How to Make the Most of Your Grant Money

• Author: Mary Singleton
• Posted: 2024-08-21

Applying and qualifying for a grant is always an exciting achievement. Whereas this is a major milestone, the tough part begins after receiving the grant money. Some grant beneficiaries often fail to utilize the grant money productively, leading to the failure of the entire project. The fraction of those who successfully implement the grant projects utilize various strategies to achieve such success. Whether applying for a grant from the government as an individual or an NGO, it is crucial to, firstly, take note of the following crucial tips on how to make the most out of your grant money.

Have a proposal and a budget

Before applying for any grant, the first important step is to craft a convincing proposal for the idea for which you need the funding. A good proposal should contain a comprehensive breakdown of the idea, why the funding is needed and how the money will be used. Having the proposal and the budget well prepared and written gives you an idea of how to proceed immediately after getting the approval. A good project should outline every expense to be made and the expected return.

Bring a third party onboard

Whereas most grants are issued to groups of more than one person, sometimes an individual may also qualify. This is quite common for students who need research grants. Having a third-party come on board in helping prepare the budget for the grant money is always advisable. In such a situation, the third party provides the necessary oversight and accountability, thereby preventing the temptation of misusing the grant money. Besides, having a third-party working with you for an individual project is always an excellent idea. You get the diversity of opinions necessary for checks and balances.

Don't be afraid to outsource

Sometimes, you may have an idea but lack the technical skills required to formulate that idea into a fundable grant proposal. At other times, you may develop a very good grant proposal but lack the financial skills to create a matching budget. In either of these cases, you need to have a qualified and experienced professional to write a good grant proposal and a corresponding budget. Sometimes, these experts come in handy at various milestones of the entire project, such as when preparing a grant report. Outsourcing some of these skills ensures that you do not compromise the success and quality of your project.

Ask for more

To make the most out of your grant money, you should always endeavor to refer to your project proposal. The proposal contains the backbone of the idea that you wish to fund. In some cases, even after applying for a specific amount, only a fraction of that may be granted. Working with such a downsized amount may need you to downsize your budget, which may consequently affect the quality of your project. Rather than compromising on your desired idea, it is always advisable to consider asking for more money from your sponsors. Applying for grants from multiple sources may also help pool together funds for a bigger project.

Document your progress

Like any other project, a grant-funded project should always be documented from the beginning to the end. After getting the grant money, you should endeavor to put your next move on paper and document every expense as you move forward. The documentation is crucial in helping track down the expenses as they are incurred in your project. Besides, having such documentation gives you an easy time when generating the final report.

Prepare some donor reports

Depending on the project proposal and the arrangement between you and your donors, you may be required to prepare periodic reports and file them accordingly. Such reports may include crucial milestones along the project implementation process. Preparing weekly or even monthly reports and sharing them with the donors helps create trust and builds a cordial working relationship. Regular reporting is also crucial in helping the donors to make sense of your expenses. It also plays a major role in building up an argument to solicit more fun to complete the project.

In conclusion, writing a good grant proposal for your project is only a third of the work involved in actualizing your idea. The remaining two-thirds comprise of securing funding for your grant proposal and utilizing the grant to fund your idea. All three stages require meticulous planning. The above-outlined outlined tips form part of the strategy to ensure that you put your grant money to good use.