The old saying is you have to spend money to make money. But grant programs are competitive and a win is not guaranteed. So why try? What is the actual cost of preparing for and applying for grant funding?
Read on for the return on investment for each of the steps discussed in Grant Ready, Grant Confident.
Step 1. Grant Readiness
Taking the time to review your needs, goals and priorities is the antidote to chasing grant dollars, a futile effort that wastes time and money. Pre-planning clarifies your internal capacity and can identify low-cost ways to increase efficiency, such as setting up processes or automating with AI. Networking with stakeholders and partners can lead to sharing the cost of pursuing grant funding and meeting the cost share for an awarded grant.
Step 2. Research & Scheduling
Not all grant applications are difficult. Knowing what is offered and becoming familiar with the requirements can realign your business-as-usual budget to add a.) reasonable expenses for research and application development b.) a revenue line that clearly demonstrates the financial value of grant pursuit (grant income minus pursuit expenses)
Step 3. Applying
In certain cases, at least part of the cost of pursuit can be recouped (when allowable, technical tasks such as scope development or environmental assessment completed prior to award may be eligible for reimbursement). Responding to narrative questions and gathering data is rarely eligible for reimbursement, but developing this boilerplate information creates efficiencies because it can be reused for future applications and reports.
Step 4. Grant Management
Expertise in grant management will ward off clawback of funds and penalties for improper use of funds or inadequate documentation, particularly as the federal government seeks to tighten grant regulations. Organizing your financials to be ready for a grant audit also improves accounting practices. Solid grant management avoids repercussions or an asterisk from agencies that took the time to evaluate and approve your project funding only to find that post-award activities did not meet the tasks and goals promised in the grant application.
For more detailed assistance, contact Pennoni grant services at grants@pennoni.com.