You've just received the good news that your grant proposal has been approved and funded. Congratulations! But your work is not over yet. You need to steward your grant effectively to ensure that you meet your goals, comply with the funder's requirements, and maintain a positive relationship with the grantor. Here are some tips on how to do that.
The first thing you should do after receiving a grant is to thank the funder for their support and trust. Send a formal letter of gratitude that acknowledges the amount, purpose, and duration of the grant, and expresses your enthusiasm and commitment to the project. You can also include a brief summary of the expected outcomes and impact of your work, and invite the funder to stay in touch and visit your site if possible.
One of the most important aspects of grant stewardship is managing the budget according to the approved plan and the funder's guidelines. You need to track your expenses, income, and cash flow, and report them regularly and accurately to the funder. You also need to be prepared for any changes or challenges that may affect your budget, such as delays, inflation, or unforeseen costs. If you need to modify your budget, you should communicate with the funder as soon as possible and request their approval.
Another key element of grant stewardship is monitoring the progress of your project and measuring its results. You need to establish clear and realistic indicators and milestones that align with your objectives and the funder's expectations. You need to collect and analyze data and evidence that show how you are achieving your goals and creating positive change. You need to report your findings and feedback to the funder on a regular basis and in a clear and concise format.
A successful grant project involves engaging and collaborating with various stakeholders, such as beneficiaries, partners, staff, volunteers, donors, and the public. You need to communicate with them effectively and frequently, and involve them in your planning, implementation, and evaluation processes. You need to solicit their input and feedback, and address their needs and concerns. You also need to recognize and appreciate their contributions, and celebrate your achievements together.
Every grant comes with a set of rules and regulations that you need to follow to ensure compliance and accountability. You need to familiarize yourself with the funder's policies and procedures, and adhere to them strictly. You need to submit all the required documents and reports on time and in the correct format. You need to maintain proper records and documentation of your activities and transactions. You need to abide by the ethical and legal standards of your field and sector.
The last but not least tip for grant stewardship is to build and maintain a strong and positive relationship with the funder. You need to treat them as a partner and a supporter, not just a source of money. You need to communicate with them regularly and honestly, and update them on your progress, challenges, and successes. You need to show them the impact and value of your work, and demonstrate your gratitude and respect. You also need to seek their feedback and advice, and explore opportunities for future collaboration.
As you as notice is received of the award of a grant, in your role as grant administrator who should either email or call the person assigned to you by the Grantor as your point of contact. Ongoing, regular communication and transparency are the core necessities and requirements to assure success with the grant as well as establishing a lasting positive relationship with the Grantor. The initial call should include a Thank You followed by reiteration of the importance and value of the grant to reinforce recognition of the award's purpose. The conversation or email then should ask questions such as how often do you want to communicate, can I ask you questions during the grant period, and do you have any questions for me.
As a community foundation program officer, it's important for grant partners to ask questions in the beginning and throughout the process. Not all foundations require or expect cultivation in the traditional donor definition. Also keep in mind that your grant reports provide a great opportunity for you to tell your story, in your own language. Don't shy away from sharing a narrative story, incorporating data in addition to answer all of the other report questions. If I could underline one point, take the time to share quality photos. When a grant is awarded, one of the best support documents is a photo. A photo that provides context to the report responses. Photos can be used by the foundation which shares your work with a larger audience.