You grant got approved!  Hurrah, it’s time for celebrating. And, it’s time for a plan of action for keeping your funder in the loop about how you are spending their money, and how successful your project is.  All funders want to know the unvarnished truth and explicit details on the management of your project, and if you are accomplishing what you set out to do.  

Here are 4 actions to follow to make your grant reporting a breeze, and to keep your funder in the palm of your hand.

Part 1 - Getting ready for the reporting

You can start by making sure you know what your funder’s requirements are for you to follow. It may be part of the grant process itself, or something you need to discuss directly with your contacts at the funding agency.

• Once you have their requirements under your belt, start meeting with your staff to ensure they understand what’s needed to record.
• And, ask your Board what they want to contribute.
• Decide on your formal-ongoing method to track all the important details for the progress of your grant project.

Part 2 – Managing the financial side

All funders want to know how you spend the money they give to you, and how you are following the project budget. Here are some tips for ensuring your financial reporting is accurate, and meets general accounting practices.

• Make sure you discuss the financial requirements with your funder to see the details they need, if they will require an audit, and if this information needs to be on-going or at the end of the grant period. One of the most important items found in a grant report is a financial statement, which tells funders how you spent their money. A financial statement should include all costs associated with the project, including staff and contractor salaries; equipment purchases; and travel expenses.  (I suggest keeping a financial statement going at all times so that you are always up-to-date with your numbers).
• You need to discuss the income and expense side of your grant funding with an accountant who has had experience, preferably working with grants. Keep careful payroll records for staff and any consultants you hire, any equipment you purchase, and all expenses for the project.
• If you are unsure what else to include in a financial statement, see Financial Statements for Grants, appearing on the Grant Writers Online website. You’ll see a description of everything from a Statement of Financial Position to a Statement of Cash Flow, and more! You can also find some templates for financial reporting on the Rockefeller Brothers Fund website.

Part 3 – Including Success Stories and Challenges

It makes a tremendous difference when you are doing grant reporting to tell about the impact your grant project had on the people you helped.  Some items to include showing off your success are:

• Interview some of your project beneficiaries directly.  Ask them if you can include their stories to demonstrate how you helped them. Everyone loves to hear from people who personally benefit.
• Write any statistics that explain the benefits you brought to your community project.  Those can be in charts, graphs, or detailed lists.
• Describe any partnerships or collaborations that made an impact on your grant project. Give credit to those who help you by asking them to contribute to these success stories. Make sure they get a copy of the final story you write.
• Include a section on the experience that resulting in challenges to you, and how you surmounted them. Don’t be concerned if you could not solve all of the challenges.  What’s a key ingredient for your report is your willingness to share the difficulties during your project, and how you tried to resolve them.  Funders appreciate hearing the unvarnished truth.

Part 4 - Thinking about Sustainability

When you apply for a grant, you might see a section on sustainability.  Your funder wants to know how you plan to keep your project going once your funds are expended.  Here are 3 tips to make sustainability part of your grant reporting efforts.

1. Develop your sustainability plan as soon as you apply for your grant.

This will give you the opportunity to gradually put a plan into place, as you work on your project. You may find your partners will be part of your continuing plan, or your funder will want to make you part of their on-going funding efforts.  When you plan at the outset, you will know what resources are available, and what you need to search for later.

2.    Ask your Board and organization directors to clarify what direction they want their initiatives to move to the next level.

Having top level buy-in early on will make your sustainability plan much more successful because everyone is on the same page.

3.    Set aside time to consider whether you want to continue or change the activities and goals of your project.

As your project moves from the beginning to the end, keep in mind whether all or part of your project is worthwhile continuing. You might want to change the focus for the future. Keeping notes on this topic will prove to be invaluable for your Plan.

Keep Those Updates Coming!

Because you are sharing goals with your funder, include any newsworthy information that periodically updates them about your accomplishments.  It may just secure you another grant in the near future!