant money is and how funds are being used. Don't fear the compliance requirements, but at the same time, don't go into these government contracts without first knowing what is expected. For more nuggets like this and episodes of the Modern Nonprofit Podcast, you can subscribe to our newsletter here: https://go.thecharitycfo.com/financial-statement-guide