Acquiring and managing grants is an essential part of running a nonprofit organization. Unfortunately, many nonprofits struggle with grant management and fund accounting, and waste considerable time and money in processing their transactions and reports. And if fund management is only performed once a year, mistakes can add up without being addressed. Plus, many organizations continue to use manual paper-based processes that are slow and prone to errors.
Associations and nonprofit organizations typically use Microsoft Office – Word and Excel – to communicate their plan to the funder. In addition, there are technology solutions available that will identify the different funding sources and track them individually or as a collective group. Once the grant or fund is awarded, Microsoft Dynamics GP will allow you to set up the amounts, categories and details that will help your staff when entering transactions and tracking progress. Typically a Program Manager is tasked with defining the core team and the monitor program success.
A key area of this is to track the expenditures to the fund and any subsequent drawl from the funding source. Based on your specific requirements, you can select any number of transaction types. Once this is done, transactions will shelf-settle based on the inter-fund method chosen. This simple system will lead to significant time savings for your staff.
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by Broadpoint Technologies, www.broadpoint.net