Managing the Grant

 

After winning the grant, the work begins.

The research must be carried out and the grant providers must be kept informed.

Here are some key points to consider in how to manage your grant.

Review the rules of the granting program and set up a plan to comply.

Check the grant plan to ensure that all requirements are being met.

Maintain a calendar of key dates including meetings, reports due, and audit deadlines.

Keep track of all financial invoices, receipts, and contracts in one place.

Match each expenditure with the use of the funds.

Ensure proper financial management over the funds with backups and security.

Track all relevant documents from the grant proposal and ongoing research performed.

Setup a budget for the use of funds and check monthly to ensure everything is on track.

Gain permission to change the proposal from the granting program before making the changes.

If there are partners in the grant then set up a meeting to build the calendar with meeting schedules, report deadlines, and how to maintain communication throughout the process.

Announce the grant to the public.  

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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Thank you for joining your host Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.

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Disclaimer:
Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.