Establishing an NPO might be seamless, but running it takes effort, time, and money. Fortunately, with nonprofits’ funding sources, these communities can serve their people with excellence. That’s where grants come into the frame.
And here’s your comprehensive post that narrates the importance of grant tracking software for nonprofits. Before presenting the elaborated elucidations on grant monitoring and tracking, here’s a brief.
An Introduction to Grants for Nonprofit
Grants are integral funding sources for NPOs. Often known as nonprofit grants or fundraising grants, they are the additional money that serves the intended community of people. Local or government entities, corporations, and foundations that look to collaborate with the NPO can offer grants.
While running any nonprofit, founders need to apply for grants. A sheer mistake in the work may contribute to serious financial turmoil for the employees and people. Thus, one should consider the grant application procedure a vital one. Given the intimidating paperwork involved, organizations offering grants must ensure they’re offering money for good. The grant tracking software for nonprofits will do everything in between – from tracking the details to evaluating the amount.
Thus, before you receive grants for the NPO, it’s imperative to consider choosing grant management and tracking software. Here’s how a grant management tool benefits a nonprofit:
6 Grant Management Software Perks: How Do They Benefit a Nonprofit?
Managing the grants and keeping them secure will ensure the paperwork is in the correct order. It also makes sure that they remain organized safely to avoid issues. One may have trouble managing grants. So, a grant management tool will serve you with the following benefits:
1 Keeps the Important Details Well-Organized
Whether it’s a big or small NPO, it comprises different streams of income that allow for it to run. But that may mean many grants might require paying attention. So, one also needs to store the basic information for later use. On that note, a management tool can comprise, organize, and display the basic details hassle-free.
2 Creates the Compulsory Reports for Meetings
Generating reports for meetings might be a stressful event when performed non-efficiently. It might become more burdensome after shifts or changes within a nonprofit organization. With excellent management software, the establishment may aid in creating & printing reports to make you ready for meetings. It’s a more professional method that offers peace of mind.
3 Tracks the Grant from Start to End
Grants might change based on who sends them to you and on what terms & conditions. But it’s not something to worry about. What’s best is to update the software details soon after it is ready to operate. The grant tracking software for nonprofits will do everything in between – from tracking the details to evaluating the amount. From beginning to end, it does the following:
- Tracks the status
- Checks the submission method
- Evaluates the amount and dates and note down the changes
4 Discovers the Forthcoming Grant Givers
The most important aspect of receiving grants is gaining trust first. Without trust, no entity or company would donate their money. Thus, you need to keep the information easy to access and well-organized. Note that when they ask for any information or paperwork, you must deliver them as fast as possible. In this manner, you can swiftly gain trust from the grant givers.
5 Drive More Improved Results for Loyal Clients
Having a grand management system improves your loyal clients’ opinions. If you had previously stumbled, the software helps regain your faith and trust. It gives the nonprofits an opportunity to show how their client’s investment in the establishment pays off.
Besides, the software allows for automatic reminders by storing relevant dates and manages time efficiently. So, with automatic reminders, you won’t miss any further deadlines.
6 Eases the Process of Grant Writing
The most effective way a nonprofit continues servicing its community is by securing grants. Since grants can fuel NPOs’ mission, grant writing holds paramount importance. But with multiple grant applications, grant writers may find it challenging to factor in the details.
That’s where a management tool facilitates the whole process. What it does is collects data from the existing grants and make writing more simplified.
Aspects to Learn before Choosing the Grant Management Software System
A nonprofit establishment might hesitate to invest in a software solution, especially if it has a limited budget or a few grants. But given the above benefits, choosing the software is always advantageous. Here are the parameters to consider before selecting:
1 Expense: The software prices might vary depending on several factors. Some of them include the organization’s size ad available features. Nevertheless, such a software solution may be valuable for new or small organizations. After all, its benefits overshadow the expense with improved efficacy, less administrative time, and other opportunities.
2 Features To Look for: A basic software system includes the following features:
- An intuitive interface
- Easy-to-use and manage
- Document storage
- A grant matching database
- Integrated Email Marketing and Event Management
The software system must manage volunteers, donors, and clients from one platform. In addition, it must supercharge the nonprofit’s fundraising.
3 Integrations: NPOs use programs for paying bills, tracking staff hours, communicating with patrons via a CRM platform, and more. So, before selecting the grant management solution, always seek a tool that can integrate with the current program. Choosing such a platform will help you avoid pesky backtracking work or re-uploading details to any new platform.
So, even when nonprofit organizations don’t have multiple grants, having this tool will help connect with more donors and clients.