Provide an Overview of Fiscal Management

If you have experience with grants management, provide a very brief statement about your experience managing grant funds. As you work with grants, it is important that you are meticulous with the funds. They should be kept separate from your other organization funds, and a paper trail kept on all expenditures. If you have a budget problem, you must contact the funder and get approval for any changes you need to make. Always get approval in writing. It is important to be able to tell potential funders that you have managed your grants with no audit exceptions. The first grant is always the hardest to get. After you have a proven track record, it is much easier.

If you have not had experience with grants, choose other similar projects for which you have provided fiscal management. You are trying to assure the potential funder that you have the experience and stability to handle their investment effectively.

Discuss who within your organization will manage the funds. Tell the potential funder that a separate account will be set up for the grant funds. Discuss who will be authorized to expend grant funds, and who will provide oversight. If the potential grant is a large one, discuss how the funds will be audited. The following is an example:

Though this is our first experience with grant funds, we have a great deal of experience running projects and effectively managing funds. A year ago, we established a community counseling program that has an annual budget of more than $350,000. Our advisory committee for that project reviewed all the documentation and reported that our handling of every aspect of the project was superb. Outside auditors approved every aspect of our fiscal management. We are very experienced with projects similar to the one for which we are applying to your organization. If you wish, we will be glad to share our audit records and reports of advisory committees.

For the ABC Project, only the project coordinator will be authorized to sign off on expenditures. A separate bank account will be set up to handle project funds. The advisory committee will provide oversight as will our executive director. A quarterly report of expenditures will be provided. An annual audit will be performed using an outside auditor. Our records will be open to your organization any time you wish to review them.

Project Management Made Easy

Project Management Made Easy

What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.

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